Internet real estate

Due to distance decay, personal commitments and time constraints, many turn to the web to carry out their daily activities – online shopping, booking of tickets and even for communication between parties. Using the web to put out properties for sale and purchasing properties is no exception. The age of technology has aided in reducing time and money within internet real estate. Users may list their properties or search for them at their fingertips, reaching out to a greater number of people significantly, as compared to traditional methods. In contrast, the traditional methods of contacting and meeting up with a real estate agent cost more money (agent and transportation fees) and time.[6]

The horizon of knowledge a real estate agent can be limited and fragmented. They may refer you to another branch if asked to compare the current property potential buyers are viewing to another property in a location elsewhere. Therefore, the internet allows for buyers to compare important aspects easily and successfully. With the array of properties listed, internet real estate provides buyers with the chance to conveniently compare the prices and location of the properties. Furthermore, buyers may use the method of filtering to narrow down their search for greater efficiency, where only properties that fall under their price range for example, would appear on the screen. The internet allows for different users to publish their reviews and feedbacks on properties which they may have lived in before, allowing current customers who are seeking for properties, a chance to review it with a wider perspective. This benefits customers greatly, as they do not solely adhere to possible biased opinions from the sellers and their pushy methods in getting them to seal the deal.

One of the prime differences between traditional real estate and internet real estate is often, the absence of the middleman, known as a broker or a real estate agent. At times, real estate agents may be present, still dealing with customers directly from the web. Real estate agents often profit by absorbing a certain percentage of the final sale or rent price as commission. There are cases where commission percentage hits a figure of 6% in America.[7] Internet real estate reduces the cost of an agent and conserves time spent relaying amongst three parties.

Internet real estate does not have a criterion of which owners have to fulfill when listing their properties. Some properties listed may be ambiguous and lack crucial details. Lack of full cost disclosure may be a huge issue if not stated accurately. As there is a lack of control on listings, inaccurate information of listings may be published. Sellers may publish misleading pictures of their properties, quote low pricing initially and state inexistent amenities available to attract and deceit potential buyers. Therefore, it is vital and up to buyers to identify issues and personnel that may be suspicious.

With the lack of control, marketing materials may be copied and published by any other person. The same flat in Kings Cross, London, may be listed multiple times, due to scams in hope for monetary transactions without actually owning the property listed. This causes the efficiency of the internet real estate to backfire instead, as buyers are muddled with the replicates of properties and would have to take additional time out to look for its actual owner.

Internet real estate has unintentionally eliminated old-aged users and users without easy access to computers and the web. Technology is advancing at a rate of which the elder generations may not be able to keep up with. The convenience of viewing properties via the internet may therefore, exclude such communities. As stated, internet real estate is only accessible with the use of a computer, or a device which provides internet access. Hence, this concept forms a barrier against people who do not have access or face inconvenience when accessing such appliances.

The use of internet has in turn, reduced time between human interaction, which buyers do crave at times.[8] Some people may feel uneasy when carrying out all actions through a computer screen as traditional methods of dealing with other parties in person have existed for too long of a period.

In this modern society, internet is the "go to" for retrieving information. Till now, some still comprehend that it may not be the most reliable compared to empirical knowledge or first hand experience. However, it is no doubt, the most convenient and efficient way of accessing information. With internet real estate growing larger by the minute, real estate agents are compromised. Internet real estate often eliminates the use of the middleman, the agent, allowing for direct communication between the buyer and seller. The obvious consequence of this is the depletion of the profession. "The more we simply make minimal accommodations to deal with a radically changed environment (even if the change was gradual), the more fragile we become… Businesses fall into the same trap, all the time. They stretch and stretch and stretch to accommodate a changed environment until they are too fragile, with no fall-back position, no redundant capacity. They become fragile, so they are catastrophically vulnerable to the first disruptive innovation, or the first unanticipated regulatory change".[11] In short, it is our actions that bring harm to our communities and it is inevitable in today’s society, for internet to override humans. The surface of internet real estate pushes agents to their boundaries and sometimes to the extreme, but these agents have the ability to secure their profession by implementing and innovating new working methods. Such can be supported by the reduction of commissions and using the internet to outsource their details as well as clients’ listings.