'High tech' vs 'High touch'

Over 20 years ago I spoke at a conference about the trend towards a ‘high-tech high-touch’ model emerging in business.   On reflection, I do not think at the time we had much insight into how that balance would develop or unfold, or even what it truly meant.  I am not certain that we have it right today, although recent events bring it top of mind again.   Wherever we are on the technology journey, individually or in business, it is clear that the world has changed quite dramatically in the past 8 weeks.  No doubt things will continue to evolve as we navigate the implications of this dramatic pandemic.  The need for real estate (and in fact most) businesses to shift into a true ‘high-tech high-touch’ state has never been more acutely felt or realised.

Real Estate is a relationship business.   The very essence of ‘Agency’ is formed around trust, advocacy, communication – the hallmarks of solid relationships.   We are building them from the first moment of connection … new buyers, future sellers, potential landlords and tenants.   The success of an agent is largely determined by the strength of their relationship building skills, and the effort and commitment to developing them before the relationship kicks off and sustain them well beyond the conclusion of a transaction.   Of course relationships and the communication that is at the heart of these is much easier when we meet people face to face, when we can shake hands, sit down together and have discussions, solve problems, create transactions and then welcome people into their new homes.

For agents, all of that came to a screaming halt with COVID-19.  Social isolation, quarantine, social distancing and other restrictions have become part of our daily conversation.   How long these rules will be in place at any level remains to be seen.    Overnight, we were prevented from holding Open for Inspections and On-Site Auctions.   Beyond the immediate sense of disbelief, agents quickly took to implementing alternative digital options and applications within their businesses.  Whilst some agencies had these in place and were already set up for employees to work from home pre COVID, many businesses were lagging.  Despite that, necessity became the mother of invention and adoption of technology has been essential to survival in recent weeks.   Within a short space of time, most agents have responded with ‘high tech’ tools for conducting virtual showings of properties, virtual auctions, virtual client and team meetings, and individuals and groups have been accessing the programs and data necessary to work effectively from a distance.

A question I would like to pose is what might have been lost in this necessary speed to adopt and deliver via a technology platform?   The inspiration for this question came when I saw agents posting on Social Media offering a 3-minute desk appraisal.   I, like any agent, can deliver a report to a property owner identifying local area sales which may or may not compare to a subject property.   In the industry this is known as a Market Appraisal.   Yes, it can now happen at the press of a button, and yes it can be done in 3 minutes.  However, it concerns me that property owners might overly rely on this limited report when going to the market, setting a price for their property and/or choosing an agent.   It concerns me for a couple of reasons.   Firstly, there are so many variables to pricing which are not included in a Market Appraisal and which require careful identification and consideration.  Secondly, a report which can be created in a 3-minute digital click is no indication of the skills, experience or capability of the agent.

A decision to purchase a property is one of the most significant financial decisions any person makes in their life.   The decision to sell it should likewise also be significant.   This is where the ‘high touch’ part of an Agent’s role becomes imperative.   Everyone should by now be digitised in their business, enabling greater efficiency, convenience and speed of response.  The ‘high touch part’ however is what truly sets agents apart, and is what I believe should be the ‘high value’ component of any real estate transaction.   It is where the trust is built, where the care, compassion, problem solving, empathy and interpersonal skills of the agent are really put to work.   Those attributes are essential and in fact priceless in the service delivery of an agent.   It is this mix of skills sitting on top and around the technology piece which ensures great outcomes for clients.

A modern agent needs a blend of both ‘tech’ and ‘touch’.   The Covid-19 has given good impetus to the technology piece, but let us not value any less the relationship side of Agency, and how it impacts on the outcome for clients.  If you are looking to appoint a Real Estate Agent, I implore you to give yourself a real advantage by considering both sides of the model.

address – Brighton, Qld 4017
postal – PO Box 608, Sandgate QLD 4017
phone – 0438 515 003
email – rose@rosekelly.com.au