Real Estate Agents and Zillow - On the Importance to Stay Competitive in the Information Age

>

Journalists and real estate experts have been debating about Zillow.com, the new brainchild of Richard Barton, and its impact on the real estate industry. Even if Zillow is not as revolutionary as many had anticipated - for better or for worse - it is the latest evidence of how eager people are for information. So eager that the Web site crashed the day it launched because it received 300,000 page views–more than the server could handle.

The Internet has changed the way people access all kinds of information because it empowers them with data that was previously only available to specialists and professionals.

The real estate industry is not exempt from these changes. However, instead of being overwhelmed by new technologies, real estate agents have been using them to stay competitive. In a 2002 survey, the NAR found that 63 percent of Realtors have either a personal Web site or space for their own Web pages on their brokerage’s Web site. Furthermore, 94 percent of the survey’s respondents said they use e-mail to communicate with their clients.

But Zillow goes a long way in providing people with valuable information - although some might argue about the accuracy of some of it. Everyone can now do a home appraisal by using a tool called “Zestimate.” People can also look at the price change or the tax information of a particular property.

In the face of the “Zillow threat” the question is whether real estate agents and brokers are going to keep the upper hand in their business, or whether they are doomed to loose it to some newcomer. In an interview with the New York Observer, Dottie Herman, chief executive of the New York brokerage Prudential Douglas Elliman, talked about Zillow and other real estate search engines on the rise. “There is no reason any of these sites should exist,” Herman said. “We should never have had that competition, because we should have had it on our sites. We should have done it a long time ago.”

Whether or not Zillow succeeds, its very existence should come as a reminder to real estate agents that consumer behavior continues to change because of the Internet. To stay competitive in the information age, professionals in the real estate industry need to provide the same kind of tools on their Web sites as those found on Zillow and other online competitors.

About the Author

Content provided by 10x Media. Established in 2003, 10x Media provides innovative online marketing tools. It has expanded its online presence through networks such as Inside Real state, Inside Finances and Grab Real Estate, which contain thousands of pages for city and state specific real estate information across the nation.

Archives: March 2006

Archives: March 2006
BusinessWeek - Archives: March 2006 Media Hype? Posted by: Toddi Gutner on March 31, Categories: Real Estate Culture While helping my colleague Peter Coy report for the week s cover story on Buyer(and Seller) Beware: How to Navigate An Anxious Housing Market, I

The Real Estate Market in Charleston, South Carolina

>

If you are looking to live in a historic southern city with a ton or charm, Charleston may be your answer. Sitting on the South Carolina cost, the real estate market is primed for growth.

The Real Estate Market in Charleston, South Carolina

Charleston is located at roughly the mid point of the South Caroline coastline on the Atlantic Ocean and has a population of just under 100,000 people. A city with a lot of history, Charleston has an old south feel with all the amenities you would expect in a modern city.

The average Charleston home sells for about $180,000, a figure that more or less matches the national average. Home appreciation rates are a bit below national averages, but still a healthy 7.4 percent. More importantly, the appreciation rate may be primed to increase dramatically over the next few years. The reason for this is job growth.

Any real estate market is heavily influenced by job growth in the local economy. The more job growth, the more demand there will be for workers. As more people move into the area to fill that demand, the higher home prices will go. Currently, Charleston is experiencing strong job growth. More importantly, the growth rate is expected to be nearly four times as high as the national average for the next four years. This signifies the beginning of a strong real estate market for Charleston properties.

The City of Charleston is a pleasant place because of the coastline location. It also offers the basic amenities you would need living in any city. Schools meet or exceed most national averages with higher education being particularly strong. Health costs are about equal to the national average, but you will find nearly twice as many doctors in Charleston. If you are going to have a health problem, this is the place.

The climate in Charleston is fairly mild since it is located on the ocean. You can expect summer temperatures to top out in the low nineties, while winter temperatures can be in the forties. You are going to get rain about 30 percent of the time with 50 inches being the annual average.

All and all, Charleston is a good place to live and the real estate market looks stable with robust growth on the horizon.

About the Author

Raynor James is with the FSBO site - FSBOAmerica.org - homes for sale by owner. Find homes for sale or read about the FSBO Charleston SC market.