Reinventing Real Estate, Part one: On the internet and Empowered Customers are Taking Charge and Paying Less
For years, the real estate marketplace turned in a predictable manner. The roles of buyers, real estate professionals and sellers had been fairly well defined as well as transactions followed a predictable path of yard signs, newspaper ads, houses which are open and miles of paperwork.
Recently, on the web and empowered consumers have altered the game. Real estate professionals today face issues very much like the ones that have turned the retail, personal finance and travel planning industries. As technology advances and Tanah Merah Residence balance units (link home) business models develop, the real estate industry has started to transform itself from offering conventional, carefully controlled “agent-centric” transactions to new “consumer-centric” practices. The following is a glimpse at several of the latest industry trends and how buyers, sellers and investors can look to benefit. The “Five Ds” that are driving change in real estate are:
1. Disruption – In the last ten years, the web has matured into a powerful platform for delivering real estate information, forever changing the interaction among buyers, sellers as well as real estate professionals.
2. Displacement – The acceptance and popularity of self-service and consumer-direct business models has been felt by real estate professionals, who are striving to develop attractive new offerings for Web savvy consumers.
3. Demanding consumers – You now have much more real estate knowledge, resources and tools at the fingertips of yours than any other time. More savvy consumers tend to be more independent and demanding.
4. Downward pressure – Traditional real estate commissions of 5-6 percent of a property’s sales price are struggling with downward pressure.
5. Developing alternatives – The actual estate business is transforming itself to offer targeted services and thrilling new options that add value for consumers.
Disruption
“We are going to see our business endure significant transformation Online as well as consolidation of agents and companies.” – eRealty Times Columnist Dirk Zeller