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Technology has sculpted nearly every facet of modern life. Driven by innovative companies that speak directly to consumers, technology has changed how we read the news, hail a ride, order takeout, manage our finances and communicate with colleagues.
And now, with the advent of Nobul – a real estate digital marketplace helmed by tech maverick Regan McGee – technology is shaping how we buy and sell properties.
For the uninitiated, Nobul is essentially a hybrid of several consumer-centric services – part agent review aggregate, part information hub, part communication platform. However, the big draw for consumers is the platform’s matchmaking capabilities. Buyers and sellers enter their criteria for a real estate agent (location, language, sales history, reviews), and Nobul’s proprietary algorithm lists relevant agents. Then, agents can compete for the consumer’s business, often through attractive benefits like competitive commission rates.
It’s a game changer for the staid real estate industry. In this article, let’s take a deeper look into this up-and-coming company’s growing influence.
Transparency and Accountability
Historically, the real estate industry had a transparency problem. It wasn’t uncommon for agents to hide their commission rates and sweep their negative reviews under the rug, even in the digital age.
These practices created an environment where transparency and accountability suffered. Buyers and sellers needed to work with real estate agents, but had little power in the dynamic. Nobul appears to be upending that old power dynamic. Since consumers can access all the information they need – including commission rates and verified reviews – they enjoy transparency and accountability mechanisms the industry has never accommodated before.
Choice and Consumer Centricity
Part and parcel with transparency is consumer choice. Digital marketplaces across industries have made their mark by elevating consumers’ ability to see their options, evaluate their options, then make informed choices. Nobul is no different.
In the past, it wasn’t uncommon for buyers/sellers to crack open the Yellow Pages or solicit friends for agent recommendations. These straightforward methods for marketing and consumer qualification were advantageous for realtors, but not so much for consumers. They cornered consumers into working with the most visible practitioners, rather than an agent suited to their particular values and needs.
Nobul doesn’t make choices for consumers; it presents options and resources so consumers feel empowered to make the right choice themselves. This minor tweak to the conventional way of doing business has disrupted the real estate industry – in an inarguably positive way. Consumers’ ability to make informed decisions has stiffened competition among real estate agents and stimulated long-overdue improvements.
End-to-End Services
As the company grows, it continues to add services. Like other big proptech companies, Nobul now boasts a free assessment tool to help sellers gauge the value of their property. And the marketplace has a sophisticated built-in communication platform so consumers can easily contact their agents. Judging by interviews with McGee, it seems the company is keen to keep adding services.
These end-to-end services are changing how we buy and sell homes by digitizing processes that were once manual. Consumers don’t need to take time out of their busy schedules to book an assessment or meet their agents in person to receive information and counsel. Time-wise, these digitized services are a net positive for consumers and agents.
It will be interesting to see how Nobul continues to impact how consumers buy and sell homes. As the service becomes even more popular, expect to see the above changes become more pronounced.
