Time for tech to take over real estate?

Property Switch is an online estate agency startup that focuses on using technology and the internet to conduct property sales transaction across South Africa. They offer a complete estate agency service using online means and charge a reduced commission rate of 2.75%.

In an industry where it is common practice for estate agents to charge between 5% and 8% commission they believe that their 2.75% commission rate is an extremely attractive option for sellers. In addition to this, it is the Property Switch's policy to work with an open mandate. This is great as a seller because it doesn't tie you into a restrictive contract, allowing you to sell your property with any number of agents.

How does it work?

This is how their process works:

1. Property Switch sends a consultant to visit the seller's property to take photos and collect the relevant information to put an online property profile together
   
2. Based on this information they assist sellers in determining a realistic selling price
   
3. The property profile is then uploaded to the Property Switch website as well as other online property portals. Once listed online the property has exposure to thousands of potential buyers
   
4. Interested online buyers contact Property Switch who then arrange appointments for buyers to view the property. Note that it is the seller who is required to show the property to the buyers.
   
5. Property Switch will contact the buyer once they have viewed the property and if the buyer is interested they will assist with negotiations via phone and email
   
6. Where necessary they also provide assistance regarding conveyancing and mortgage financing at no extra cost
   

The Property Switch business model is supported up by an impressive website that features unique property mapping functionality, professional property profile displays, a property tracking system for sellers and it is compatible with all mobile devices.

So whilst they do not offer the "personal touch" of a traditional estate agent, they are looking to connect with their clients by offering the "virtual touch" of technology. Personal or virtual - which one do you prefer?

Perhaps the commission saving gives Property Switch the edge or maybe you want the face-to-face relationship that only a traditional agent can provide. Either way it is giving property sellers alternative options and is another example how technology is changing the way we do business.

For more, go to www.propswitch.co.za