How was the intermediary destroyed by the Internet?

Real estate agents have always been a fortress that the Internet can't attack for a long time.

In fact, Internet real estate agents have existed for a long time and have been developing in parallel with traditional agents. 20 15 with the popularity of the concept of O2O, the internet has launched a round of onslaught on traditional real estate agents, and major internet platforms are surging, which is likely to encircle traditional agents. Fang Duoduo, Love My Family, Wu Ji, Q Wangfang, Anjuke, Wu Ji, Wu Hao China, Wukong, etc. all received huge financing, which once made the traditional intermediary Enemy at the Gates. However, in the past two years, the traditional intermediary city has not been damaged at all, but the Internet intermediary has been defeated.

Internet intermediary financing 20 15

Internet intermediaries' profitability difficulties and business crises broke out one after another. The profits of most platforms are less than expected or even lost. Take SouFun.com as an example. In 20 16, SouFun lost money in all four quarters, with a loss of $21420,000 for the whole year. Q Wang Fang lost 209 million yuan in 20 15, and turned a profit in the second half of 20 16 thanks to the expansion of offline stores. The problem of profitability has led to continuous business crises, such as the failure of Liang Weiping, the founder of Anjuke, in his second venture project "An Jia Jia", the frequent resignation of SouFun executives, the acquisition of Q Wangfang, and the layoffs of Aiwujiwu seeking salary. Internet intermediaries are struggling, and with the rise in housing prices, traditional intermediaries are still prosperous. ?

The dilemma of network intermediary business model

The fundamental reason why internet real estate agents are in deep trouble is that they have not grasped the pain points of the industry and have not found a suitable business model. So far, there are two main business models:

The first is the service port as a traditional intermediary, such as early Anjuke, SouFun and Q Room. With the price increase of ports such as Anjuke and SouFun, intermediary companies boycott service ports. Beijing Chain Home, Sohu Focus Second-hand House, I Love My Family all stopped cooperating with SouFun. On 20 14, eight intermediaries boycotted Anjuke. Although SouFun and Anjuke are still platforms for traditional intermediary brokers, it is difficult to find real information, whether it is housing or price. Powerful traditional intermediaries, such as Chain Home and Zhongyuan, are also vigorously promoting their own apps. Their interface is clean and tidy, the house is real, and the user experience is far better than the platform only as a service port. The mode of service port is like moving small advertisements on the street to the internet, and it is only a matter of time before users have a trust crisis.

The second is online and offline. Q Wang Fang, SouFun.com, etc. are the first intermediaries to change from service ports to online and offline, and more Internet intermediaries have adopted this model since their establishment, such as loving my family, loving my family, loving China and Wu Ji. Online and offline hope to realize two dreams: reducing transaction costs and eliminating offline stores. Theoretically, this is also a potential business model, which is also an important reason why such Internet intermediaries can obtain financing. I love my family and Yoshiya introduced an agency fee of 1%, and SouFun once introduced a commission of 0.5%, which was far lower than the traditional real estate agency's 1.5% ~ 3%. However, this model has not only been strongly resisted by traditional intermediaries from the beginning, but also the cost of offline viewing has not actually decreased. Huge promotion expenses and the inevitable problem of securities firms jumping orders are all factors that increase costs. On the other hand, online and offline are also facing the problem of the authenticity of housing, so that compared with traditional intermediaries, it is in a quite unfavorable position. Love my family and Yoshiya will raise the agency fee, and SouFun's commission rate of 0.5% will also be raised to 1.5%, which is no different from traditional agency. ?

"Black" of Traditional Intermediary

To understand the real pain points of Internet real estate agents, we must first find out what problems traditional agents are facing.

First, the profit model of traditional intermediaries determines that this is a "black" industry. Housing is the core resource of intermediary, and the profit of traditional intermediary lies in the monopoly of housing, which largely makes money by information asymmetry. So many small intermediary brokers pretend to be customers to go to Zhongyuan, Chain Home and other big companies to collect housing. Intermediary companies are also trying their best to compete for housing. 20 15 the head of a chain home in a certain area of Nanjing led more than 50 people to smash the Zhongyuan real estate store. Monopoly is also the root of cheating customers and chaos.

Second, the interests of brokers and customers are inconsistent. Eating the price difference under the condition of asymmetric information not only eats the bid-ask price difference, but also any link in the transaction, such as redemption, loan and transfer, may become the node to eat the price difference. Yin-Yang contracts and overlord clauses can be seen everywhere, especially property buyers often become victims. Intermediary companies encourage employees to "challenge high commission". The higher the commission, the higher the share. In particular, the brainwashing training of employees by intermediaries leads to the low quality of brokers; It is often seen that the only criteria for intermediary companies to recruit brokers are "strong desire to make money" and "strong desire to get rich overnight", which undoubtedly lays the groundwork for brokers to defraud customers. In the hot period of real estate transactions, brokers will even charge tens of thousands or even hundreds of thousands of "tea money". In the case that the state explicitly prohibits it, the down payment loan is still repeatedly prohibited.

Third, the cost remains high, not only facing the rental cost of hundreds of thousands of millions of each store, but also facing the high cost of brokers. The profit of the intermediary is less than 5% for a long time. In 20 15 years, Zhongyuan Real Estate achieved a transaction volume of 725.9 billion yuan, with annual performance of11300 million and an average commission rate of 1.56%. 20 16 Shenzhen Zhongyuan real estate clinched the first order with a commission of more than 9 million yuan. In 20 15, Chain Home opened more than 1000 stores nationwide, with an average of three stores a day. By the end of 20 15, there were over 5,000 stores and 80,000 brokers, and the cost of stores and brokers alone reached tens of billions every year. In 20 15 years, the chain realized a transaction volume of 709 billion yuan. Based on the commission rate of 1.56%, except for benefits such as down payment and bid-ask price difference, the income of Chain Home of 20 1 106 billion almost covers its cost.

These problems lead to a very low degree of customer recognition of intermediary companies. According to the survey conducted by Shanghai Consumer Protection Committee in February 2065438+2006, only 1 1% of consumers who have used real estate agency services are satisfied. According to the report released by Jia Lian in June, 20 16, only 12% of the owners listed for sale in Jia Lian will buy a house again through Jia Lian, and as many as 84.8% of the consumers have encountered disputes. According to the survey, 2 1.6% of consumers have taken rights protection actions, but only a handful of them have succeeded in doing so. "Black" has become the most commonly used word to describe real estate agents.

In fact, the process of second-hand housing transfer itself is very simple. Taking Shenzhen as an example, real estate transfer mainly includes: signing a contract, making rounds, foreclosing, lending, transfer, etc. A few trips to the bank and the Land and Resources Bureau are enough, and most of the time it's just a formality. It is not normal for a simple process to correspond to extremely high cost and transaction price. ?

The real pain point of internet intermediary

Different from other commodity trading markets, the real estate trading market has three very obvious characteristics:

First, the transaction is extremely low frequency. Most people buy real estate only a limited number of times in their life, unlike food, clothing, housing and transportation, they have to buy it every day. The low transaction frequency determines that the profit model of Internet intermediary "wool is on pigs" is not feasible, and the low profit of a single transaction will not be enough to support its extremely high cost.

Second, there are huge differences in housing, different communities, different huxing, and even different locations on the same floor. Unlike the home appliance market, the same model of the same brand is exactly the same, and even different brands have no essential difference. The difference of housing also leads to the real estate market can not establish a platform like Taobao, and offline viewing is a particularly important link.

Third, the housing is semi-open. Because it involves the privacy of the owners, the housing can not be completely open to the market; Owners and intermediaries want to sell houses, but they must be partially open. This semi-opening has created natural conditions for intermediary monopoly of housing.

In the Internet age, it is increasingly unrealistic to make huge profits by monopolizing resources. Inefficient business models will also be eliminated. The monopoly of housing will inevitably be broken, and the cost of offline viewing will inevitably decrease, which is the future trend. For the second-hand housing market, Internet intermediaries need to solve two problems if they want to find a suitable model:

1, which increases the authenticity and openness of the property and effectively protects the privacy of the owners;

2. Greatly reduce the cost of offline viewing.

These two problems are the real pain points in the real estate intermediary market.

In response to the first question, Aiwujiwu has previously launched a video house viewing, which has also improved the customer experience, but its authenticity and openness have not been effectively alleviated, and the problem of housing monopoly cannot be solved. Under the current trading system and policies, any platform will regard the housing as its important resource, including the traditional BAT giant's involvement in real estate, which has not solved the problem of opening up. The housing is not open, and "spelling service" will never be discussed.

The high cost of offline viewing is another important problem that has not yet been solved. Traditionally, brokers take buyers around the streets, which is extremely inefficient. Brokers often show clients the houses that buyers definitely don't like, and then go to see the houses they really want to sell. On the one hand, it wastes the time of buyers and brokers, and it will also increase the cost that intermediaries spend on brokers. At present, what is preparing to solve this problem is the big house duck in Shanghai and Zidian Technology in Shenzhen. The offline viewing of large rooms adopts the form of community volunteers, and volunteers registered in each community take customers to see the house free of charge. The duck was strongly resisted by the intermediary, and the intermediary company even "smashed" the billboard of the duck. More importantly, the big house duck is still being explored, and whether the volunteer model can stand the market test remains to be further tested. However, at least it provides an idea to solve the problem of offline viewing. ?

label

It is the general trend to solve the problem of high fees and low efficiency of real estate agents. With the recent tightening of policy control and the decline of real estate transaction volume, both traditional intermediaries and Internet intermediaries will undergo important integration, which also provides time and opportunities for Internet real estate agents to rethink their profit model. In addition, the regulatory authorities should also issue more detailed laws and regulations on real estate transactions in a timely manner. For example, the regulation that real estate can only be sold by public auction has broken the monopoly of intermediary companies on housing in one fell swoop. The future will be the trend of the whole industry, and it is also the historical mission that Internet intermediaries need to shoulder, such as reducing transaction costs, making the process open and transparent, ending the overlord contract and improving the quality of brokers.

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