What role is the Internet playing in how real estate is being conducted?

When I first began my real estate career, information to the public was only available through local realtors. If someone wanted to educate themselves on properties in their neighbourhood, or on mortgages, or listings in other communities, their best source of information was a realtor. In many ways, the realtor was the gatekeeper relied on to provide all the useful, time-sensitive information that pertained to their real estate needs.

The technology movement has dramatically changed this traditional way of conducting real estate business. The Internet now allows the public to have access to properties that are for sale in almost any market, both locally and internationally. (There is, of course, a lag time before listings hit the Internet.)

Furthermore, many of the listings posted on-line today have interior pictures and/or virtual tours so a viewer can quickly assess whether the property meets their requirements.

This availability of real estate information has resulted in time savings for consumers and has made the whole house-hunting process more efficient. The Internet has also helped buyers be more independent when it comes to finding their dream property as they can do their own searching and browsing, until they are serious about purchasing.

Over a decade ago when it became apparent that the Internet was becoming an ever-popular information vehicle, many realtors feared this new technology would make their job redundant. Who would need the services of a realtor if all the listings were available on-line? This fear has proven to be unsubstantiated. Indeed, the number of realtors in Canada has increased, not decreased, in the last 10 years.

Just what, then, are consumers looking for when they are searching on-line in regards to their real estate matters? Surveys show that most are looking to quickly narrow their house hunting search, and to locate a professional realtor who can guide them through the process of purchasing a property. The consumer still does require someone they can trust, someone who can share industry insights with them and someone who can fully protect their interests and negotiate the best possible deal for them.

It is not surprising to see that the use of the Internet by buyers increases each year. In fact, a National Association of Realtors (NAR) study reported that an astounding 74% of consumers now begin their home search on-line. For this reason, we at Team McDadi have significantly invested in having a strong Internet presence. Our Web site, www.mcdadi.com, showcases each of our listings with interior pictures, virtual tours and media tours. In some instances, we have even created a personalized Web site for individual properties. All of this is aimed at getting our clients more exposure to a wider audience.

Interestingly, according to the NAR, Internet consumers, on average, look at seven homes before they purchase one. Traditional non-Internet buyers look at 15. Studies also show that Internet buyers take two weeks to make a decision, while traditional buyers take 7 weeks.

As a realtor, what I like best about the Internet is that it empowers consumers with knowledge. There is no much information available on-line about the entire real estate process. The end result is a well-informed, educated buyer who is more capable of making sound decisions, which ultimately is what we all wish to see!