Can online estate agencies disrupt an entrenched property industry?

Offline agents have for a long time dominated the real estate industry and led many people to believe that they are unshakable. The revolution on how people buy and sell property began like one and a half decades ago in the UK with the arrival of portals such as Right move. The big debate currently is on the effects of the entry of online estate agencies on entrenched property industry.

Availing of information

In a traditional setting, homeowners had limited information on the value of their property. The realtor can take advantage of the customer’s ignorance and charge high commissions for a home sale. The today’s buyer has access to information online which one can use to make vital decisions. Such a customer does not see the need to pay an agent to give information that is available on various websites for free.

Speed

Some properties take days while others take months to sell at the hands of realtors. There have been a lot of bureaucracies in the property when it comes to payment. The clients need agents who can link them to financiers with a loan calculator readily available to speed up the process. They can also use virtual home staging apps which illustrate the sale process. Some online agencies can take 48 hours to close a deal.

Fees

The commissions that traditional brokers charge are sometimes unrealistic and can take large amounts of one’s property. The market now has people with competitive and new pricing models which make the market leaders rethink their strategies. It is common to find free property valuation portals which potential customers use and thus save some money.

Control

Traditional Realtors have isolated buyers and sellers for a long time in the selling process. With current innovations, the seller has control of the process which makes it fulfilling. The customer can take virtual tours to the dream home so as to make informed decisions. The seller can also schedule for home viewing without inconveniencing any of the parties.

Outdated marketing techniques

Use of brochures and sign posts have little exposure and can take ages before you land a client. The modern customers use online platforms due to the convenience and this is also a trend in property markets.

The largest share of the property market is still in the hands of traditional real estate agents. There are daily innovations and digital disruptions that come with direct and indirect impacts on this sector. High street agents are now using a combination of direct customers and online classifieds to sell properties.