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Real Estate Internet Fever

By
Real Estate Agent with Frank Howard Allen

Real Estate InternetThe Real Estate Internet Fever The real estate industry has a fever and the only cure is more internet. The internet has revolutionized real estate, buyers and sellers can now see what agents see, an industry that was once opaque is now transparent. Buyers can now further due diligence what they hear from their agents and agents have to be conscious of the importance of internet marketing and the fact that over 80% of all buyers start their search on the internet. That being said, the internet has caused some major problems in the real estate industry and we thought, “What better way to start a new blog on a new ultra-advanced real estate site than to start with a word of caution?” Below is a brief overview of what parts of the internet revolution have been blessings, and what parts have been curses and I hope for comments from readers to bring up more:

Benefits of the Internet to Real Estate

  • Online home search makes you no longer have to rely on your agents subscription to MLS
  • The ability to quickly see “Comps”
  • Directions to homes from sites such as Google maps
  • Easy centralized place to see open houses in your area Proliferation of knowledge through bogs such as this one Buyers can quickly diligence realtors and home sellers online with a quick Google search
  • Email campaigns done through sites such as Campaign Monitor and Mail Chimp
  • Online CRM systems allow you to have full access to your clients where every you are
  • The ability to quickly search foreclosures and short sales in your neighborhood (Here is an example of Marin Foreclosures on our Site)
  • Quickly get honest opinions on schools and communities (View our San Anselmo Real Estate example)
  • Diligence potential neighbors to see who you will be living next to Social networking sites such as facebook & Linkedin allow agents to extend their network and gain valuable referrals

Negatives of the Internet to Real Estate

  • The proliferation of “For Sale By Owner” sites has lead quite a few sellers down a difficult path ( Read more on our page “The Dangers of Using Discount Online Agents"
  • Too much information makes it difficult to know who to trust
  • Some sites have just plain wrong information on homes for sale and as an agent it can be difficult to manage buyer/seller expectations when certain sites “pull” incorrect information
  • Older, experienced agents are getting pushed out of the market because of a lack of tech knowledge

Any others that I may have missed? Feel free to comment!

- Peter Narodny runs the top real estate website in Marin County, CA: www.marinrealestate.net

Comments(8)

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Patricia Kennedy
RLAH@properties - Washington, DC
Home in the Capital

Peter, welcome to Active Rain! You certainly didn't waste any time getting your first post up there!  And I also checked out "The Dangers of Using Discount Online Agents"  Nice work!

Jun 20, 2009 10:37 AM
Keith Elliott Jr
KEIRE Realty Group - Manassas, VA
Principal Broker/Owner

Hello Peter,

Welcome to Active Rain and congratulations on your first post! The opportunities to learn and network are incredible here. Best of luck to you!

-Keith

Jun 20, 2009 03:56 PM
Yvette Gardner
Keller Williams Realty, Spartanburg, SC - Spartanburg, SC

Welcome to the Active Rain community and congratulations on your first post. This is a great site with lots of information.  Have fun with it and hope to see more of your blogs soon.  All our best, Yvette & Dennis

Jun 20, 2009 11:27 PM
Jason Rose
123 ConEd LLC -- Michigan real estate continuing education - Farmington Hills, MI
www.123ConEd.com

Welcome to ActiveRain, Peter!  Congratulations on your first post.  This is a great place, so have fun.  Enjoy!

Jun 21, 2009 03:51 AM
Ryan Shaughnessy
PREA Signature Realty - www.preasignaturerealty.com - Saint Louis, MO
Broker/Attorney - Your Lafayette Square Real Estate Partner

Welcome to Activerain and congratulations on your first post.  I like your take on the benefits and problems associated with the internet.  I have two concerns - first the quality and integrity of the information and second the ability to interpret, analyze and apply the information.  Two quick examples:

  • Market Statistics - I often see market statistics that either don't apply to my market or are just plain wrong.  For example, Zillow has a market statistic showing my market as flat.  However, using MLS data, I show an 8% increase.  So, my first comment is who has the better data.
  • Integrity of Information - I recently visited a FSBO site that trumpeted that FSBO sales net more than Realtor assisted sales.  The statistics were from a Northwestern Univ. study of the Madison, Wisconsin market.  However, the FSBO site didn't mention the limitations of the study.  It was a single market in a seller's market.  The site didn't mention the % of homes that didn't sell or the # of homes where the buyer was represented by an agent.  It was the typical fluff piece - but it was totally misleading to the consumer.

I have blogged on these and other issues.  I hope you take the time to visit and read some of my posts.  Again, welcome to Activerain - it is one of the best real estate communities online.

Jun 21, 2009 01:19 PM
Jean Terry
Keller Williams Realty Spartanburg, S.C. - Spartanburg, SC

Hi and welcome to Active Rain, a great site to network, share, learn, and have fun. Good luck. And if you ever need an agent in the upstate of South Carolina, please call me.

Jun 21, 2009 01:51 PM
The Trumm Team Omaha Homes for Sale, Real Estate
Keller Williams Greater Omaha - Omaha, NE

Welcome to ActiveRain!

If you would like a few tips on getting the most out of ActiveRain, just click search and type in "Welcome to Activerain by Troy Trumm". The first link returned will take you to my blog about getting started. It has a few simple steps of what to do now that you have joined.

If you ever have any questions, just let me know.

Troy Trumm, Trumm Team, Omaha NE

Jun 22, 2009 12:19 AM
Sergio Rebollo Jr.
Real Estate TeamMates - Miami, FL

Welcome to ActiveRain.  This is a great community to network with others as well a great place to learn from other's experiences and knowledge.  I've enjoyed it; I hope you enjoy it as well.

Jun 28, 2009 03:02 AM