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://dtn.fm/Fx2Sb) 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://dtn.fm/M0Vl6), 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
About
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MissionIR is committed to connecting the investment community with companies that have great potential and a strong dedication to building shareholder value. We know our reputation is based on the integrity of our clients and go to great lengths to ensure the companies represented adhere to sound business practices.
Sign up for “The Mission Report” at www.MissionIR.com
Please see disclaimer on the MissionIR website http://www.missionir.com/disclaimer.html
