Big changes are happening in the real estate industry, driven largely by new technologies that are changing the way real estate transactions take place.
Real estate is a massive industry, accounting for no less than $86 billion in commissions in the United States each year. Despite all of the money in real estate, the industry has been resistant to change in the past. The way transactions are done largely hasn’t changed in decades, but new technologies are starting to shake up the landscape.
Dynamic Digital Marketplaces
A big shift is on the way when it comes to homebuyers and sellers looking for a real estate agent. Nobul is an innovative, disruptive new platform that’s changing the way buyers and sellers connect with agents.
Founder and CEO Regan McGee explained just what Nobul does in an interview with BNN Bloomberg:
“Nobul is the world’s first true digital open marketplace. We connect buyers and sellers with agents. It’s a true marketplace, just like Uber. When you want to go to the airport, you get different options in terms of different vehicles, etc. Then you go to the airport, and you leave a review at the end. With Nobul, whether you’re looking to buy or sell real estate, you put in basic pieces of information. Agents then compete for your listing or your buy. They’ll give you their proposal where it outlines exactly what they’re including and what they’re excluding, what their track record is, and reviews from people that have actually used them.”
AI-Supported Property Matching
A significant part of a real estate agent’s job is finding the right properties for their clients. With the support of AI-driven property matching software, they can now get better results in much less time. AI-supported property matching software lets agents refine their searches with any number of parameters set according to their client’s preferences. The software can do the work of matching clients with listings much faster than an agent manually going through listings could.
Blockchain Contract Management
While cryptocurrency may be the best-known use of blockchain technology, there are countless enterprise applications to the new technology that don’t get as much attention.
Real estate transactions are often mired in paperwork, from the moment you find an agent to the closing date. Nobul has integrated blockchain technology to record and manage the contracts between buyers, sellers, and agents, including listing agreements, broker-to-broker referrals, and buyer representation agreements.
Nobul created a permission-based enterprise blockchain platform on IBM’s Hyperledger to create a distributable record of contracts between consumers and agents. The platform also wants to expand capabilities to include event-based smart contracts that can automate work currently done through secondary agreements, waivers, conditions, etc.
Automated contracts make the real estate journey simpler for all parties and provide more peace of mind to buyers, sellers, and real estate professionals.
New technology tools have the potential to streamline real estate transactions and transform the industry for good. As digital marketplaces change the dynamic between client and realtor, realtors have more tools than ever to do their jobs faster and with better results.