Welcome to Industry Change Episode 5, where Richard talks to Malcolm Gunning, the Principal of Gunning Real Estate and also the president of the Real Estate Institute of Australia. They discuss how the consumer has changed as vendors have become smarter as more information has opened up to them via the internet.

In just 10 years the face of the real estate industry has changed dramatically. Where 10 years ago consumers would sit on a Saturday morning and look through the classifieds of the newspaper. Now they are sitting on their iPads browsing through new real estate portals and platforms online. The classifieds are now a fraction of what they were.

They also discuss the rise of new platforms like Purplebricks and how agents now have to add even more value to their clients to justify the traditional pricing models of the industry.

Listen to the episode to find out more.