Surprising Changes in Local Real Estate
Tuesday, August 4th, 2015 | Uncategorized | No Comments
Like most modern businesses, real estate is undergoing change. For homebuyers and sellers, understanding these changes can be important when it is time to buy or sell a home.
To better understand these changes, we sought the insight of Glenn S. Phillips. Phillips is CEO of the multi-state real estate company Lake Homes Realty, one of the fastest growing real estate companies in the country.
ETMV: What do homebuyers really want?
Phillips: Some things have not changed. Buyers still want a great home at and ideal location without overpaying. At the same time, the home buying expectations have changed drastically. Buyers want their own easy access to the inventory of homes. They want this information available online and often prefer to do initial research before speaking with an agent. At some point, however, buyers do want the help of a knowledgeable agent. A recent study by the National Association of Realtors® found 20% more buyers used a licensed agent in 2013 than in 2001.
ETMV: What age are the homebuyers who use real estate websites?
Phillips: While you might think that it is only young adults using the web to find homes for sale, all age groups have embraced online home research. One example is lake real estate, where the 55 to 65 age group is the most active user of the Internet to research this type of home for sale.
ETMV: What more can be done than listing a home on the MLS?
Phillips: MLSs (Multiple Listing Services) are helpful in a local market but have little to no influence to buyers elsewhere. MLS syndication of listings to websites has reach to buyers, but “the web” is a very, very crowded place. Unless marketed to the right buyers, a single home will rarely stand out in this crowded sea of properties.
MLSs and the Internet are important, but a home for sale needs to be easier to find for the specific buyers that may be interested. This is accomplished through smart, very targeted marketing and featuring the home in front of the right buyers, often through highly specialized websites. This takes extra effort but is where modern real estate is moving at a very rapid pace.
ETMV: Is a real estate office still important to buyers and sellers?
Phillips: Regardless of their age, buyers and sellers value their time more than ever. They prefer to meet at houses, not detour by an office, even if that office is right in the heart of a community. Offices used to be the place to learn about real estate and where the phone rang for agents. Now buyers and sellers get better information online, and agents are easily available by cell phone.
Today’s homebuyers have already done online research about the community, the homes, the local market, and even about agents. They are informed and prefer to start at the homes, instead of an office, to save time. Even sellers know an agent must come see their home to properly list it for sale, so why go to an office?
In market after market, the top agents rarely work from real estate offices, even if they have access to one. They meet homebuyers and sellers at homes, where the deals really happen.
Lake Homes Realty
105 Hayesbury Drive, Suite 202
Pelham, AL 35124
1-866-525-3644
(205) 985-2991
