Wednesday, January 10, 2007

The Real Estate Conversation

A Real Estate Market is social. Buyers and Sellers communicate to discover information and negotiate to exchange goods or services. From this I understand the Real Estate Market as a Real Estate Conversation.

Internet transparency is letting home buyers view Residential and Commercial MLS, FSBO listings on their own. It has reduced home buyers search costs, and given them access to multiple new product options to choose from when going into a real estate transaction. Also sellers have found new tools and services to attract home buyers and sell their houses, they can now leverage Internet market tools that are intended to increase the efficacy of transactional requirements.

This "conversation" transparency has made it difficult for Real Estate Agents, Appraisers, Lenders, etc. to collect the fees - tipping the balance of power towards the consumers. By opening access to information outside of the Brokers/Lawyers control, buyers and sellers now gain economic benefits that would be otherwise be received by market intermediaries or inappropriately distributed among the smart and connected deal makers of the financial world.

update: I added this to Wikipedia - *Still in progress.

Related: The Real Estate King Takes A Gabby Queen
InmanTV Video

3 comments:

mark said...

Thanks so much for writing this real estate blog. There are so many aspects to real estate buying , selling and investing that it is refreshing to read material that is relevant to real estate.

Bravo and God Bless!

ELMO
Real Estate Professional

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Properties Prices in Pakistan said...

HI

Great information in this post and I think it has reduced home buyers search costs, and given them access to multiple new product options to choose from when going into a real estate transaction.