Such changes in real estate...the business itself, at an industry level, is dramatically shifting.
The reason for all these changes is, of course, a result of the consumer-centric business model that is the outcome of our technological change.
As Marshall McLuhan said, back in the 1960s/70s, "the medium is the message". Our technology has changed us, as people, and thus our culture has shifted, too.
The other wise saying of McLuhan was: we now live in a "global village".
The internet erased time, geography, gender, race, age. It is an information medium, and it is about intellect to intellect. The recent BBC Super Power series was of great interest, as it maintained that the global citizens, working and thinking and playing off and on the Web, are truly where the future lies, and thus control the power position, globally. If this doesn't yet seem evident yet, it will certainly become so, soon.
In Canada, the Ottawa realty company that sued CREA (Canadian Real Estate Association) through the Competition Bureau, maintaining that the consumer did not have unencumbered choice, due to CREA's control over the mls system, did win their suit. The head of the Competition Bureau didn't feel that the suit went far enough, and she intended to open up even more avenues of change, to benefit the consumer. This is profound, and will make certain, then, that suites of services will be open to the consumer.
The search methods of the internet had already replaced much of what used to be accomplished by a realtor, in the first place, and these mls changes will further offer the consumer the ability to do many things, without necessarily having to contact a real estate agent.
It calls into question many things that even five years ago were seen as "the only way to do it", in real estate sales.
Certainly, advertising is one area that has dramatically changed; print, no matter how targeted, is not a valid medium of attracting a buyer, today.
Those realtors who had thought of specializing as buyer's agents are finding that this doesn't attract a buyer, in the first place.
In the great wash of searchable information, it's listings that attract buyers, and so we find even more competition among realtors, to get that listing. Some realtors will say/do anything to get a listing; if you find yourself being solicited by someone who is "badmouthing" another realtor, just know that it is because of that drive to be the listing agent, and one should weigh all comment from a competing realtor, for that listing. Ethics and character do count, in the long run.
Also, some realtors only seek listings, and then wait for other realtors to sell their listing...make sure you connect with a realtor, if you're a seller, who also seeks a buyer.
More info about all this? Call me!
Since late October, 2005, there has been a "pause" in action in all secondary home/discretionary markets. It is only in the last month that we have seen renewed action in the upper end property category. From early 2009 into the first months of 2010, it was entry level properties that saw activity. Undeveloped land, higher end residential options, and commercial properties did not see action.
The response from some realty companies/realtors was to start a massive price reduction move. This did not result in sales. When a buyer says: "I don't know, I'll think about it", they mean that. If a buyer doesn't act, then nothing can happen. Lack of sales, then, in the past two to three years, in the upper end, was a marker of buyer disinterest in the purchase of a secondary home property.
Since last Fall, I've been waiting for the buyer who was resting heavily in cash to realize that this was not the thing to do; to preserve capital, in response to the immense printing of paper currencies, it was important to return to hard assets. As usual, I'm a good six to eight months ahead of the trend. In the past month, we have seen an eruption in the higher end sales segment, even in our discretionary marketplace, and this is now receiving media attention.
More information on this? Call me!
Different days, once again, in this very volatile and cyclical industry.
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