Technology is Changing the Real Estate Industry
With more and more information available online, agents have to adapt
By FrontDoor.com |
Published: 9/12/2008
In the past, homebuyers and sellers depended heavily on real estate agents. Agents held the key to many valuable resources, such as MLS listings, property values and market trends.
These days, technology is forcing agents to rethink their roles in the real estate world. With millions of Web sites devoted to real estate, agents no longer have exclusive access to listings and other information. With just a few mouse clicks, homebuyers can view homes for sale, compare prices and view photos of properties.
The Web also provides alternatives for sellers who don't want to go the traditional route of selling through an agent. Instead, they can turn to sites like eBay for online home auctions and Pad4Pad.com to swap their homes with other sellers.
With this wealth of information available online, some may wonder if real estate agents are even necessary anymore. However, even the scores of information available online can't replace the localized real estate knowledge and understanding of the market a great agent can provide.
Rather than sticking to their tried and true methods, the best agents have embraced the changes brought on by new technology. Here's how some agents are using technology to adapt to the changing industry:
- Top-notch online listings. Knowing that 80 percent of homebuyers begin their searches on the Web, good agents make sure their listings have detailed, accurate descriptions and high-quality photos.
- Real estate blogging. Blogs allow agents to interact with clients and to really show off their expertise in their market niches.
- Staying connected with latest gadgets. Great agents use e-mail, PDAs and Web sites to constantly stay in touch with clients and with other agents. Some are using innovative options like mobile phone listings -- after agents use an online system to push their listings to major wireless networks, buyers can receive property information on their cell phones via text messages.
- Rethinking advertising. More and more agents are relying on Internet listings rather than newspaper listings to save money and get better results. Some are even advertising through social networking sites to attract younger buyers.
- Homes in foreclosure reach record highs
- Home prices continue to fall
- It's harder to get a mortgage
- Bad real estate agents will get weeded out
- Mortgage rates are still at historic lows
- Urban areas are making a comeback
- Bigger is not always better
- Buyers are going green
- Technology and social networking are changing how we buy and sell homes
- Flipping is out, buying and holding is in
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