Categorized | Industry Insights

More big changes coming to the real Estate Industry

Posted on 07 March 2010

The internet has changed the way we buy and sell real estate on the Central Coast. Online listing is by far the preferred method used by people searching for property to buy or rent. Research shows that 85% of Australians now prefer to search online for property. Now, Google has just entered the listings market with a free Real Estate listing service. This is a big threat to the traditional media companies like News Ltd and Fairfax, who have relied so much on the revenue from real estate ads in their print media and the companies who operate commercial/paid listing sites such as realestate.com.au and domain.com.au

A few months ago there was a public stouch between News Ltd and Google Australia executives where the incumbent listers threatened Google that they would withdraw support for Google search if Google did not back away from setting up its’ real estate listing service. Well it looks like Google has won the day with the update to the search features of its free of charge real estate listing service

A recent survey report looking at industry trends has been conducted and published by PRDnationwide and covered in a story in RealEstate Business. According to the poll, “the majority of agents believe there will be less face-to-face contact with customers, more reliance on technology and more international buyers within the decade.”

This will probably mean an eventual end to the typical main street corner sales offices for agencies, which are now expensive to own or lease (premises costs are third highest cost component for agencies after wages and marketing costs) and today add little value for clients as fewer real buyers and sellers are walking through the door or looking at the listing in the windows. I have a friend that recently sold a property without ever meeting his agent face to face, he did everything by phone and internet, including selecting the agent to handle the marketing and sale.

The other main factor driving change is generational. The “Old Guys” just aren’t keeping up with the technology especially here on the Central Coast. Gen X and Y just don’t want to deal with dinasours. I’ve had a few of the old school guys tell me that they rely solely on their reputation for new listings and they don’t embrace or believe in using the internet for marketing and prospecting. The new generation of Agents are full on in employing the internet, social media and technology to build up their client base and keep in touch with their customers and prospecting base.

We will just have to see how quickly the Central Coast catches up with the national changes that occurring in the industry.

Bob Fitzgerald
Editor/Producer
CCRER

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