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January 25, 2013

Technology Infused Real Estate: Hubzu

By Ashley Caputo, TMCnet Web Editor

In an economy devastated by depression, homeowners across the country have lost their investments, properties and even their own houses. In an effort to try and rebuild its infrastructure, companies are beginning to create a presence where many other industries have already set up camp: online.

With online-based companies like Trulia and Zillow, consumers can search for homes, apartments or condos by a specific area, and are provided basic statistics and information about the area. Taking the real estate market to heightened levels, Hubzu allows consumers the ability to not only search for homes, but put in bids, offers and buy properties.

Hubzu has garnered its spot online, where it has integrated a new marketing technique and auction platform for the real estate world. Unlike any other type of real estate infused company online, Hubzu can not only be used as a search engine, but as a broker.

According to the 2012 statistics given by Hubzu, homes sold on its site received an average of 9 bids and offers, vs. the national average of 3.1 offers per property. Home buyers placed an average of more than 26,000 monthly bids and offers on properties for sale.

The top real estate search engines are Trulia and Zillow, which serve as searching mechanisms, allowing consumers to narrow down the properties they want through the Web and contact realtors directly.

Hubzu takes consumers to the next level, essentially allowing them to make bids, offers and purchases right from their computer, or if they’re traveling, a mobile device. This new forefront in real estate has proven to make a statement for those that are doing business on the ground, rather than cyberspace.

More than 63,000 homes have been sold through the Hubzu online marketplace, with 285,000 registered users and more than 6.3 million pages are viewed monthly.

The accessibility and instant gratification factors are key features for Hubzu and the success of markets that move to an online base. In a world where everything can be purchased by a simple click of your mouse or swipe of your figure, it makes sense that the real estate market is the next industry to join this new world order.

Edited by Carlos Olivera
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