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The Internet has Changed Real Estate Market Place Forever.

Where is this trend taking us?

These days no Home Buyer worth his or her salt speaks to a Real Estate Agent or Realtor without first consulting the internet. Very often they’ve seen pictures or virtual tours of every room prior to their first walk through.

Knowledge and Information used to be every agent’s ace in the hole, now, skill and knowledge of neighborhoods, schools, the accessibility of clubs and community amenities, the ability to navigate home inspections, paperwork detailing underground tank removals and the ability to communicate effectively with the Buyers’ attorney are far more important to buyers than ever before.

In the Commercial Market, the evolution of agent or Realtor® as consultant has been occurring steadily over the past several years. Commercial Real Estate Investors and Purchasers have access to some of the same Information Exchanges that Real Estate Professionals do. Commercial Real Estate practitioners, though still on the clock Monday through Friday during business hours are required now, more than ever to be accessible 24/7. Wireless networks and PDA’s have made this accessibility available and the Agent or Broker who finds him or herself unable to return a call on a Saturday afternoon, may learn that their customer has talked to someone else before Monday. Slower in coming is the online real estate transaction platform.

Implementation of online platforms will take place across the board and will increase transparency and more satisfaction for customers and clients soon. It has been the talk of the industry for more than three years.

Perhaps most importantly, the face of the Commercial Real Estate Industry will change. While Women are not pursuing careers in C Level executive suites at corporations as once predicted, they will be more and more entrepenurial and Women in Commercial Real Estate will reap the benefit of better communication with their peers. In New Haven County, we have yet to see a big influx of women in the business, I'm President of our company in Branford, while the only other two or three women in New Haven county are based in North Haven, Orange and then further into Fairfield County and Hartford County. Similarly, ethnic and racial diversity will open the Brokerage and Investment fields up to many who previously may have thought the doors were closed to them.

Finally, as Environmental Laws continue to become more complex, lending grows more intricate, and more properties need visits to zoning departments prior to their sale, Full Service Brokerage Firms will become more and more valuable to the Commercial Real Estate Purchasers who have businesses to run and realize that Full Service Professionals, who offer a complete package of services are worth their weight in gold.

More on that next time. - Kristin

May 17, 2006

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