Imagine requesting an Uber and not being able to see a map view of where the driver is located in real time; ordering food from DoorDash without up-to-date digital menus from an endless number of restaurants; or buying an item with Amazon Prime and having to pay close attention to the delivery estimates. When we look at industries that have undergone significant change, it is easy to take for granted the success stories of market leaders and miss the seemingly small inventions that radically changed consumer expectations and behaviors. Each of these companies – Uber, Doordash, and Amazon – have completely transformed their respective industries. But those changes didn’t happen overnight. In fact, each company started by mastering something small and built upon it to deliver unprecedented value for consumers. What does this mean for real estate?
Consumer expectations are formed by their last best experience. In real estate, however, the majority of transactions still happen the exact same way that they did in the 90s. The industry has made strides to increase access to listings, share pricing insights, and streamline offers, but has yet to offer the high-bar experience that consumers expect.