In my ongoing series on the VIRTUAL CULTURE, I want to discuss the evolution of the VIRTUAL CULTURE.
Just two short years ago when we started Allison James Estates and Homes®, the word VIRTUAL was so maligned that we didn’t dare even use it to describe our business model. Instead we called ourselves the National INTERNET Based Real Estate Company.
How things have changed in just two short years! Now the word VIRTUAL is no longer poison, it’s actually become the buzz word in the Real Estate industry. The Technological Revolution has done this. I doubt that there is a Realtor® under 50 years old in this country who doesn’t believe that we can do an entire Real estate transaction through the Internet by using today’s advanced technology.
When I conceived of this business model, my original worry was with compliance issues. But we have since learned that compliance is not an issue, because of how we designed and handle our back office operation. In fact we have found it actually easier to collect, monitor and store all required contracts and documents than when we were running several Brick and Mortar offices.
My other original concern was training. Would a Realtor’s® learning curve be so steep he/she might become a compliance hazard, thereby endangering the public interest, and the Broker’s license? Because of this concern, I had decided that we would only hire Realtors® with proven track records, who had been in the business at least three years. But now, technology has become so prevalent in the mainstream of our society, that I’m even reconsidering this area of concern.
We really can offer superb online training for new Realtors®. As more and more Realtors® start using video conferencing (and buying the hardware to use video conferencing), and with the use of the GO TO MEETING type of software, we can match or surpass all types of communication that takes place in the brick and mortar company.
We envision requiring the Realtor® to attend weekly online training sessions, on all aspects of the industry; i.e. the writing of contracts, documents required in a contract, what you can and cannot use in an ad, etc.
We are introducing our agents to social networking through our new RealTown Group
. We encourage out agents to take the new e-PRO
with Web 2.0 and Social Networking. We give all of our agents a Point2 Agent
website and provide support for their Internet efforts.
With this in mind, I think most Brokers would agree that with today’s technology, the new Realtor® really does not need to be exempt from the VIRTUAL CULTURE.
I see the day coming within the next 10 years that the entire Real Estate transaction will be done without the need for a Brick and Mortar environment. That means the Title Insurance and the Mortgage companies will not need a Brick and Mortar environment, but will be able to conduct every facet of their business online. Each aspect of the transaction can be done with video conferencing and GO TO MEETING type software.
I remember just 12 years ago when this whole Internet thing started, everyone said, “Well, that’s the end of the Realtor®”. That hasn’t happened because a buyer still wants to touch and feel the property, and it is the Realtor® who makes this happen.
The seller chooses a Realtor® whom they can trust to market their property, and then the buyer chooses a Realtor® whom they trust to show them the property. We Realtors® accept the responsibility of bringing literally strangers into a property. It is this trust and accountability that requires the services of a Realtor®, and therefore this is the reason we won’t go away in the near future.
Someday we may have a STAR TREK “holodeck”, and buyers can experience the property from the comfort of their own home, but that day is still in the future. When that happens, the Realtor® may then find his or her existence in jeopardy.
Thought provoking, isn’t it?