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| Buying and selling homes? Use the Internet. |
A recent article on eMarketer reports on a study by the National
Association of Realtors (NAR) which reveals that the Internet is
fast becoming the most popular aid for home buyers searching for
a new home. From a mere 2% of home buyers using the Internet to
search for homes in 1995 to over 77% in 2005, the Internet has
really permeated and changed the real estate industry and how
Americans go about buying and selling homes.
Interestingly, the use of the Internet does not really
circumvent the middle-man, the real-estate agent. In fact, a
high proportion of the people who use the Internet to do their
initial search for homes online end up buying a home through a
real estate agent. Realtors seem to have taken cognizance of
this fact and are investing accordingly in information
technology so that they are found and selected by prospective
homebuyers. This is a race in which each realtor is looking |
to
out-do or at least, be on par with his/her local and national
competitors.
A couple of implications of the NAR study:
a) There is considerable value in Internet sites that offer
homebuyers detailed information on properties to buy. In fact,
multiple listing service sites (MLS) are among the most popular
sources for homebuyers to find out about property to buy. They
rank much higher than real estate company websites, real estate
agent websites, or even the local newspaper websites. What seems
to be obvious is that homebuyers want detailed information and
variety. Not to mention unbiased choice.
As homebuyers become more sophisticated and comfortable with
using the Internet, they expect more content, features and
functionality in helping them through the home buying process.
It is precisely this need and expectation of home buyers that we
strive to fulfill and exceed with |
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www.OnlyOpenHouses.com,
a niche site that helps home buyers to search for and find open
houses through out North America. Home sellers and realtors
benefit by being able to list their open houses, and
cost-effectively reaching target buyers.
b)Homebuyers value knowledge and expertise. When they search for
homes (and open houses) on the Internet, they are also looking
for real estate agents, mortgage companies and ancillary service
providers. It is in a realtors' business interest to get listed
on relevant real estate sites, and make themselves visible-
effectively.
Strategically, this is a necessity as realtors are competing
against an increasingly more focused and smaller base of
realtors targeting the same buyers and sellers canvassing
specific neighborhoods and cities. Realtors are forced to keep
up with the times and actively target buyers and |
sellers where
they shop for homes. This means getting to the right nexus and
targeting the right audience at the right time. Niche websites
like OnlyOpenHouses.com play a vital role here by allowing an
almost one-on-one targeting of realtors, homebuyers and sellers.
To summarize, the benefits of the Internet in buying and selling
of homes are quite clear, and the latest results by the NAR
validate those. Homebuyers, sellers and realtors will do well to
maximize these benefits to their advantage, and save time and
money (and many hassles too) in the process.
About the author:
Jonathan Gropper is the COO of OnlyOpenHouses.com LLC, the only
site for live open houses throughout North America. If you
looking to visit an
open home or list an open
house, there is only one site you need to visit.
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