Will Technology Replace Real Estate Agents?

This past week I ran into one of the top five Real Estate Agents in Hamilton-Wentworth. I asked his year went and he indicated it was OK. Although he expanded his team and marketing, he was less than thrilled. At Robert Floris’ Mortgage Architects Office, we always try to look for trends. Before we do, let’s take a recap:

In the first half of 2017, it was a market I had never seen before. Stick a sign on your lawn and the home would be sold in an hour. Since the summer of 2017, things have been slower. In fact, in 2018, sales are down 13.8% and listings are up.

What has changed the market?

Yes, the market has changed. What factors led to this change:

1. Affordability
2. OFSI mortgage stress tests
3. Rising mortgage rates

We are one month away from our new calendar year and yes there will be more challenges in the local Hamilton-Wentworth real estate market. Yes, Zillow is entering the Canadian market with more real estate information. Voxel Worlds is a start up company which believes that virtual reality will make Real Estate Agents obsolete. Part-time Real Estate Agents will continue to give the profession a reputation it does not deserve. But not so fast, 2019 could be great for Real Estate Agents.

In 2019, the client is seeking a lot more education, assistance and guidance for their purchase. Professional Real Estate Agents are needed more than ever. They will have to blend the human touch along with modern technology and coaching to make the home buying experience unforgettable. Technology will not do this alone. Who are we kidding? True professional Real Estate Agents are experts, know neighbours, can write contracts, have many ancillary experts (repairmen, lawyers, mortgage brokers) to make their most expensive purchase without stress.

Any questions, please call Robert Floris’s office, no obligation, easy to talk to, honest answers.

Robert Floris is a Mortgage Broker. His office is located at 651 Fennell Avenue East in Hamilton, Ontario. If you would like to speak with Robert, he can be reached at 905-574-9200 #215. Alternatively, you can contact Robert here.

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