The Future of The Real Estate Sector in SA

An update on the recent 2022 Real Estate Industry Summit 

In a time of turbulence and uncertainty, a period for which the real estate sector has become all too familiar with over the past three years, people are often left feeling pessimistic and anxious about the future. However, thought leaders and industry titans have seen this upheaval as an opportunity to reimagine the future of the industry and to make tomorrow better. This thought starter was the central theme at this year’s Real Estate Industry Summit in which speakers sought to redirect the unpredictability of the pandemic years, along with the uncertainty of technology in the real estate sector, to an optimistic outlook that embraces innovation, agility, and change.  

The Real Estate Industry Summit, known as the largest property event in South Africa, was held on the 27th of October 2022. 'Gearing for Growth', was an apt title for the 2022 conference that displayed a meeting of minds for many in the real estate sector, including The Virtual Agent team. It became a platform that ignited transparent communication and a shared vision while being a microphone for various challenges and opportunities within the real estate industry.   

Prominent opinion makers shared their insights regarding market growth, the inclusion of technological advancements, issues around regulations and compliance, and how the PPRA will play an essential role in the South African property industry at large going forward.  

One of the key takeaways from the summit was the drive to encourage agents to look to technology as an invaluable asset that closes the gap between a client and an agent and allows for the buying process to be streamlined for all parties involved. Furthermore, speakers shared detailed insights, accompanied by actionable information, that can help agents grow their portfolios and pave successful careers in the property industry.   

Managing Executive of ABSA, Nondumiso Ncapai, shared the importance of driving growth through partnerships and sustainable ecosystems in the real estate industry. In a rapidly changing world, it has become more critical than ever to ensure that we all work together within the digital environment, whether it be a small start-up or a big corporate.  

Abdullah Verachia, CEO of The Strategists, senior faculty member at GIBS and Head of the Harvard Senior Executive Programme for Africa, emphasised the importance that teamwork has towards change and the opportunity it provides in bringing to life a reimagined future.    

Other panellists included thought leaders such as Deli Nkambule, Acting CEO of PPRA; Tony Clarke, Chairman of the Board at Real Estate Business Owners SA; Carlize Knoesen, the Chief Registrar of Deed; and Gary Barker, CEO of PropTech, BetterHome Group.   

Seeing Opportunity in Uncertainty Instead of Fear 

Coming out of the global pandemic, the real estate industry finds itself having to be buoyant and stable, with a collective vision for innovation. This is one of the most important lessons the past few years has taught us. It was a challenging and unpredictable time for many of us and had a massive impact on the sector as companies gave up their offices in favour of a work-from-home environment, and people semi-grated, immigrated or rushed to get rid of large assets due to uncertainty and financial insecurity. However, it also propelled us into the digital era of real estate, and digital integration has become an invaluable asset to the sector.  

Gone are the days of manual processes, fractured operations, and haphazard use of multiple systems to sell a property or track a lead. The digital revolution has beckoned us, and the time is now, to allow it into the way in which we conduct business and transform as an industry. Technology can be on our side if we allow it to, it creates opportunities where perhaps there were none before, it allows us to automate processes, distribute mass messages, track deals seamlessly, and run our businesses from the simple functionality of one mobile-based app.  

Building a Resilient Property Industry for the Future 

With many of the same sentiments and similar values as seen at the Real Estate Industry Summit, particularly with the segment that highlighted traditional versus disruptive selling, The Virtual Agent team is excited for what the future holds - not only for the sector on a grand scale but for each South African real estate agent. At the Virtual Agent, we believe in giving agents the right digital tools to help them chart a successful path within the real estate industry in South Africa.  

Learn more about how The Virtual Agent is helping property professionals just like you close more deals. Get property off the market at the click of a submission button, store all critical documentation online, track deals and market to a plethora of clients at once - with The Virtual Agent. Join, and enjoy a 30-day free trial on us. To find out more, contact our sales team today.