Real estate didn’t always look as current as it does today. Until very recently, the industry operated on an inefficient mix of paper documents, manual processes, in-person meetings and ill-defined service terms. Agents used pushy sales tactics to generate and nurture leads, and faced little accountability (other than a few antitrust lawsuits), leaving consumers scrambling for any semblance of transparency.
Now, things are different. Technology has finally wormed its way into the real estate industry – and is proving a boon to both consumers and practitioners alike. In this blog, we explore the tech-driven real estate revolution, zeroing in on the company at its heart: Nobul.
What Is the Real Estate Technology Revolution?
Sometimes called the “proptech boom” (short for property technology), the real estate tech revolution refers to the industry’s recent adoption of and disruption by various tech companies.
High-profile examples include massive listing sites like Zillow, which basically migrated the entirety of agents’ MLS systems online, visible to every buyer and seller. Elsewhere, tech companies leverage technologies like VR/AR to streamline the home viewing process; companies build algorithms to hasten the mortgage underwriting process; startups fiddle with machine learning to pinpoint hot areas for real estate investment, etc.
Collectively, they form a revolution – a total sea change in an industry once defined by its tech aversion, opacity and data squandering.
How Nobul Is Leading the Charge
Of all the exciting stuff happening in the proptech space, Nobul sits at the top. Deloitte’s “Fast 50” list recently tipped Nobul as the fastest-growing tech company (across all industries and sectors), a testament to its recent successes.
But how is Nobul leading the charge? What services and innovations does the company offer? And why are consumers flocking to the platform? While the company bills itself as an “end-to-end real estate platform” with numerous functionalities, one particular service stands out.
Agent Matchmaking and the Rise of the Real Estate Consumer
When CEO Regan McGee founded Nobul roughly six years ago, it was his agent matchmaking service that gained the lion’s share of attention. It irked some dyed-in-the-wool real estate agents; it was labelled a “disruptive force” by various media outlets; and it garnered a loyal following of consumers.
Basically, the service works like this. Consumers enter basic information and expectations. Nobul’s proprietary algorithm combs through piles of once-hidden information, like agents’ transaction histories, verified reviews, commission rates, etc., and recommends the top real estate agents for the consumer’s purpose. Then, the consumer can force agents to compete for their business – often by offering lower commission rates or more services. Effectively, it overturned the traditional consumer-agent dynamic, giving power to buyers and sellers.
Since its 2017 launch, the company has added various other attractive services to its platform, each geared towards empowering consumers. Sellers can use Nobul’s fast valuation tool to assess their home’s value before selling; consumers can take advantage of the company’s blockchain document management service to keep their contracts protected and centralized; buyers can consult the platform’s market conditions indicators before buying, and more.
It’s no hyperbole to say that technology has completely rejigged the real estate industry. And at the center of the revolution, Nobul stands as a firmly pro-consumer, pro-transparency success story.
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