Ever since the lockdown, all industries have undergone a large change. They have all become digital and virtual communication has become easier. Besides these technological changes, each industry now has a whole different model of working. In real estate, the booming trend is 100% Commission Brokerage.
But a lot of these changes have also been a fad that faded away as quickly as they came. Therefore, many people wonder if the online 100% real estate brokerage model has any future. Well, online 100% Commission real estate brokerage is the future in real estate and if you have chosen to become a 100% Commission Broker or agent, there is no better time than now.
Here is why online real estate brokerage and 100% commission is going to redefine the future of real estate.
The 100% online commission model is cost-effective for both the real estate agent and the brokerage. Compared to the traditional model, which meant each agent gets their own office space, visiting cards, training facilities and more, the brokerage is not expected to offer all of these in the modern model. So, the firm saves a lot of money. While the lack of commission could be bad for the company, they do receive fixed fees and their expenses are reduced multifold. On the other hand, real estate agents can earn a full commission and do not have to split a large chunk of it with the brokerage.
A lot of clients do not meet the agents in the office. So the agent doesn’t have to rent an office building on their own as a 100% commission real estate agent. Most communication happens online giving the flexibility to work from home. If there is a small meeting, you can conduct it in a small office space which is available in co-working buildings and can work from there. Therefore, you get to choose how you want to work.
A major disadvantage for young real estate agents who choose a 100% commission model over the traditional one is the in-house training and contacts they get. It is easier to attend related events and network with people when the brokerage arranges. That said, you can always get training outside and work on your own to build a network. While it is going to be tougher than usual, it isn’t an impossible task, given that you can enjoy entrepreneurial freedom and work on your self-set goals.
The Bottom Line
There are numerous benefits for both the real estate agents and brokerage firms under the online 100% Commission real estate broker model. In a way, both the agent and the brokerage get to build their own brand image and a credible word of mouth. Since a lot of agents have hugely benefited, brokerage firms are also beginning to offer services under this model and provide additional training facilities as well. This change is happening at a larger scale across many countries creating a new revolution in the real estate space which is why the 100% commission model is the future.