The virtual brokerage has come to prominence in the real estate industry in recent years. Like many other sectors, technology and automation are used to speed up processes. These new advances are often able to reduce costs and to increase speed. Additionally, they often make the process more transparent and secure. Below is an outline of what the virtual brokerage really is.
What Is a Virtual Brokerage?
A virtual brokerage is a real estate outlet without a physical presence. In other words, you can say that it is a real estate company without any real estate. The virtual brokerage can offer the same capacity as the brick and mortar business. For example, it might offer training and support for agents. In addition, it can provide marketing support. It can also take care of transaction management, as well as the storage and signing of documents.
Benefits for Real Estate
Obviously, a virtual brokerage has many benefits. Because there is no physical location, a brokerage saves on utilities, purchasing cost, office space, licenses, and much more. Then, the brokerage can pass many of these cost savings down to the consumer. Additionally, the agents can quickly access the platform 24/7, without having to come to the office. Moreover, the transactions are more secure, with fewer fees. There are various benefits to these platforms.
Things to Understand
Agents are still running the virtual brokerage real estate platform; this is not AI or automation. There is still a human presence to sign all of the papers and to create the templates; the platform just streamlines existing processes.
At the moment, these platforms are not widespread in the market. They are still quite new, and they have many kinks to work out. However, we are going to start to see more of them. That is because the benefits for the real estate sector are too vast to ignore.