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April 24, 2018

What Does Bill Gates think of the Real Estate Industry?

In 1995, Bill Gates said about the Real Estate Industry

“If you put your house on the market, you will be able to describe it fully and include photographs, video, floor plans, tax records, utility and repair bills, even a little mood music. The chances that a potential buyer for your house will see your ad are improved because the information highway will make it easy for anyone to look it up.

At first, online classified ads won’t be very attractive, because not many people will be using them. But then word of mouth by a few satisfied customers will entice more and more users to the service. There will be a positive feedback loop created as more sellers attract more buyers and vice versa.

When a critical mass is achieved, which might be only a year or two after the service is first offered, the information highway’s classified advertising service will be transformed from a curiosity to the primary way sellers, and buyers get together.

The whole system of real estate agencies and commissions may be changed by the principals’ having direct access to so much information.”

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