Wednesday, June 25, 2008

The impact of the Internet on real estate sales

This post written by a member of our team John Bickel - Auctioneer.

Not long ago, Realtors wondered why they would want to own and operate an Internet web site. A combination of demanding buyers and forward-thinking Realtors soon changed the way properties were advertised and described. As technology improved, from high-speed Internet access in the home to a host of hardware and software upgrades, real estate listings could be brought to life in a manner that print advertising never achieved, with multiple still photos and streaming video "walk-through" displays.

Both the Internet and the technologies that take advantage of it continue to evolve to the benefit of both real estate prospects and the agencies that serve them. Just as the Multi-List system revolutionized the way properties were listed and sold back in the '70's, the concept of online interactive bidding will soon become commonplace.

Those agencies who are first to offer online bidding will have a distinct marketing advantage, both for listing presentations, and for increased sales of their own listings, as prospects recognize the value of their use of the latest interactive technology.

We believe online bidding will be an integral feature of every real estate agency's web presence in the very near future. Your existing website can be much more than a glorified advertisement - it can actually SELL property.

One thing that hasn't changed is the concept of "Location - Location - Location" Real estate is a local activity - best handled by local Realtors. Although the properties are local, buyers could be anywhere on the planet.

The Internet is the backbone of global commerce - ignore it at your own risk. Everything else is selling online - As soon as Realtors pick up this tool and use it, so will real estate. List - List - List locally, but sell globally!

Statistics show that most prospects begin their search for a new home on the Internet. Online bidding helps to capture those prospects and turn them into buyers.

Imagine your existing print ads showing something like a little "gold star" in the corner of each property photo. Somewhere else on the page, there's a note that explains that every photo with a gold star is available right now for online bidding. Can you see how this minor addition would add immediate interest and action to the ads you are already paying for?

No comments: