Power of ONE

OKAY.com Disrupts the Real Estate Industry by Embracing the Sharing Economy

  • OKAY.com | 17 October 2016

One of the world’s fastest growing economies - and one that uniquely puts people before profits - is the sharing economy.

We live in an era where our cars, homes, workspaces and even our clothes - are available for others to utilize. Companies like eBay, Uber, and Airbnb have transformed the industry by allowing small suppliers to compete with traditional providers. This almost seamless process enables both buyers and sellers to engage in convenient and reliable transactions. Thanks to technology, sharing these assets has never been cheaper nor easier, with the peer-to-peer market generating billions of dollars.

How can the real estate industry benefit from this sharing ideology?

OKAY.com has embraced this philosophy by implementing a proprietary online platform that rewards agents for sharing information and listings, which is the opposite of how traditional Hong Kong agencies operate.

OKAY.com Disrupts the Real Estate Industry by Embracing the Sharing Economy

In general, the traditional brick and mortar agencies are structured so that agents’ commissions are only given to the transacting agent and neglect the agent who provided the listing. They also operate on a quota of listing updates which is incorporated in their base pay. This type of structure leads to misaligned incentives and agents maximize their returns by favoring their own listings. Their clients in turn are not exposed to everything that is currently available on the market.

The OKAY.com structure gives each agent the same financial benefit regardless of which agent originally discovered the listing. This aligns agent and client interests as consultants find the best property tailored specifically to their clients’ needs regardless of who listed it.

“Our structure allows agents to focus on their clients’ needs and gives our customer base a transparent view of all that is available on the market,” explains Joshua Han Miller, CEO of OKAY.com. “We are also dedicated to market accuracy and maintain 95+% accuracy levels in available properties listed on our site”, another benefit of shared information.”

OKAY.com encourages its people to work with their colleagues rather than against them. This collaborative environment empowers them with more information and aligns them with their clients, which benefits everyone. We see this in the hundreds of amazing client testimonials our agents have received, often citing how different (and better) their experience was.

The real estate industry is incredibly competitive and for even the most talented of agents, standing out from the crowd and getting the attention they deserve can be an expensive and difficult task. By empowering its agents with mobile technology and advanced tools, OKAY.com agents are able to work with their clients anywhere and anytime; phone-tablet or computer.

Finding a home in Hong Kong just became faster, easier and more efficient.

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