Glenn Sanford of eXp Realty started the company out of a risk, founding it during the real estate industry's weak period of 2008. The cloud-based brokerage started out with a promise of "dematerialized workspace," according to Singularity Hub. About ten years later, the company has around 14,000 agents in 50 US states and 3 Canadian provinces.
With the help of virtual platform VirBELA, the company set out to create a "mega-campus" entirely in VR. That is how eXp Realty launched their "dematerialized" institution, thereby eliminating costly processes and creating a new definition of 'real estate.'
This also effectively allowed them to work with as many agents as they had, even if they don't have a traditional physical office.
VR is just one of the many technologies that eXp is looking at. They are open to exploring every new technology available on the market and applicable to their line of business.
Exploring displays in VR and processes driven by AI, eXp Realty is into a futuristic line of business and committed to "cutting out the middleman."
eXp Realty is only one of the many examples of how the real estate industry is being invaded by different tech startups. Forbes reported that this rapid change is forever altering the course of the real estate world, where proptech investors have also been making investments. The way technology is disrupting the real estate tech world is making proptech investors look for worthy investments within the sector.
Three areas are predicted to have more updates than ever in the real estate world. Real estate search platforms are one such area where real estate is getting a significant upgrade. Another area is the sector or online real estate transactions, where people are seriously considering having the improved experience of removing third parties that make transactions last longer than they should.
Another disruption that people are waiting for is the resolution of transactions. With tech startups, these transactions can be performed quickly. With the removal of third parties and searches getting more accurate than before, the real estate transactions can be finished faster than they would have been without tech disruption.
Like it or not, tech disruption can make things better than they already are. Buyer and seller can finish transactions even when they are continents apart. Buyers can already see what their property will look like even before it is actually finished. Tech disruption for the better can revolutionize real estate like never before.
