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Technology, Residential Real Estate, Education, Finance

October 30, 2018

TBT - Internet/Technology Article I authored in 1998

There is still a lot of relevance here.

Will you Survive?

What you Don’t Know about the Internet May Hurt You

The practice and process of buying and selling homes is going through a period of transformation. Not just change, but complete transformation. Real estate licensees, and the way they conduct their businesses, face extinction. The Internet is now bringing us the informed or information “empowered” consumer. In three short years there will be a whole new model for handling the real estate transaction process, start to finish.

Fewer practitioners will be required to handle the same workloads. This attrition will be due in large part to the personal computer and the Internet, which allow those with computer skills (or those who can hire those skills) to absorb greater market share. Greater market share will mean efficiencies of scale and the structure of real estate compensation will be turned on its head. “Menu of Services” will be a realistic consumer choice. Negotiable commissions will become a reality and not just a statement in bold type on listing agreements.

The Internet, and all it entails, has become integral to the practice of real estate today; from communications, both internal and external, to every aspect of marketing and promotion. But it all begins with “getting connected,” “wired,” “plugged in” and “going online.”

The Power of Email

The first beneficial electronic experience you, the New Real Estate Professional will encounter online is “E-mail,” which has become the communication medium of choice for a growing number of consumers. It has become so important that when America Online had problems last year and subscribers were unable to retrieve their E-mail, 39 class action lawsuits ensued. Would you consider suing the post office because the mail wasn’t delivered within a few hours?

The World Wide Web is THE place to market all sorts of businesses. Real estate lends itself well to the Internet. Today there are tens of thousands of websites that are marketing brokers, agents and their listings of properties for sale. Four years ago, there were less than 200. REALTOR.com alone has over 1,200,000 listings on its site and Microsoft has also entered the game with their website HomeAdvisor.com.

Multi-Millions of dollars are being spent on technology and there are many products and services being offered to today’s real estate practitioner

To know what, where and how to spend your marketing dollars on the Internet is as much an art as it is a science. You need answers to questions like the following:
 
  • What is a permanent E-mail address?
 
  • How do I choose an ISP?
 
  • Which browser and mail manager should I use?
 
  • What type of computer should I have?
 
  • What can I expect to pay?
 
  • What type of software should I buy?
 
  • What type of client management system or agent productivity software is best for me? 
 
  • How do I learn how to use it?
 
  • How do I create a website and what is a home page?
 
  • Where do I “house” or “host” it?
 
  • How do consumers find my site?
 
  • What should they find when they get there?
 
  • How does the technology help me make more money?
 
  • How does the Internet help me make more money?
 
  • Should I use a personal assistant?
 
  • What skills should a personal assistant possess?
 
  • What’s the next step?

Being armed with the right questions is the first step to successful marketing on the Internet.

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