The future for realtors, or a worrying development?

The future for realtors, or a worrying development?

The future for realtors, or a worrying development? With the potential for a slower year ahead what will this mean for realtors’ commissions? Real estate along with most other industries is becoming increasingly competitive and faces new challenges from disruptive technologies and business models. A new service has been launched from Oakville, Ontario that aims to be part of the real estate agent’s toolkit. Based online, feeDuck.com gives home-sellers the chance to start a bidding war between realtors. The vendor enters their details on the website for free and local agents who have signed up to the service can then put in their bid to handle the sale. The agent who has bid the lowest will be introduced to the seller 72 hours after the reverse auction starts. Although the seller is under no obligation to accept the bid Paulo Vital, Vice-president of Sales for feeDuck says: “Our research has found that over 80 per cent of these homeowners eventually end up listing with a real estate agent to actually make the sale. Homeowners are trying to save money but end up spending more in wasted time and resources.” So will this mean a boost to your business revenue or will you end up with more volume but lower income?