Before the internet the best way of locating a suitable house for sale was through your local real estate agent or the paper. Now, it is common to search the internet and look through a wide variety of properties both privately listed and through agents. It is possible to idly see what is available when you are not even planning to sell.
The internet became the predominant force in the real estate market when the market crashed and the industry became aware that they would need to work much harder to attract the customers they needed. The industry has become vastly more transparent as any prospective purchaser can now locate the same property through a variety of means. It is now very easy for a homebuyer to keep track of market movements and make their own decision on selling price and timing. Many aspects of the house buying process have changed:
Advertising methods have changed to 180 degrees
Historically it was necessary to advertise the brokerage through local papers, possibly TV and a variety of leaflets. The internet has destroyed the necessity for this. It is now essential for people to simply know that you are a real estate broker and that you have a website. The website can be browsed for currently available properties and to review any terms, conditions or costs you associate with the sale. The process of bringing a property to the market is now far quicker than it used to be, an online advert can be generated almost instantly.
The power of social media
It was once essential to ensure your presence was always known about; usually through local newspapers or other media. In today’s modern society it is essential to have an online presence and to be part of the social media revolution. This is the fastest way of meeting hundreds of thousands of potential buyers and sellers. By simply posting a few comments on several social media sites your property can be seen around the world; and it is completely free!
Real estate agents used to organize open houses and even exhibitions regarding the potential available in the industry. This was an essential method of tempting new sellers to the market and advertising to potential buyers. Now, instead of publicly announcing their presence at a conference a real estate agent can reach thousands of people with just a few clicks of the computer. Events are now more focused on building business to business relationships.
Online property search
The first step in searching for a property was always to visit a real estate agent and provide the information of what you were looking for. This would enable them to search their databases and provide you with any potential matches; a visit could then be arranged and finance if required. However, most agents will only show you the properties they have on their books, if you want to see what someone else is offering you need to repeat this process with another agency, and then another and so on. This is incredibly time consuming and tedious.
The internet has revolutionized the basic search procedure. By simply entering your requirements into a property search engine you can access all of the properties available in a certain area. The search can be refined by type, size, price or many other variables to provide you with the closest match to your dream house. Then you can either contact the seller direct or the appropriate agent. You are much more in control of the whole process.
The best agents are already online and list properties with all the major property search engines. They will dedicate time to keeping blogs and online content up to date so that you, the potential purchaser or seller, can trust in them and use their services. An agent who is not online will struggle to survive; that is how much the real estate industry has changed.
Buying and selling property is now easier than ever; although the advent of technology and the internet have led to all sorts of scams in the real estate market. If you’re on the market to buy or sell make sure that you’re dealing with a reputable realtor. Don’t sign or pay for anything unless you’ve checked his history.
By Michael Clark and PropertyTurkey.com