Topic: "Selling property as a team in the Digital Disruption Era"

Let's discuss about Multiple Listing Service (MLS), by SODA.RED Technology Co. Ltd (SODA.RED), a Thai Startup. Paul Xumsai, CEO, has developed technology platform that will allow real estate professionals to work together!!

Confused?

According to the National Association of Realtors (NAR), last year 89% of all real estate sales transactions in America was conducted using real estate agents and brokers. With all the available technologies, including AI (artificial intelligent), consumers still are more and more relying on the real estate agents to buy and sell properties. For many consumers, real estate is the biggest and most important purchase in their lifetime; working with a real estate professional only makes sense.

With that said, technology also plays a key role in the agents daily life. With all the advanced technology available, the MLS platform is the tools most Realtors use. The MLS is an agent-only platform that allows real estate agents to post listings and share commissions with other agents on the network.

How does MLS work?

1. The seller’s agent is allowed to post or advertise their listings to other agents within the network for the benefit of receiving compensation.
2. Any member of the network is allowed to show and sell the properties to their respective clients.
3. Upon completion of the sales, the listing agent is obligated to compensate the buyer’s agent the of promised commission structure.

Why does MLS work?

The network allows real estate professionals to match consumer supply and demand.

• The listing’s agent has a product to sell (house, condo, businesses, etc.)
• The buyer’s agent has an order to fill.

The MLS platform allows the two agents to work together (collaborate) for the transaction. In addition, each property listed would clearly outline the compensation package for the other agent, so there is no misunderstanding.

The Multiple Listing Service is the #1 tool used by the American real estate agents and brokers. In the United States, there are between 800-900 MLS systems across the nation.

The Malaysian Institute of Estate Agents (MIEA) just released their MLS in March this year. In addition, the Philippines, Cambodia, Mongolia and Thailand are also developing their own MLS platform.

SODA.RED Technology Co. Ltd. was just recently registered in Thailand. Paul Xumsai, CEO, a Thai-born citizen who has grown in America (can speak Thai). He has vast knowledge and experience in enterprise-level system and application development. Has been a consultant to many multi-national companies with developer teams in India and America

SODA.RED has launched the Thailand’s MLS on February 2, 2020. The product is in the Innovation lifecycle stage and performing a product-market-fit in Thailand. The venture is looking to expand into other ASEAN countries in the near future and looking for additional funding to move into the next stage.

SODA.RED’s platform has the following capability.

1. Post properties online for other agents to collaborate.
2. Brokers can perform property price analyze, Comparative Market Analysis (CMA).
3. Connect a broker network to help find clients and share commission fees. (Collaboration)

In a foreign country (America), someone who can be a real estate broker must have an official license. While Thailand has no laws about this But it may be a plus, that is, by definition, if you know who is looking to buy a property And recommend trading It can be considered that you are a broker in practice.

Business Opportunities in Digital Platform and Smart City  - Part 2

Dr. Monsak Socharoentum
Vice President on Smart City Promotion
Digital Economy Promotion Agency - Lad Prao Hills

From past experience in promoting the digital economy, they’re a lot of opportunities to meet and talk with private individuals. The ideas and knowledge that they share through real world experience, can give us a better understanding of business opportunities. As we explore these opportunities, the creation of ideas and partnership may bind us together.

Sales date and graph: National Association of Realtors