If you’ve bought or sold a home in the last several years, or considered doing so, we’re guessing you have googled homes in your favorite neighborhood to learn more about price and availability, amenities, property taxes, HOA covenants, crime statistics and the closest fro-yo hot spot. It is fun and relatively easy to become a neighborhood expert on your own behalf, or to learn everything you can about Midcentury Modern architecture, the cost savings achieved with solar panels, how to install a doggy door, or the track record of the closest elementary school.
At TRELORA, we view the internet as a digital empowerment tool for consumers; information that was once difficult or time consuming to obtain is available around the clock and nearly as fast as our fingers can type, and the advent of the information age has led to radical innovation in the way business is conducted. Real estate consumers are better educated, better informed and better able to serve as active partners in the successful sale or purchase of a home.
The National Association of Realtors (NAR) collaborated with Google in a 2013 study entitled The Digital House Hunt: Consumer and Market Trends in Real Estate with the objective “to better understand the evolving role of digital media in the consumer home search process.”
Study highlights include:
- 90% of home buyers searched online during their home buying process.
- Real estate related searches on Google.com have grown 253% over the past 4 years.
- Buyers use specific online tools during different phases of the home search process.
- How important “local” search terms and websites are for buyers.
- How mobile technology connects online to offline home buying—including the reading of online reviews.
If there is any doubt that empowered consumers are taking advantage of information available online through sites like Zillow and Trulia, this report spells it out clearly. The NAR 2015 Profile of Home Buyers and Sellers finds that just 14% of buyers initiate their home search with a Realtor. Most are taking the bull by the horns and finding their own home – saving the agent time and effort on the transaction. So we’re wondering:
Why should consumers pay 3% commission when they’ve already done the legwork?
The role of real estate agents has been simplified by advancements in technology, and it is up to consumers to demand a fair and balanced price for real estate transactions. Commission levels of up to 6% do not reflect the current level of effort necessary to serve clients well, and it is time for the real estate industry to own up to the benefits of technology to the way we do business. Through the diligent efforts of brokerages like TRELORA, Denver’s top source for commission free real estate services, there is a growing awareness among consumers that full service real estate should be available for a single flat fee.
Are you interested in the benefits of a full service real estate support with a predictable flat fee? Contact TRELORA to learn more.