HOW the internet and social media are changing the real estate industry

How the internet and social media are changing the real estate industry

In the not so far gone days, the real estate industry was a different world. Looking back to when I started in the industry 15 years ago, agents relied on having an office centrally located in the suburb where they sold homes. Time was spent printing out property lists of homes “for sale” and “rentals” and updating the window display to entertain those who stared at the information on their way to work or in between their daily duties. The office location was the most critical key to the success of the agency. Over the years however the internet has rather quickly made these once successful techniques become extinct.

Today in 2013, websites are the new brochure, the new office window and the new business card. The real estate agencies that did not promptly adapt to the internet fell by the wayside. A natural selection sorted out the real estate industry. Many companies that had been successful for years shut their doors, whilst those who adapted to the changing market flourished. Having an office shop front is no longer necessary. Having a strong online presence is. Currently approximately 92% of buyers use the internet as their primary buying search tool. So it’s pretty clear that the web has taken over the industry…and the changes are not set to come to a standstill anytime soon.

The new world of smart phones, ipads, apps, Facebook, YouTube, QR codes and Twitter mean real estate websites and agents need to stay at the forefront of technology. The top three real estate websites in Australia include realestate.com.au, domain.com.au and mcgrath.com.au. These sites have made searching for properties so simple that buyers can search with very minimal effort. These new ways of searching have had a huge impact on real estate sales marketing campaigns. The need for brilliant photos, the right copy and correct pricing are more crucial than ever before. The wrong marketing in the first few weeks of the campaign can significantly reduce the end price.

Selecting the right agent who understands this is crucial in order to get top dollar. Coincidentally though, finding the best real estate agent is also easier now thanks to the internet. Successful agents have business Facebook pages, YouTube channels, Twitter and LinkedIn accounts, plus a blog and/or website too, to tell the world of their talents and successes. These sites are great portals to research which agent to choose. You can get to know a lot about your agent via the internet so it is best to Google them or follow them on social media prior to making a decision who to go with. Look for reviews on Google or on YouTube which can’t be blocked or manipulated by the agent. They are scarily honest, unlike the testimonials real estate agents will present you with themselves. Have you ever received a reference from a real estate agent that is not good? Of course not! The only way to get a true gauge is via the web. If you can’t find much information on an agent online, then most likely they are not successful yet so are a high risk choice.

As technology develops, we are likely to see many newer, cooler and essential tools appear which will continue to impact the real estate industry. It’s the agents and companies that embrace these tools that will be successful and will overcome the ups and downs of the ever changing world of real estate.

For more real estate advice call us today on 0424 006 855. We look forward to assisting you soon.

 

About Tim Cullen

Since joining McGrath Estate Agents 18 years ago, Tim Cullen has defined himself as a first class industry leader with an outstanding track record and rapidly growing client base. He consistently ranks in the top 50 agents nationwide in the Real Estate Business’ Top 100 Agents List, ranking as high as 21st in Australia. He is passionate about real estate and delivering premium results for his clients.

Comments

  1. I get pleasure from, lead to I found exactly what I was looking for.
    You have ended my 4 day lengthy hunt! God Bless you man.
    Have a great day. Bye

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