Can modern technology replace real estate agents

REMTIMES Interview

Spokesperson: Alina Adamco Head of Sales Metropolitan Homes

1. Have you seen any notable changes in the real estate industry as a result of the increasing use of technology?

With increasing investments in proptech solutions, the global real estate market has witnessed significant changes over the years. Some examples include online viewings with VR and even AR, digital twins for asset management, blockchain technology for secure transactions, crowdfunding for multiple real estate owners to collectively invest in properties, and the use of enhanced smart home technology systems for property buyers or owners, allowing them to control lighting, temperature and security right from their fingertips.

In Dubai, the government has also launched many initiatives like the Dubai Blockchain Strategy to streamline real estate transactions, property management and land registry systems. Smart Dubai and Dubai 10x have been implemented to introduce disruptive technologies and innovative solutions across various sectors, including real estate to revolutionize the industry.

The Dubai Land Department has also established various programmes to promote innovation in real estate. These include the Dubai Real Estate Self Transaction (REST) platform, which enables paperless property transactions using blockchain technology and AI. Additionally, the DLD has introduced new QR code permits that must be included in property listings and advertisements to provide more transparency to clients.

2. How do you balance the use of technology with providing a personalized service to your clients?

While technology continues to disrupt and evolve in the real estate industry, the human element provided by real estate agents remains invaluable. The combination of technology and human expertise is the most effective approach, providing a balance between data-driven insights and the personalized touch that clients seek and most of the time need, when it comes to buying or selling property

At Metropolitan Homes, we have a client-first, people-focused approach that allows us to promptly support our clients with their preferences and tailor a property journey that is relevant to their needs. We continually invest in technology, especially across our website experience, CRM systems and documentation processes, to ensure we always add value to our clients’ property experience.

3. Do you think that technology can ever fully replace the need for a human real estate agent in the buying or selling process? Why or why not?

The role of technology in the real estate industry has undoubtedly grown significantly in recent years, making it easier to search for properties online, access extensive data about communities, view virtual tours and even complete transactions remotely. While these advancements have streamlined the buying and selling process, it is unlikely that technology will completely replace real estate agents in the near future.

Real estate transactions are not as straightforward as buying FMCG products. There are complex negotiations involved between buyers and sellers, related to viewings, pricing, paperwork, the terms, and more. These processes require the involvement of different stakeholders across the business including legal, banking, government, valuers and others.

Real estate transactions require trust, an understanding of clients’ needs, guidance, ongoing communication, empathy, judgement and a level of personalization to tailor the clients’ experience and build long-term relationships through personal connections, as a property decision is not just financial but also emotional.

While technology can provide data and insights, analyzing and utilizing this information in the property decision-making process requires human intervention. Although the use of technology can provide general information taken from the internet about physical places, only a real estate agent who is an area specialist on the ground has in-depth knowledge about the ins and outs of the local community. This includes changing market trends, amenities, laws, rules and more factors that give clients the full picture of what they are walking into.