Eliminate Real Estate Agents' Fees with Use of Technology, Augusto Beato Tells Home Sellers

Portland SEO's Augusto Beato advised home sellers to take take the middlemen out of the transaction process with the use smart, scalable technology.

"Technologies including AI and blockchain can now reduce dependence on realtors and brokers," emphasized Beato, who is the CEO of Portland SEO.

As an example, Beato noted that smart contracts could enable credible, transparent transactions to be executed without third parties.

"Without the need to pay fees to intermediaries, prices go down!" Beato exclaimed.

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Commissions can add tens of thousands of dollars to the price of a home.

Often, that fee is charged for doing a modest amount of work. Add to that legal and other administrative fees, and prices spiral even higher.

Eliminating the intermediary also allows buyers and sellers to interact directly with one another, rather than through corporate representatives.

However, Beato agrees with Eric Wu, founder, and chief executive of Opendoor, that the job of the real-estate agent would not be eliminated.

Wu expects an agent’s work to shift to more of an advisory role, instead of an administrative one.

Opendoor simplifies the process of selling a home by using a combination of data, software and a team of 50 human evaluators to assess a home’s value.

Beato added that the real estate industry has been slow to adopt software that could make business more efficient, in such sectors as pricing, mortgages and building management.