How the Speed of Information has Changed Real Estate

By
Real Estate Agent with Jeffrey Hogue Realtor Group RS201518L

Syndicated-WebsitesI started my real estate career in 1993. At that time the internet was in its infancy. I can still remember hearing that awkward sound when logging into AOL with a dial-up modem. I was always careful not to visit web sites that had large photos. It would take 15 minutes to view a single page. I listened to the marketing stories of the agents who preceded me and wonder how they sold anything. It was a time when your local real estate professional had the information. It could not be found anywhere else. The agent knew the neighborhoods, who was selling and what would become available. The Berks County home buyer’s needed to rely on an agent if they wanted to find the best opportunities in housing. Prior to the internet you had 6 choices when marketing a Berks County home. They were print, mail (print), radio, television, the Multi-list (which was only available in print) and the long forgotten word of mouth (today it is known as social media). By today’s standard, it must have been like watching paint dry. The speed and availability of information has made a big difference in our lives. It is said that a person gets more information stimulation by reading their Sunday Newspaper than someone received in a year, at the turn of the 19th century. We get news almost before it happens. It is very evident in commerce and marketing, especially home marketing. Today, I can put a home on the market and get over 3,000 people to preview it on-line within the first 48 hours. My record is just over 30,000 home views in around 36 hours. This is without the aid of any print media whatsoever. The ability to reach more people with more information has changed the marketing dynamic. Now I counsel home sellers to consider a new pricing strategy if there is not reasonable activity within 21 days. Obviously the timeline changes depend on certain conditions like price category (homes in higher price ranges can take longer), time of year, world events, etc… Berks County is a little different than other areas when it comes to marketing anything. If you have lived here long enough you know what I am saying. The local Paper…Selfless Reading Eagle Plug…has great value. It is still widely distributed throughout the commonwealth. This is not the norm in most areas but it is here. Berks Countians like their local newspaper. My humble opinion is that home sellers look to see if their home is listed in print media more than buyers go there to find a home. Almost every study of the last year states that 92% of all people who shop for homes do so on-line at some point in the process. Fortunately, the internet has not replaced the real estate professional. It still takes a savvy agent to work through and control the chaos that can ensue during a real estate transaction. You get more bees with honey and more buyers with accurate information and great home photos no matter what form of marketing you choose to utilize. Hire a great Berks County real estate professional to market and find you a home and you will not get stung in the process! Jeffrey C. Hogue

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