New technology is transforming the real estate sector, and home buyers and sellers are the ones benefiting from the change. For a long time, real estate has been captive by industry interests. That’s all changing thanks to new, consumer-centric platforms that are giving consumers more control over the biggest transaction of their lives.
One of the big drivers of change in the industry right now is a platform called Nobul. Founded by real estate maverick Regan McGee, Nobul is a dynamic digital marketplace where home buyers and sellers go to find real estate agents.
It’s transformed the way people look for real estate agents, and it’s quickly gaining popularity in Canada, as well as expanding across the United States. Nobul puts power in the hands of home buyers and sellers. You input some basic information about yourself while agents compete with each other for your business, all without you becoming another lead in their system.
It puts agents in competition with each other for clients, and it gives buyers and sellers more information, including verified reviews and agents’ past transactions.
These are just some of the ways Nobul is giving consumers more choice.
#1 Compare Services
Not every job in real estate is the same. If you’re a first-time home buyer, you may have a lot more questions and want your realtor to be more involved than an investor looking for their tenth property.
When you start using Nobul, real estate agents send you proposals that outline their services, bringing a level of transparency not usually experienced in the process. They understand that some jobs are more hands-off than others, while some clients want premium treatment every step of the way.
#2 More Competitive Fees
The advantage of Nobul is that it’s placed competitive pressure on the fees real estate agents charge. Now that real estate agents compete directly with one another and send home buyers and sellers proposals that outline their fees and services, they have an incentive to reduce their fees. That’s a huge shift for an industry that charges the same commissions they have for a century.
In an interview with Toronto Life, Regan McGee explained the impact Nobul is having on real estate agent fees: “We’ve massively simplified the whole process. People think buying and selling real estate is complicated, but that’s a way for agents to justify their fees.”
#3 Smart Contracts
Nobul has also integrated blockchain technology onto its platform for real estate contract management. You can now use blockchain to record and manage four key contracts that happen between agents and buyers or sellers: Listing Agreements, Broker-to-Broker Referrals, Buyer Representation Agreements, and region-specific contracts. Smart contracts are a streamlined way of dealing with the paperwork that comes with hiring an agent.
Nobul is quickly becoming one of the most popular ways to find a real estate agent. All of the major brokerages are now on the platform, meaning you can find the right agent for you.