Gone are the days of using the newspaper as a dumbbell. The last 30 years has seen many changes in the way we buy, sell and research property. So what are the key differences?
For a Buyer
Then
Gone are the days of sitting down on a Saturday morning with a cup of coffee buying your local paper and reading a well written one liner of a property, having no idea as to whether this is going to be the one for you.
More than likely you would arrive to a host of disappointment as you realise the property is situated next to a power station or is missing the front door.
Now
The birth of the internet and smart phones has not only created the generation of Facebook trollers and insta-famous 12-year olds but also property applications with the ability to hone in on your potential next home in seconds.
These apps provide a more efficient way of road mapping your Saturday morning inspection routes and generate a more competitive market place, with a larger network of buyers and a higher turnover of property.
For a Seller
Then
Calling up your local agent who has been in the area for over 20 years, they know your dog’s name and the last time you painted the house.
This is the person who holds the key to the information which will tell you how much your house is worth based on what they have sold in the last 12 months.
This is concerning because it’s completely up to the agent to give you an accurate estimate, rather than sell it to their best mate down the road, for a steal.
Now
Technology has played a key role in bringing transparency to the marketplace. Both sellers and agents now have access to the same market information, creating a more savvy seller.
Agents and sellers need to work together to agree on an accurate estimate of a properties value as the process is no longer one sided.
For an Agent
Then
Thousands of files and thousands of trees lost. No mobile phones, tired carrier pigeons from all the requests for contracts and less time in the day for making calls made agents more reliant on word of mouth referrals.
Relationships were key to being successful in real estate. Performance information
often stayed behind closed doors and those front doors needed to be located on a main street to build awareness.
Agency advertisements were restricted to your local paper and billboards, limiting the size of the catchment for a particular property and agency.
Now
The relationship side of real estate has not changed, however, for an agent to stay relevant in the market place it’s up to them to report their results ensuring the consumer or potential vendor know how well they are performing.
Real estate is no longer bound by geographic location, nor is any agencies location. They can access their buyers and vendors online and market directly to them.
It is now a balancing act between efficiency and relationships and having strong digital marketing skills to reach the right audience.
So what does this all mean?
Do you really need the local agent?
Or can they pay someone a smaller fee to turn the key to show through that nice young couple from down the road?
Or maybe you’re even considering selling your life’s biggest asset yourself?
YES! is the short answer. It has now become more important then ever, to be careful with whom you chose to sell your biggest asset or family home.
They still know your dog’s name and the last time you painted the house.
They know how to not only use new technology but they harness this to achieve a better result.
There is still an art to negotiation and there is still a need for a ‘middle man’, an independent third person to deflect the negative opinions towards your property with the ability to gauge real interest and act without emotion.
Purchasers and in particular, tyre kickers, would much prefer to deal with a real estate agent than with you personally.
Do you really want to waste your valuable time listening on the phone to a potential purchaser’s uncle’s future step son’s cousin twice removed, air his concerns at 9.30pm on a school night, about how although he’s an accountant, it is his “expert” opinion that the house needs to be restumped?
