The role of the property practitioner in a contemporary world
Category Property
For decades, there has been the application of 'traditional rules' applied to the role of the property practitioner, but in current times it's a whole new ballgame with a number of disruptors that are fast-changing, not just the sector as a whole, but how individual property practitioners perform.
The disruptors are varied and many. One is the introduction of new legislation in the form of the Property Practitioner's Act (PPA) as well as ongoing amendments to the Financial Intelligence Centre Act (FCA), which Dr Andrew Golding, chief executive of the Pam Golding Group, believes are critical to understand and comply with.
"To diligently implement the regulations and changes is critical in protecting clients, the integrity of processes, and the industry overall."
'The industry overall' is a significant phrase largely because nobody emerged unscathed from the Covid-19 pandemic. The sector saw massive swings as interest rates dropped dramatically, introducing a new wealth of buyers in the market. Equally, this scenario manifested in a larger portfolio of sellers who up- or down-scaled according to their work-from-home needs or financial circumstances.
And what about technology, which has completely transformed how we acquire knowledge, enough it seems for individuals to 'somewhat' successfully market their own homes? Does tech, therefore, limit the role of the property practitioner, or does it enhance it?
In response, and joining Golding, is Nick Pearson, CEO of Tyson Properties, and Regional Director and CEO of RE/MAX of Southern Africa, Adrian Goslett. The three are considered progressive thinkers and view every possible global and local event, whether political, economic, social or environmental - as impactful on the industry and the individual property practitioner. In having such awareness, they direct their property practitioners to respond quickly to change, to predictions and adjust their performance strategies accordingly.
The trick, it seems from their responses, to remaining relevant in current times is service excellence AND delivery in the shortest possible time, which Golding believes is the proper response to a society that currently finds itself in a 'time poor' environment. "This puts pressure on the pace in which communication occurs and how quickly buyers and sellers can gain access to property practitioners . It requires being well placed and easily accessible on social and online platforms and not being solely dependent on their partnership with a reputable brand. Property practitioners must focus on their ability to market themselves individually as well, which starts with the online environment."
Goslett agrees: "Increasingly more buyers are beginning their search for homes online. In 2020, traffic to our website increased by 30,86%% from the previous year. In 2021, our website traffic increased by a further 29% from 2020's figure. This shows how many more buyers are using the internet to enable their search for their dream home. Real property practitioners who do not have an online presence are hurting their chances of finding a buyer for their seller's listings."
Pearson adds: "Tools such as social media, WhatsApp and video platforms have totally changed the way real property practitioners conduct their business. Ultimately using proptech correctly gives your business a huge advantage and, when you leverage the opportunities that it creates, the growth is exponential."
Pearson has coined it when he refers to proptech as 'critical tools,' most notably because" coming out of the Covid-era, an agent's biggest challenge is to constantly adapt to technological advancements that are now happening daily. The tools property practitioners once used to sell and market property and connect with their clientele have become obsolete. Now property practitioners have had to adapt to new ways of doing business, which is both exciting and in some instances daunting."
This can even be daunting, perhaps because property players are quick to adopt automated processes, especially millennials and GenZ, who seemingly have a natural affinity with their prolific adoption of tech and have high demands for service delivery. It is as Golding says: "They are looking at how people rate and review companies before they interact with those, and with peer-engagement, they become more informed; and they want that information instantly at their fingertips."
"Many aspects of the marketing process have been changed to comply with the way in which Millennials and GenZ wish to interact and conduct business," says Pearson. "Successful property practitioners understand the evolution of this segment of the market and how they wish to communicate."
Goslett also points out that while digital marketing strategies are great for generating leads, the property practitioners will still need to follow up on these digital leads by providing high levels of personalised customer service in order to conclude successful transactions.
"Regardless, it is still about the stock, as the right home attracts buyers," says Pearson. "The role of the property practitioner is, therefore, still fundamentally the same as it [has] always been: connecting willing sellers with willing buyers. We just do it differently now than in the past. Different agencies offer different value propositions to their agents. At Tyson Properties, we believe that we can enhance a property practitioners ability to service their clients in the new world of work with training, technology and mentorship."
RE/MAX of Southern Africa has taken a similar approach with the additional development of free, personalised digital business cards. "There are also a host of easily personalised promotional videos, freely available to all RE/MAX associates, that allows them to promote their services via social media, email and other digital platforms. [We have] also released [and conducted] a plethora of online-based training courses, webinars and conference calls so that our property practitioners have the opportunity to continuously upskill and refresh their knowledge," Goslett explains.
Golding says that his agency, among other techniques, promotes individual property practitioner profiling. "This is critical to success as many decisions are made on a property practitioners personal and business online profiles. Response times are also essential as the consumer has adapted to an 'always on' business environment as a result of the internet. Top-performing property practitioners have transcended from the traditional 9-to-5 office environment and are now always on call. The days of waiting for the office to open on a Monday morning for a buyer or seller to call or walk-in belong to the past."
The point that property practitioners still have relevance and a role to play is dependent on their ability to adapt to a number of changing circumstances. If they wish to sustain themselves in the sector, even the most traditional property practitioners have no option today but to get 'tech-connected' to stay informed of global and local events that impact society. This extends to striving to be a good brand ambassador for themselves and their agency, and most of all, to be an open, available and regular, dependable communicator.
Author: Private Property
