T
he real estate industry has been relatively resilient to disruption, despite the impact of technology on other sectors. According to research by 1000WATT CEO Brian Boero, consumers are less likely to disrupt the real estate market because they don't interact with it frequently and therefore aren't motivated to change it.

    While consumers have driven changes in industries like travel and transportation through their adoption of new technologies, this hasn't happened in real estate. This is partly because buying or selling a home is not an everyday occurrence for most people, unlike booking flights or hailing rides. As a result, consumers don't see the need to change the way things are done.

    Boero notes that real estate professionals should pay attention to consumer needs and preferences, as they have the power to shape how consumers think about and navigate the transaction process. However, research suggests that consumers often feel confused and stressed by the real estate process, particularly when it comes to choosing an agent.

    According to 1000WATT's findings, nearly half of those surveyed admitted they didn't know what qualities to look for in an agent. This highlights a gap between consumer expectations and the industry's ability to meet them. Boero argues that real estate professionals have the power to shape consumers' perceptions and choices, and should use this influence responsibly.

    The fact that consumers don't interact with the real estate industry frequently has contributed to its resilience. Unlike industries like travel or transportation, where technology has significantly disrupted traditional business models, real estate agents and commission rates haven't been greatly impacted by changes in consumer behavior or advancements in technology.