The electronic version of the real estate industry, internet real estate is the concept of publishing houses for sale or rent, and for consumers who want to buy or lease property. Often, Internet real estate is operated by landlords themselves. However, there are some exceptions where an online real estate agent will exist, still connect via the web and often declare a fixed fee and not a commission based on the percentage of total sales. Internet real estate emerged around 1999 when advanced technology and statistics proved that more than 1 million homes were sold by their own owners in America, in 2000. Some of the major internet real estate platforms include Zillow, Trulia, Yahoo! Real Estate, Redfin and Realtor.com.
Video Internet real estate
International e-real estate statistics
According to Realtors, 90% of home buyers are searching online during the process of finding property and the percentage of consumers looking for real estate-related information on Google has increased 253% over the past 4 years. With a 5.5% increase from just 0% of people using the internet to sell our homes in the last decade in the UK, the numbers indicate that there will be a large increase up to 50 percent in 2018. The figure will reach 70% by 2020, with only a third of the British population seeking help through traditional methods of real estate agents.
Maps Internet real estate
The process of dealing with internet real estate
The process of internet real estate concepts usually starts with the owners of their home list with prices quoted on online platforms such as Trulia, Yahoo! Real Estate, cyberhomes, The New York Times and even eBay. The more platform owners register their properties, the greater the dissemination of information. As buyers are looking for a piece of property, search engines are usually their first pit stop. "69% of home buyers taking action on real estate brand websites start their research with the local term," Houston house for sale "in search engines," reports Realtor. Once a potential buyer contacts the seller, they will check the details of the property, facilities, conditions, and price, if not mentioned. Thereafter, the appointment to view the property will usually be scheduled and in some cases, potential buyers may request to refurnish certain facilities or parts of the property. If terms and conditions are met between both parties, the buyer will usually negotiate for the best offer if interested and the deposit may be requested by the owner. Finally, both parties will approve the date for full payment, sign the official payment, and handover the key to the property.
Design
Generally, buyers are interested in internet real estate because of the accessibility and extent of their available properties.
Benefits
Convenience
Due to distance decay, personal commitment and time constraints, many are turning to the web to perform their daily activities - online shopping, ticket bookings and even for communication between parties. Using the web to extinguish properties for sale and purchase property is no exception. The technological era has helped in reducing time and money in internet real estate. Users can register their properties or search for them at their fingertips, reaching more people significantly, compared to traditional methods. In contrast, traditional methods of contacting and meeting real estate agents require more money (agents and transport costs) and time.
Loading information and reviews
The horizon of knowledge that real estate agents have can be limited and fragmented. They may refer you to another branch if asked to compare a potential buyer of a current property looking into another property in another location. Therefore, the internet allows buyers to compare important aspects easily and successfully. With various properties listed, real estate internet gives buyers the opportunity to compare prices and location of the property with ease. Furthermore, buyers can use the filtering method to narrow their search for greater efficiency, where only property that is below their price range for example, will appear on the screen. The Internet makes it possible for different users to publish their reviews and feedback about properties they may have lived in before, allowing current customers looking for properties, the opportunity to review them with a broader perspective. This greatly benefits the customer, as they do not fully comply with the biased opinions of the seller and the method of forcing them to make them seal the deal.
Communication and direct deals
One of the main differences between traditional real estate and internet real estate is often, the absence of intermediaries, known as brokers or real estate agents. Sometimes, real estate agents may be present, still dealing with customers directly from the web. Real estate agents often benefit by absorbing a certain percentage of final sales or rental rates as commissions. There is a case where commission percentage reaches 6% in America. Internet real estate reduces agency costs and saves the time spent on delivering between the three parties.
Losses
Insufficient and inaccurate information
Internet real estate does not have the criteria that owners must meet when listing their properties. Some of the listed properties may be ambiguous and have no important details. Lack of full cost disclosure can be a big deal if not accurately stated. Due to a lack of control on the list, inaccurate listing information can be published. Sellers can publish misleading images about their properties, bid on low prices initially and provide unavailable facilities to attract and fool potential buyers. Therefore, it is very important and up to the buyer to identify any problems and personnel that may be suspicious.
Copyright
With the lack of control, marketing materials can be copied and published by others. The same flat in Kings Cross, London, may be listed several times, due to fraud in the hope of a monetary transaction without actually owning the listed property. This causes the efficiency of the internet real estate to backfire instead, as buyers are confused with property doubling and have to take extra time to search for the real owner.
Target audience
Internet real estate inadvertently eliminates old users and users without easy access to computers and the web. Technology is advancing at a rate unlikely to be achieved by older generations. Therefore, the ease of viewing properties over the internet can override such communities. As stated, real estate internet can only be accessed by using a computer, or a device that provides internet access. Therefore, this concept forms a barrier against people who do not have access or face discomfort while accessing the equipment.
Human interaction
Internet use in turn reduces the time between human interactions, which buyers sometimes covet. Some people may feel uncomfortable when doing all the action through a computer screen because traditional methods of dealing with others have been in private for too long.
Incident
Just like any other operation, the risks do exist when dealing with internet real estate. There are cases where personal information and financial information is copied when cyber criminals act as sellers who register their properties. Unfortunately, they publish false information about themselves and their properties and collect deposits and rent out properties they do not own. Furthermore, using the web to handle real estate increases the likelihood of data being encrypted or retrieved.
Sustainability
The Internet has become an integral part of life in today's society and many business operations. With more and more businesses bringing innovative changes with the use of technology, the internet becomes vital in its operations, increasing comfort and efficiency for humans.
Impact
Override real estate agent
In this modern society, the internet is "going to" to retrieve information. To date, some still understand that it may not be the most reliable compared to empirical knowledge or first-hand experience. However, no doubt, how to access the most convenient and efficient information. With internet real estate getting bigger by the minute, the real estate agents are compromised. Real estate Internet often eliminates the use of intermediaries, agents, allowing for direct communication between buyers and sellers. The obvious consequence of this is the depletion of the profession. "The more we only make the minimal accommodation to deal with radically changed environments (even if the change is gradual), the more fragile we are... Business falls into the same trap, all the time They stretch and stretch and stretch to accommodate changing environments until they are too vulnerable, without a backward position, there is no overcapacity, they become fragile, so they are very vulnerable to the first disturbing innovation, or the unexpected first rule change. " In short, it is our actions that harm our community and can not be avoided in today's society, because the internet sidesteps people. The surface of real estate internet pushes agents to their limits and sometimes extreme, but these agents have the ability to secure their profession by applying and innovating new working methods. This can be supported by a reduction in commissions and internet use to outsource their details as well as client lists.
References
External links
- Newsweek: Internet For Sale
- CNN: Master their domain
Source of the article : Wikipedia
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