The emergence of highly technological and scalable companies has initiated a significant transformation in the traditionally conservative and slow-to-innovate real estate sector. This study aims to analyze and characterize the business models of PropTech online brokerage firms in Spain, particularly in the residential sales market, while using the traditional agency model as a benchmark. The research involved nine semi-structured interviews with CEOs and managers from six PropTech online real estate brokerage agencies operating in Spain. The collected data were examined through a comparison of recurring themes and patterns across the interviews. Analysis revealed that, during the digitalization of brokerage processes, some firms reverted to more conventional methods typical of traditional agencies. This regression highlights a key divergence from more transparent markets and results in a hybrid model that merges aspects of both online and traditional brokerage. The study’s sample size is limited due to the relatively small number of online brokerage agencies currently active in Spain. The findings enhance transparency in an opaque sector and provide actionable insights for both professionals and users regarding ongoing structural and technological changes. The research aligns with Sustainable Development Goal 9, supporting policies that encourage decent job creation, entrepreneurship, creativity, and innovation. This work contributes to the academic literature on online real estate brokerage in Spain, where little prior research exists, and offers insights into how emerging PropTech firms perceive and influence the sector.
