Brokers beware! Real estate tech companies like Padspin, RadPad and Zumper are rolling out mobile services for landlord and tenants—cutting brokers and agents out of the multifamily process.
The companies target tech-savvy Millennials who are tired of high broker fees and invalid listings, along with landlords looking for qualified tenants, the Wall Street Journal reports.
Data on apartment inventory just isn’t available to the average person, says Jeff Segal, founder of Padspin, which is trying to supersede brokers entirely. “Brokers monopolize that data and charge a massive ransom,” he says.
Tech is making inroads in the office market too, with startups like PivotDesk connecting companies with extra office space to small-time tenants, optimizing space without brokers. [WSJ]
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