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As for technology, instead of buyers and sellers searching for an agent, the agents will be competing for their business. Canadian entrepreneurs have already started to implement technology-based solutions. Some of these platforms are nascent yet present a picture of marketplaces that will soon become the norm.

Nobul.com is one example of a digital marketplace that helps agents, buyers and sellers find products and services efficiently. The digital marketplace is designed for agents to compete for business thus providing buyers and sellers with the opportunity to compare services and choose an agent whose offerings they like the most.

We explain Nobul.com’s model with an example. Let’s say you are interested in selling your home. You would like to know what services agents offer and how much commission they will charge in return. You create an account on Nobul.com at no cost and provide details of your property. Soon, you will start receiving proposals from agents who would list the services they offer and the commission they charge.

Now, imagine such a platform to have been running for years and has thousands of real estate agents actively assisting the customers who in turn rate the agents for the quality of their service. Agents with higher ratings for quality and competitiveness will have an edge in the digital marketplace. A seller who is approached by numerous agents could choose one with a competitive bid and higher rating.