In today’s world, the effect that the Internet has had on the real estate profession is extremely apparent. As the popularity of the Internet initially grew, many agents were concerned that consumers would cut them right out of the deal. To date, this has not been the case.real estate pacific pines The real estate industry has come to embrace the Internet and all of the great marketing tools that it has given birth to. It has also helped real estate professionals have better access to listing information, recent sales history and various statistical data reports.
Leonard Nomura of Bentley Real Estate Group says he could not imagine life as a broker without the Internet. The numbers are astounding. According to the National Association of Realtors, 77% of home buyers used the Internet to find their homes in 2005. This has steadily grown from 2% of buyers using the Internet to find their homes in 1995 and is speculated to be over 85% today. According to clickz.com, 50% of all consumers who surf the web, do so with the intent to purchase consumer goods and services. This includes Real Estate, automobiles, clothing, music and anything else imaginable.
As a result of the emerging mixed service models, consumers can now choose from a range of real estate services that did not previously exist. It is believed that many real estate professionals see these new models as a threat because of their ability to significantly impact the traditional real estate brokerage’s market share. According to Real Trends an industry newsletter, alternative Real Estate Models currently make up 2% of the market, but could grow to 12% by 2010. The transformation of the real estate industry has only just begun. Time will tell the true story of how the market will shake out, but the bottom line is this; alternative real estate models are putting money back into consumer’s pockets and you will always put a smile on someone’s face when you show them how to save thousands of dollars.
For decades, the real estate industry has been defined by traditional representation in which an agent charges the seller a commission to market and sell their home or represents buyers through the entire home buying process. In the past, the traditional model was the staple of the real estate profession and it faced little to no opposition. This has begun to change. With the dependency that society and has developed on Internet, creative minds have begun to develop new models that cater to every type of consumer. As a result, consumers no longer have to settle for the “One Size Fits All” traditional model, but have a choice in choosing the type of service that fits their real estate needs.