Real estate agents are facing many challenges, such as environmental change, rising mortgage rates, evolving technology trends, shifting political climate, and volatile markets. These challenges affect both the solo agents as well as the brokerages.
So, let us look at the top 3 challenges that real estate agents face the most.
This is very simple that you will have no income without inventory. Therefore, it has become a challenge for real estate agents to find listings in a low inventory market. This challenge is faced by both the new agents as well as the old ones. However, it will be more difficult for the new agents to find sellers.
New agents have no experience and are therefore less attractive to the homeowners who are seeking to retire comfortably and want profit from the sale of their homes. If no one will list with the new agents, they will not gain experience.
Growing online competition from listing portals
The role of the agents has got limited because of the growing popularity of the listing portals and the proliferation of homebuyer apps.
Large brokerages are also struggling to compete with the services of Zillow, Homes map, and Zoocasa applications. It is very clear with the success of these user-centric brands with digital home shoppers that the real estate agents are going to face many difficulties in the coming future.
Adapting to technology trends
All real estate agents should be updated with the new trends and technology. But there is a lot to focus on for maintaining a website, like algorithm updates, data security, privacy policies, marketing automation, SEO best practices, SMART home technologies, and many more.
A small mistake can quickly spiral into an expensive problem that will set them back for months. Therefore, it is also one of the most difficult challenges that real estate agents are facing.