Real estate brokerage is turning to the multichannel

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

The search for the ideal home is usually a long and sometimes complicated process.

To respond to the needs of the digital client, proptech companies that use specific real estate applications and technologies such as virtual reality, or 3D are beginning to emerge.

While the sector is taking decisive steps towards this digital transformation, there are currently three predominant channels within the real estate market: portals, agencies and banks.

The experts at Vitrio, a platform for real estate professionals as an integral real estate manager, have analyzed the advantages and disadvantages of the main means of marketing homes.

Real estate portals

Through the portals, users can access a huge supply of real estate, which exceeds - in some cases - a million ads. One of its greatest attractions is the possibility of making an exhaustive filtering of the desired characteristics, based on multiple parameters like price and location. This preliminary selection minimizes the number of physical visits to properties with potential.

To minimize inconveniences, some platforms such as Vitrio put themselves at the forefront of “the digital transformation of the sector and allow 'visiting' the houses through cutting-edge technologies such as virtual reality. It is an immersive experience that introduces users inside the different rooms and allows them to have a complete 360 ​​° view from anywhere, with any device and at any time. The latest technology at the service of buyers," according to the company.

Real estate agencies

Agencies are the veterans of the real estate business. Its formula has been working for years, but only those that have modernized and adapted to the new conditions have survived the crisis.

Buying through an agency greatly facilitates transactions, but in most cases it involves a significant financial outlay, because real estate agents charge fees ranging from 3% to 5% of the operation:

“The usual thing is that the seller pays them, but on other occasions, their rate is divided equally between the buyer and the seller. Another disadvantage of using an agency as an intermediary is that the agents defend the interests of the owners - who have signed a contract with them - and sometimes they can request an oversized sale amount to achieve a higher profitability."

In spite of all these “conditions”, having an agency offers a lot of comfort, since it works directly with specialists who know in depth the opportunities and prices that are handled in their area of ​​influence. The agencies are experts in finding the house that best suits the particularities and budget of the buyers. In addition, they deal with the relationship with the seller (contact, visits, negotiation...) and can handle bureaucratic procedures (foreclosure, mortgage, taxes...). All this, taken together, represents a considerable saving of time and inconvenience and ensures that the procedures will be correctly carried out.

Banks

The Asset Management Company from the Bank Restructuring (Sareb), created in 2012, brings together the real estate assets of troubled financial entities and markets them. In just five years he has sold 68,300 apartments, but currently, he still has about 55,000 to pay.

Vitrio indicates that:

“Acquiring a property from a bank has interesting advantages such as a lower cost than market value, very favorable financing - up to 100% -, with convenient payment terms (up to 40 years), flexible conditions (payment terms negotiable amortization) and without appraisal cost (the entity itself), or commissions. However, not everything can be advantageous, and acquiring a house belonging to a bank also has its drawbacks. One of them is that - being an entity with public participation - the bureaucratic procedures are more rigorous and can be extended more than normal, since they must ensure issues such as that the money does not come from illegal activities, among other things."

The offer is limited and too much information is not provided on the floors (plans, previous property, real state), which can hinder the process of finding floors and final decision. However, due to their low price, they are often sold quickly, so it is essential to act quickly if you want to buy one.

Another disadvantage is that, frequently, “these properties come with charges, that is, they can accumulate, for example, late payments in the IBI or in the neighborhood community fees. In this case, the new owner will be responsible for paying off those debts.”

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

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