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Reinventing Real Estate, Part 2: Online and Empowered Consumers Are Taking Charge and Paying Less
“Online shoppers tend to be better informed about the market situation and better prepared to act on the home they want when they start working with a real estate agent. Fortunately for real estate agents. “These changes do not need to be affected as long as they can be adjusted. New relationships and the knowledge that new style buyers value value, speed and efficiency more than guidance when looking for a home.”
– e-marketers, online homebuyers change house rules
Thanks to the Internet and other technological innovations, more real estate information is now available freely than ever before. As a result, consumers are demanding new options, improved services, faster operations and lower prices. According to a recent NAR survey, the number of sellers who indicated they were unwilling to pay sales commissions increased from 46 percent in 2003 to 61 percent in 2004. In 2004, 23 percent of Florida home sellers chose to sell independently without an agent, up from 14 percent in 2003 and nearly double the national average of 14 percent, according to Planet Realtor.
And website users are demanding a higher digital IQ when working with real estate professionals. In addition to being familiar with specific technologies in their own industry, real estate professionals are now expected to use laptops, mobile phones, digital cameras, personal digital assistants and global positioning systems to keep pace with buyers and sellers. Internet seller.
“If consumers are going to shop online at their home, they expect to save as much money as they would like for their own service. The Internet and new affiliates are advertising. Low commissions if only users will use their agents. These business models promote the idea that consumers should spend less on commissions.
Blanche Evans Realty Times Writer
Traditional real estate commissions, which typically account for about six percent of a home’s selling price, are facing downward pressure from consumers and competition. Some consumers claim that traditional real estate commissions do not reflect:
– Today’s house price. Last year, when the average house sold for $ 25,000, the real estate commission was usually 5 percent, or $ 1,250. Today, with the average home price in South Florida around $ 300,000, the cost of a six-percent full-service real estate commission becomes $ 18,000. Some brokers even charge extra to cover administrative fees. When you consider that the average homeowner today sells a home every 5 to 7 years, real estate commissions can greatly affect your personal savings and net assets.
– Shareholders. When selling a property, most homeowners calculate the selling price as a fraction of the sale price, even though the commission is paid by the shareholder. (Equity is the difference between the value of your property and the amount of collateral owed.) Consider this example: You decide to sell a property for $ 250,000 in which you hold 10 percent or $ 25,000. After paying a six percent commission of $ 15,000, you have $ 10,000 left before all closing expenses. In this example, the $ 15,000 commission is six percent of the sale price, but 60 percent of the $ 25,000 stock.
– Services are implemented. Under the current commission structure, a $ 100,000 home sale at 6 percent is usually $ 6,000, while a $ 500,000 home sale is worth $ 30,000. Does selling a more expensive home really take five times as much effort? Your cost is the same whether the agency spends an hour or 100 hours marketing your home. This is one of the reasons why many real estate users find properties with attractive prices.
Development of alternatives
“Consumers want what they want when they want it and will be drawn to the most efficient source to get it. Why? Because of our” one size fits all “approach to Working with sellers and buyers is mature and winning “does not allow consumers to access the various parts of the help they need in a timely manner. That is why .com startups are looking for an acceptable audience among real estate users and why sales by owners are on the rise.
Julie Garton-Good, author of “Real estate a la Carte: choosing the services you need, pay what they are worth”
Until recently, you had some practical options for complete real estate transactions and traditional commissions with brokers. Most sellers pay a single commission for a complete real estate service, whether they need it or not. Traditional real estate agents now face the challenge of identifying new services that are valuable for modern online users and empowering consumers.
One result is the traditional “one-size-fits-all” package of real estate services for consumers who want more control over their real estate operations and related costs. If you are willing to take on some tasks performed by agents and brokers, you can get lower transaction costs. You can benefit from the options that are popping up below:
“Customers want the help of real estate professionals, but do not want to pay for it in the form of traditional commissions,” says real estate pioneer Julie Garton-Good. Garton-Good has been spreading the good news of service fees for over 20 years. As the name implies, you can pick any task you feel comfortable with and hire a qualified real estate professional to do the rest. Many traditional real estate brokers are starting to offer more menu-based service plans. For example, you may not care about registering your home and owning an open house, but you may want to get help with contracts and closures.
In response to declining profits and rising costs of technology and leading generation, some real estate companies are trying to integrate traditional and online services to provide consumers with a single source for both real estate needs. All of them. A shopping site usually offers or partnerships with lenders, insurers, companies, title deeds, real estate lawyers, and other places to facilitate all aspects of buying and selling. In addition, some websites are adding home improvements and related services to keep in touch with consumers between buying and selling transactions.
Although many web-based real estate companies have exploded in the dotcom era, many new companies have emerged to replace them. By offering targeted services such as MLS listing, rental fees, buyer discounts and AVM tools, these sites are attracting independent buyers and sellers who prefer to play a more active role in operations. In addition to listing, some websites also offer articles and instructions for those who opt for it alone.
Tradition + Technology + Chaos = Opportunity
So given the changing and evolving trends of the running industry, what can independent buyers, sellers and investors expect in this new era of real estate?
o Websites and other technologies will continue to evolve and transform the $ 1.3 trillion real estate industry. Technology will continue to reduce the time, cost and complexity of manual processing, and more advanced search and evaluation tools will play a more strategic role.
o Free and low cost real estate resources will continue to be available and even more abundant online. In real estate, knowledge is really energy. Consumers will try to use their power to gain more control over the real estate process and subsequently expect to receive compensation in the form of reductions and commissions for services.
o The role of traditional real estate brokers will evolve as internet users become more knowledgeable. This will likely lead to the restructuring and consolidation of traditional brokers, but will also spur the development of innovative new practices that focus on online users and empower consumers. Real estate professionals will focus more on improving their local knowledge and industry skills, while consumers will carry out some buying and selling work on their own.
o Traditional real estate commissions and profit margins will continue to face downward pressure from various sources. The future will be lucrative for brokers who can expand their core skills of neighborhood and industry knowledge into a flexible new central client offering.
o Real estate agents that provide full service and traditional high touch are evolving. Real estate professionals who provide special services and prices to their clients will always be in demand.
You can now find more real estate knowledge, tools and resources on the site that allows you to buy and sell with increased confidence. For real estate professionals, industrial redevelopment means making difficult decisions, process changes and managing new opportunities. But for real estate users, winning is the winner.
Find out more at http://www.homekeys.net
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