287:. The greater number of platform owners list their properties, the greater the diffusion of information. As buyers who are seeking a piece of property, search engines are usually their first pit-stop. "69% of home shoppers who take action on real estate brand website begin their research with a local term, i.e. "Houston homes for sale" on a search engine", reports Realtor. Once a potential buyer contacts the seller, they would go through the details of the property – sizing, amenities, condition, and pricing, if not stated. After which, an appointment for the viewing of the property would usually be scheduled and in some cases, potential buyers may request for a refurnish of certain amenities or parts of the property. If terms and conditions are met between both parties, the buyer would usually negotiate for the best offer if interested and a deposit may be requested by the owner. Finally, both parties will agree on a date for full payment, signing on official payment, and the handover of keys to the property.
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and for communication between parties. Using the web to put out properties for sale and purchasing properties is no exception. The age of technology has aided in reducing time and money within
Internet real estate. Users may list their properties or search for them at their fingertips, reaching out
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One of the prime differences between traditional real estate and
Internet real estate is often the middleman's absence, known as a broker or a real estate agent. At times, real estate agents may be present, still dealing with customers directly from the web. Real estate agents often profit by
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According to
Realtors, 90% of home buyers searched online during the process of seeking a property and the percentage of consumers searching for information relating to real estate on Google has increased by 253% over the last 4 years. With an increase of 5.5% from just 0% of people using the
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posed as sellers who listed their properties. Unfortunately, they published fake information about themselves and their properties and collected deposits and rent for a property of which they had no ownership. Furthermore, using the web to deal with real estate increases the chances of
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Internet to carry our house sales within the last decade in the UK, figures show that there will be a huge increase to a percentage of 50 by 2018. Figures will hit 70% by 2020, with only a third of the UK population seeking help through traditional methods of real estate agents.
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absorbing a certain percentage of the final sale or rent price as commission. There are cases where commission percentage hits a figure of 6% in
America. Internet real estate reduces the cost of an agent and conserves time spent relaying amongst three parties.
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and often stating a flat fee and not a commission based on the percentage of total sales. Internet real estate platforms surfaced around 1999 when technology advanced and statistics prove that more than 1 million homes were sold by the owners themselves in the
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to a greater number of people significantly than traditional methods. In contrast, the traditional methods of contacting and meeting up with a real estate agent cost more money (agent and transportation fees) and time.
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The process of the concept of
Internet real estate usually begins with owners listing their homes with its quoted price on online platforms such as Trulia, Yahoo! Real Estate, cyber home,
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Just like any other operations, risks do exist when dealing with
Internet real estate. There have been cases where personal details and financial information were copied when
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Delcoure, Natalya, and Norm G. Miller. International
Residential Real Estate Brokerage Fees And Implications For The US Brokerage Industry. 1st ed. 2002. Print.
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is the concept of publishing housing estates for sale or rent online, and for consumers seeking to buy or rent properties through such platforms. Often,
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Generally, buyers are attracted to
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DARLIN, DAMON. 'The 6 Percent
Solution: Skip Real Estate Agents'. Nytimes.com. N.p., 2005. Web. 1 November 2015.
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The use of the
Internet has, in turn, reduced time between human interaction, which buyers do crave at times.
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Fobert, J. (2013). Cyber and Data Security Risks and the Real Estate Industry. 1st ed. America.
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Please help update this article to reflect recent events or newly available information.
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alone in 2000. Some of the primary Internet real estate platforms include
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themselves. However, there are few exceptions where an online
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