The internet has made its way into the bedrock of the world’s most profitable economy: real estate. A number of growing online portals have vaulted into the market to help buyers sail through one of the most difficult transactions of their life. Together, Trulia and Zillow captured more than 100 million unique users in the month of March. In the year 2015, 42 percent of buyers searched for their home online before moving on to traditional methods, while 14 percent contacted a real estate agent first. Given real estate websites' increasing trajectory, it may seem like the electronic marketplace has crushed Realtors just like travel agents, stock brokers and classified ads. But these sites have not knocked down the agent’s American dream. Even today a majority of buyers and sellers turn to professionals after finding their ideal property. The average commission ranges anywhere between 1 and 6 percent globally, depending on the kind of property and sales model. In 2...
- Problems like finding the right house, getting insights about a locality and comparing properties can be managed by the e-real-estate giants.
- Still, buyers want help with paperwork, negotiation, finding and arranging finances and so on -- tasks for which we have yet to create an equally effective online alternative.
- In these areas, agents hold their ground with tenacity.
Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York