At the beginning of 2016, 43% of real estate agencies expected competition from non-traditional firms. Although this number was down 2% from 2015, a survey by the National Association of Realtors (NAR) (http://nnw.fm/j29lB) found that 46% of agencies believe the competition from virtual firms is increasing, compared to a small 17% of agencies expecting competition from brick and mortar firms.
With this in mind, it is worth noting that the real estate industry is one of the slowest to adapt to this new digital age. The last few years can be seen as the first real phase of digital development within the real estate industry, as technology has played but a minimal role until now. Thanks to today’s growing technology, people in the real estate industry are able to make faster and more informed decisions.
Until now, the industry has believed in location. However, today people can access and accomplish more through the use of smartphones, computers, and other mobile devices. With technology companies such as Airbnb, people are becoming more accustomed to a sharing economy. According to an article by Wharton University of Pennsylvania (http://nnw.fm/tV2T1), 86% of Americans believe the sharing economy they are now part of makes life more affordable, 83% say things are more convenient and efficient, and 63% believe it is more fun than engaging with traditional companies.
But why does the technology industry want to play a role in the real estate sector? The answer is simple. Real estate is one of the largest single assets in the United States. The sector is now worth approximately $50 trillion, with residential housing making up approximately $26 trillion of this. As a result, real estate companies are having to embrace the digital world quickly at the risk of letting technology-savvy companies take over.
To do this, real estate firms are having to implement cloud-based Big Data technologies to better serve their customers. eXp World Holdings, Inc. (OTCQB: EXPI) is a prime example. eXp Realty, the company’s real estate division, is a fully agent-owned cloud brokerage. The agents and brokers at EXPI work, train, strategize, collaborate, innovate, and build teams across North America from the comforts of home using the company’s cloud office environment.
EXPI believes that, with the advancements in technology today, real estate consumers are equipped with deeper knowledge and understanding than ever before. Many consumers today leverage the company’s cloud-based technology to buy and sell without the aid of brick and mortar offices. EXPI’s primary goal is to become “the first truly agent-owned, cloud-based, full service, global real estate brokerage company delivering around-the-clock access to collaborative tools and professional development for managing real estate brokers and agents.”
For more information, visit the company’s website at www.eXpWorldHoldings.com
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