24 May Thinking About Buying Real Estate? The Right Agent Can Make a Big Difference. Enter nobul
Home buyers and sellers finally have a marketplace to find agents and services
Nearly every sector has invested in digital technologies that disrupt traditional markets and transform day-to-day practices. The benefits have been clear: real customer choice and efficiency.
Of course, not every sector has been so innovative. Real estate, for example, continues to fall behind.
Despite being at the centre of so many aspects of our families and communities – buying a home is still most people’s largest purchase—real estate continues to exist in an era marked by yard signs, agent-first listings and all-or-nothing services.
Business Practices from a Different Era
The real estate industry has relied on the same business practices for the past 100+ years, leaving property buyers and sellers more and more disillusioned about what exactly they are paying for. In this regard, buyers are probably missing out even more than sellers. Most buyers aren’t even aware that they can have their own agent working for them long before they visit an open house or find their dream home. In the vast majority of cases, buyers are paying for an agent (through “cooperating broker fees” embedded in the sale price) regardless. Even worse, often there is an agent earning that commission but working exclusively on behalf of the seller! Understanding your options and finding the right agent (that you are already paying for) can be a game-changer for buyers, particularly first-time ones.
High Fees – Real estate fees are often the single biggest set of fees that most people pay in their lives. Other customer-focused industries and sectors ranging from banking to investments, and entertainment to travel have all seen their fees driven down by technological innovation, competition, and transparency.
For example, twenty years ago investors paid a 6-9 percent fee to purchase a stock. Today, that fee has typically dropped to less than 0.2 percent. Meanwhile, the real estate fee has held steady at 5 percent, where it has been for a century, even though house prices have more than doubled in REAL terms (i.e., adjusted for inflation), in near every market in North America, over the last 20 years.
So, what exactly are consumers paying for? The real estate industry argues its fee structure reflects the size of the transaction and yet agents are making twice as much while doing less work than ever as consumers use technology to do more and more of it themselves.
Lack of Transparency – How do buyers and sellers know what they’re getting for those commission fees? They don’t. Most consumers have no idea what the range of services offered by real estate agents is, let alone any way to compare and contrast different agents and options. The problem has become a national, industry-wide concern as competition and antitrust regulators in US and Canada have taken action pushing for greater competition for fees and services.
No Menu of Services – Current real estate practices do not allow clients to select the particular services they’re buying. In many ways, it’s all-or-nothing and completely dependent upon the whims of the agent
No Accountability – Whether a real estate agent does a great job, a poor job, or a mediocre job, the fee structure is always the same. If you have feedback on your realtor’s performance (everyone does), there is no place to write a review.
Sticking with the old-fashioned practices does not help anyone.
Every smartphone user can envision a better solution that allows them to review, assess and rate agents. This basic ability has percolated so many other industries (including critically important ones like medicine); why not real estate?
The Modern Marketplace Demands More
Today’s real estate players – sellers, buyers, and brokers – need a more sophisticated approach that allows consumers to identify the agents best-suited to their individual needs and preferences and then rewards those agents when they deliver the bundle of services that they promised, in advance. In short, modern era needs a real estate marketplace that is:
- Filled with Options and Choices
- Simple and Safe to Use
Now, the good news: nobul has changed it up!
With nobul, you (whether you are a buyer or a seller) control your real estate journey, because REALTORS® compete for your business. Agents, on nobul, tell you, in advance, the services they are committed to providing. This can include:
- For Buyers: Everything from arranging for a car service to take you to showings, to helping you arrange
- For Sellers: Sourcing and paying for whatever you need to make your home as attractive as possible including professional photography, home inspections and/or even staging services
Agents on nobul also let you know, in their proposals, how much commission they plan to charge for those services. That can even translate into cashback for you (as a buyer)!
Finally, nobul agents get rated by their customers after they work together. This means that you know the ratings are real and accurate.
Because of the way nobul works, they are able to ensure:
Transparency – There is no more wondering what an agent is going to do for you and how much they are going to cost. On nobul, agents commit to specific services and pricing, up front, and then holds them accountable through verified ratings from actual customers who have worked with them.
Choice – You no longer have to settle for whatever agent your parents used. There are literally hundreds of thousands of agents across Canada and millions across the United States. On nobul, you can pick the right agent for you.
Simplicity – Because nobul is built on a modern digital platform, you can start the process wherever you are comfortable (home, the office or even a coffee shop) and whenever it’s most convenient for you.
Safety – Finally, you don’t have to commit to any agent or offer on nobul until you are ready. You can even meet the agents before agreeing to work together.
Start your real estate journey with nobul and win $100,000!