Real estate disruptive technology, roomz, propsocial, ibilik

How Do Digital Disruptors Affect Traditional Real Estate Agencies?

One of the most famous digital disruptors in Asia is no doubt the Alibaba Group, which is worth between a whopping $150 billion and $200 billion today. For Jack Ma, who started off merely as an inexperienced entrepreneur, he didn’t just strike it big – to many brick-and-mortar businesses, he is the man who destroyed (or replaced) their businesses, incomes or lives by doing away with the role of middlemen.

Presently in the hotel industry, the biggest hotel chain in the world, Wyndham Hotel Group, is worth approximately $7 billion today. However, Airbnb (founded just 8 years ago), which is best known for redefining today’s hotel and travel industry, is worth $30 billion dollar. It’s also worth noting that the Wyndham Hotel Group employs 30,000+ employees worldwide while Airbnb has only about 2,000 employees. The advantages provided by the Internet and other related technologies have enabled these digital disruptors to make maximum profits with the most minimum business expenses.

INDUSTRIES REDEFINED

Digital disruptors have over the years redefined various industries, putting many traditional businesses out of business. The amount of services provided by the digital disruptors in the real estate market, coupled with the efficiency they offer to their users, have not only aided them in making sound purchasing decisions, but have also provided extremely powerful property management tools which were completely impossible in the old days.

Many digital disruptors in the real estate industry today are not merely limited to platforms on which sellers advertise their properties, and buyers look for the properties they want.

From here on, the implication of their presence in the market is obvious – just like what Jack Ma did to many brick-and-mortar businesses, these digital disruptors could potentially replace the roles of traditional real estate agencies, ushering in a big revolution to the market that no one has ever seen!

To illustrate this point better, here are some of the famous digital disruptors currently dominating the trends in the real estate industry, along with the types of services they provide, as well as how would their existence affect the traditional real estate agencies:

Roomz

Roomz allows property owners to rent out rooms instead of entire units. This platform also provides video tour of the properties for greater viewing convenience.  Roomz will also connect oweners with thousand of potential tenants by listing the room on other platforms like Mudah and iBilik. With Roomz, property owners enjoy maximized rental income and save time in managing their property especially if they have multiple rooms/units to rent out.

On the other hand, Roomz is also a room listing aggregator and vertical search engine. Tenants get to save on rental and time as more accurate viewing of the property.

Can real estate agencies do it?

Certainly, but it will require a relatively larger amount of time, cost and energy. It is rather impractical for a traditional real estate agent to commit to physically bring different potential tenants to view different rooms/units in different locations round the clock. In addition, most real estate agencies would rather close a deal renting out the entire unit, instead of individual rooms for higher commissions.

Lepro System

Lepro System offers property buyers and sellers legal support and assistance concerning property transactions. It is a platform that is supported by data centres, logistic connectivity and advice from professional experts.

Can real estate agencies do it?

Traditional real estate agencies do not provide these services.

PropSocial

PropSocial provides buyers with useful and unbiased real community reviews and insights so that they can do accurate market research, which ultimately lead to the best buying decisions. Intelligent search tools, online discussion boards, property news feeds are among the numerous services provided by PropSocial.

Can real estate agencies do it?

Some traditional real estate agencies might favour certain property projects by certain developers, thus unable to provide reviews that are unbiased, resourceful and genuinely helpful.

Landlords.my

Landlords.my connects property owners and tenants with their management office via an automated service, closing the gap between these three parties. The services include rental collection, online management fee payment, repair reporting and facility booking.

Can real estate agencies do it?

The traditional real estate agencies do not provide these services.

 

Imagine yourself being a potential property buyer. It makes full sense to rely on the services provided by PropSocial property review and Lepro System, isn’t it? Then, once you have moved in and fully settled yourself, the services provided by Landlords.my will be very handy to stay in touch with the management office. Not only that – should you start investing in an apartment, you will find that it is very easy to rent out separate rooms for a higher rental income with Roomz.

Not only are all these services hassle-free – they are completely free of charge.

In making property purchase and management more efficient by providing services which is previously impossible for traditional real estate agencies, the digital disruptors in the real estate industry are currently unstoppable! As long as they remain in the market, these services are going to be a big challenge for conventional agencies to remain in the competition, both in the current present and in the far future.