Finding a real estate agent is the most consequential aspect of the real estate transaction process, setting the tone for every negotiation, preparation and process to follow. And up until very recently, it was a source of friction for most real estate consumers.
Then, roughly a half-decade ago, Nobul emerged onto the scene – the world’s first “real estate digital marketplace.” The company recently topped Deloitte’s Fast 50 list of the quickest-growing tech companies and generated billion dollars in sales. How did a humble digital marketplace grow so massively in such a short period?
To understand Nobul’s fast rise, we need to analyze its value to real estate consumers. In this post, let’s explore how Nobul helps home buyers and sellers find their ideal representation.
A Full Menu of Choices
Imagine sitting down at a restaurant and peering down at a blank menu. The server explains that you’ll be eating what the next table over recommends. Or you will eat whatever the kitchen happens to have in stock that day. This substandard restaurant experience serves as an analogy for the traditional realtor marketplace – powered by word-of-mouth and scarcity marketing.
What Nobul does is restore the menu, that long list of available options conventionally hidden from the public. On Nobul, you can search by geography to view the practitioners working in your area. Rather than wait for an agent to “generate you” as a lead, you take the reins, initiating the conversation with personalized research and purpose.
Transparency and Visibility
Nobul doesn’t just present your options as names on a ledger; it offers consumers concrete evidence about those options. Before Nobul, buyers and sellers found it challenging to vet their agents properly. Agents might hide their transaction histories or sweep negative reviews under the digital rug.
Nobul unearths and publicizes that previously-hidden information. The company has a staunch transparency policy, believing that the real estate industry ought to operate in a more consumer-centric fashion than in the past.
Fostering Competition
According to CEO Regan McGee, “Nobul is the world’s first true digital open marketplace. We connect buyers and sellers with agents… You put in basic pieces of information; then, agents compete for your listing or your buy.” That last twist on the conventional realtor/consumer dynamic has helped propel Nobul forward.
Before, a home buyer might spark conversations with three or four listing agents to determine commission rates; they might even negotiate by leveraging offers and counter-offers among the few agents. But ultimately, those conversations were siloed and ineffective. On Nobul, competition is a given. Agents understand that they are competing against several other listing agents on a publicly available platform, and are therefore incentivized to offer attractive terms and fees.
In summary, if you were curious how this relative newcomer became the fastest-growing tech company in town, your answer lies in “consumer value.” Nobul helps buyers and sellers navigate the conventionally murky waters of real estate representation to find clear insights, ample options and competitive terms.