“Big Bang Realty: Getting Started Harder Than Planned”
One of the Big Bang Realty CO-founders, Oskars Zarins, gave an interview to Dienas Bizness where he commented…Read More
An Uber of Real Estate Agents — Big Bang Realty, founded by Latvian entrepreneurs, has started its operation, allowing anyone to become a real estate agent and keep 100% of the transaction fee.
The Big Bang Realty platform enables its users to use the company’s brand, as well as professional training under the guidance of industry experts. The principle of the platform is that the agents continue to work independently, planning their own time and the workload they need.
Several thousand euros were invested in the platform, and it turned from an idea into reality in about half a year, by bringing together the real estate sales expert Oskars Zariņš with his associates and partners. The platform was first presented at this year’s iNOVUSS Innovation Festival. The website was developed by Latvian specialists that were selected after evaluating several applicants.
As the main goal of the platform mentioned by Zariņš is the desire to help those who want to buy and sell real estate: “We want to be like Uber of the real estate agents by providing them quality, easy to understand and reactive assistance in any kind of issue”.
Zariņš admits that he has seen shortcomings in the real estate industry, has been gaining an experience in this field for more than 15 years, as well as has been managing his company for the last 8 years. He admits that “all the pros and cons have been seen over the years”.
“In today’s world, more and more people want to work as freelancers and combine multiple jobs without leaving home or find parallel sources of income that will not limit their interests and opportunities — those are students, travelers, musicians, athletes, etc. Big Bang Realty offers these opportunities for them because the platform can be used by anyone who has no real estate experience, and as much as he or she needs. By paying only a fixed monthly subscription, the user retains all his earned commissions. All of the above things could not be offered by a regular real estate company we know now,” says Zariņš.
Zariņš describes the current real estate market as one that has been in the development stage for several years. Properties up to $100,000 are in demand the most, but elite and high-end properties starting at $200,000 are difficult to sell at the current economic climate. “We predict that the price increase will not be large or may stop at all. There are many possible options for the future: both further price increases and signs of a potential crisis. It should be taken into account that in case of an upturn, the winner is the owner of the property, whereas in crisis situations it is the buyer — who has the opportunity to buy the property at a reduced price,” Zariņš mentions.
With all areas undergoing rapid change, the real estate industry is also changing: the way people work, the need for other type of service, and the reduction in costs. For example, traditional real estate companies charge 4-5% for transaction deals, while Big Bang Realty not restricting platform users, recommends lower rates as agents will not have to share profits with the company when using the platform.
During the first week of operation, the initial interest is shown on the platform: first 20 users are registered, which according to the founders is not much, but not too little either. “For example, it took at least a year for Airbnb to achieve something. We are changing the industry, and people are just starting to know what we are doing,” Oskars Zariņš explains.
Currently, the platform operates in Latvia, focusing on Riga and other major cities, as well as small towns in Latvia. At the moment, the entrepreneurs recognize that much remains to be learned and done to realize the goal.
The article was originally published in Dienas Bizness.