What You Need to Know About Virtual Real Estate Brokerage
The world is changing at a fast-pace. New shifts are happening in the commercial and business industries. Much of these developments are due to technological advances. Gone are the days when everything was done manually. Personal presence has become optional when it comes to selling.
Even the real estate profession is slowly transforming into a virtual one to accommodate this advancement. Many agents are switching to an online platform instead of a traditional one to keep up with the trend.
What is it?
A virtual brokerage is a form of real estate business that does not have a physical entity. These virtual companies provide the same capacity similar to their brick and mortar counterparts. However, they are not confined to a building. Nonetheless, they can still offer training for their agents as well as support for their marketing needs.
They can also help with transaction management involving document storage and signing. Though done remotely, the ones who are doing the tasks are still actual real estate agents and not artificial intelligence programs.
The reason why a virtual brokerage is slowly gaining traction is that it offers a cost-effective measure in the real estate business. Since the company does not have to worry about having a physical location, owners tend to save on utilities, maintenance, purchasing cost, building licenses, and many more.
The ones who tend to carry the burden of these costs are the consumers who get charged with additional fees. With a virtual brokerage, the transactions get charged with fewer fees, making it more economical.
This form of real estate dealings also gives agents the convenience of not having to commute to an office because their platform is online. They can also work anytime they want since the platform is accessible 24/7.
Another considerable advantage of this trade is that agents get higher salaries. With the traditional method, the cut that agents get for the commission is usually a big one. However, some online brokerage firms would even allow agents to get their full commission.
Some offer bonuses for referral fees to augment the income of the agents. Furthermore, virtual brokerage also gives the benefit of security since every transaction is recorded and has a trail.
How to Join
Joining a virtual real estate brokerage is quite easy. The hard part is finding a trusted company. A trusted company needs to have a good track record with many agents. They should have many long-staying agents on their list, and these agents should have praise-worthy testimonials about the company. A trusted virtual real estate company should also offer agents comprehensive marketing support and access to the back-office system. It would also be helpful for agents if the company provides E&O insurance.
Upon finding a trusted company, all you need to do is sign up on its website. Some companies only require about $39/month to have unlimited access to their platform. There are no hidden fees involved since everything is inclusive. Once done with this step, agents can start adding their real estate listings and conducting business online.
Virtual real estate brokerage is a game-changer in the industry. However, this should not come off as a surprise. Almost everyone is already looking for real estate properties, so agents should also be online as well. Joining an online brokerage offers higher yields and more convenience for those who would be joining this industry.