Virtual Real Estate Agencies

• The internet and changing consumer attitudes are increasingly putting pressure on the traditional real estate brokerage business model. There is an increasing demand for a more efficient model with better response times.
• Consumers are looking for fast response times from their agent, increased mobility, and more remote transaction processing. Agents on the other hand are struggling with technology and web marketing.
• Technology has the ability to offer both the consumer and the agent an effective alternative to the traditional model. A virtual agency reduces the overheads of office space, while offering new technology to improve efficiency.
• Although few agencies are opting for the virtual agency option, there are a number of agencies that are tech-orientated and looking for the support a virtual agency would offer.
• Virtual agencies are often confused with o ther technologies, which has resulted in incomplete data around the virtual agency concept.
• Virtual agencies can offer lower fees, more flexibility, and 100% commissions.
• There are a range of different options available around virtual agencies that offer considerably different experiences and costs to the consumer.
• Advice from online users suggests agents should consider a range of virtual agencies as not all are created equally. Competitively priced membership is often better, and in the long run cheaper, than a cheaply priced brokerage, as price is often used as a mechanism to entice agents to join.

Summary

• There was very little information online that indicated there is a trend toward virtual agencies. However, there was a lot of information regarding virtual agencies that suggest they are becoming more popular. Given this, and with the research goal and purpose in mind, a slight change of direction may be more successful in providing information that is compelling regarding the benefits of joining a virtual agency.