Will Real Estate E-Brokerages Destroy Traditional Brokerages?

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Will Real Estate E-Brokerages Destroy Traditional Brokerages?

Technology is one of the most significant catalysts of change in every industry, including real estate. Traditional brokerages that help individuals with buying and selling properties are slowly being replaced by e-brokerages that can connect with tech-savvy digital customers.

Everything Is Online

Today’s users prefer to perform research and purchase services and products online. Gone are the days when people mostly traveled to search for the things that they wanted to buy. With such digital behavior coming from customers, it makes sense to allow them to buy and sell properties from the comfort of their homes, as well. Even more, with advanced technologies such as virtual reality and augmented reality, customers can familiarize themselves with properties and make buying decisions from the comfort of their own homes.

Cost Savings

As with everything, customers get to save money when they switch to e-brokerages. From a real estate company’s perspective, setting up a business and running an office costs money. These costs are eventually passed to customers, in the form of fees. If the brokerage’s expenses are eliminated, customers also get cost savings.

Blockchain

Blockchain is a recent technology that offers security, transparency, and privacy. Due to these benefits, more people are moving to use blockchain to buy and sell properties and to store their transaction records. With blockchain, the added advantage is that people can invest in real estate across countries, without having to wait for permissions or visas. Already, companies like Propy are leading the way in helping customers to find the properties that they want. Even more, Propy can help its customers save up to 25% in agent fees.

The use of new technologies will help brokerages market themselves to tech-savvy customers. The growing trend of searching for services and products online means that e-brokerages will likely outcompete traditional brokerages in the future.