Technology Changing Real Estate

At BVM Contracting, we are always on the look-out for new trends in the residential real estate market that allows homeowners and investors to save money or become more efficient. One of the major hurdles with home ownership and investing in real estate is the large transaction fees for the seller, as well as the owner with legal fees and land transfer tax.

Here is a list of companies that are trying to change the way that real estate is bought and sold in Toronto, and how they are doing it.

1) Purple Bricks

Purple Bricks has been very successful in their attempt to create a flat-fee structure for selling real estate. Their whole value proposition is to allow you to sell your home (no matter the price) for less than $3000, which is pretty cool! The catch is that you have to pay $499 upfront and $2 499 once your home sells, but it is still a lot less than percentage-based commission that most other brokerages have.

They also have a cash back program for buyers, which allows the buyer to potentially receive a portion of the commission gained from the real estate broker, up to $2 000.

It also seems like they have a lot of local representation all over Canada, including Toronto. I am sure you have also seen some signs up around the city as well!

If you are still wary of this type of service and don’t understand how they are able to charge such low fees you can check out their FAQ page. The main reason why they are able to be so competitive is due to their adoption of technology to make the home buying or selling experience as smooth as possible.

2) JUSTO

Justo is a newer company that has a very similar business model as Purple Bricks, but they charge based on a percentage of the listing. The listing fee percentage is half of what normal real estate brokerages charge (1.25%) and comes with a lot more. They provide all of the essential services (photography, staging, lawyers fees, home inspections, etc.) at no extra charge, and share the commission from each sold property with the buyer 50/50.

The nice thing about this service is that there is no upfront fee, although you will pay more for the transaction once your home sells. It does seem like you get more for the service, and just like Purple Bricks, Justo uses technology to make the home buying/selling experience an efficient one. To learn more about Justo, visit their website here.

3) OJO HOme

Although OJO Home is not a direct competitor to Purple Bricks and Justo, we wanted to include them because they are poised to change the home buying experience.

OJO is reshaping the definition of buying the right home in the Greater Toronto Area. OJO Home offers a service that allows you to create a highly personalized profile of what type of home you want, from your favourite kitchen style to your commute to work, and you can ask OJO via text about different questions (when was the home renovated, what is the closest subway stop, etc.). OJO Home can be exclusively used through texting, which makes the service super accessible as well!

Once you find the home you are looking for, OJO connects you to a real estate agent that will be ready to help you buy the property of your dreams!

Conclusion

Technology is changing the way that real estate is bought and sold in Toronto, and BVM Contracting is always on the look out for innovative technologies that can help homeowners and real estate investors. Our goal is to educate people as much as possible about the lifecycle of home ownership (buying, maintaining, renovations, investing, and selling) and we hope that if you decide to renovate your home we can help you have an efficient and enjoyable experience.

About BVM COntracting

BVM Contracting is a full-service General Contractor or Home Builder located in Toronto. We provide home renovation and building services for major home renovations (kitchen renovations, bathroom renovations, basement renovations, full interior renovations, home additions, and new home construction). Our goal is to help guide our clients through the process of renovating their home, from concept to completion.

Further than providing General Contracting and Project Management for major home renovations, we also offer value-added services such as renovation financing, renovation rebate consultations and services, building permit and design services, smart home installation services, and real estate investor services.

To learn more about our offering by visiting our services page.