The internet’s ability to accurately match supply with demand has disrupted many industries, including real estate, reports the Australian Financial Review (30 January 2016). Real estate online platforms now enable sellers to market their properties directly to buyers without the help of agents, a worldwide trend highlighted at the recent Property Portal Watch Conference in New York. According to industry experts, the property industry will soon see the emergence of fixed-price, no commission, and highly automated peer-to-peer websites, and agents should strenghten their game in order to compete in the property market. "Agents like LJ Hooker and Ray White shouldn't just look at the local market, but international markets, to differentiate themselves," says Juwai.com CEO Charles Pittar, who attended the forum. He further adds that while not all portals and websites will succeed, Australia's portals will do well because "the Aussie market gets property".
