Then and now
A decade ago, a property search would have started at a local real estate agent’s office or simply driving around town. At the agent’s office, you spent an afternoon flipping through pages of active property listings on the local Multiple Listing Service (MLS). After selecting Immobilienmakler Reutlingen the properties of interest, you spent many weeks viewing each property until you found the right one. Finding market data that would allow you to estimate the asking price would take more time and a lot more driving, and you still may not be able to find all the information you need to really deal with one Familiarize yourself with fair market value.
Nowadays, most real estate searches start on the internet. A quick keyword search on Google for location will likely bring you thousands of results. When you discover an interesting property on a real estate website, you can usually view photos online and maybe even take a virtual tour. You can then check other websites, such as B. Visit the local county appraiser to get an idea of the property’s value, see what the current owner paid for the property, check property taxes, get census data, school information and even find out what shops are within walking distance – all without leaving your home!
While the resources on the web are handy and helpful, using them properly can be challenging due to the amount of information and the difficulty in verifying its accuracy. At the time of writing, a search for “Denver real estate” returned 2,670,000 websites. Even a location-based real estate search can easily return thousands of websites. With so many resources online, how can an investor use them effectively without getting bogged down or dealing with incomplete or bad information? Believe it or not, understanding how the real estate business works offline makes it easier to understand online real estate information and strategy.
The real estate business
Properties are typically bought and sold either through a licensed real estate agent or directly from the owner. The vast majority is bought and sold through real estate agents. (We use “broker” and “agent” to refer to the same professional.) This is due to their real estate knowledge and experience and, at least historically, their exclusive access to a database of active properties for sale. Accessing this database of real estate listings was the most efficient way to search for properties.
The MLS (and CIE)
The database of residential, land and smaller income-producing properties (including some commercial properties) is commonly referred to as the Multiple Listing Service (MLS). In most cases, only properties listed by member real estate agents can be added to an MLS. The primary purpose of an MLS is to allow member real estate agents to make offers of compensation to other member agents when they find a buyer for a property.
these purposes did not include enabling the direct release of MLS information to the public; Times are changing. Today, most MLS information is available to the public in many different forms directly over the Internet.
commercial real estate
Commercial property listings are also displayed online, but aggregated commercial property information is elusive. Larger MLS often operate a commercial information exchange (CIE). A CIE is similar to an MLS, but the agents who enter the entries into the database are not required to offer any particular type of compensation to the other members. Compensation is negotiated outside the CIE.
In most cases, properties for sale cannot be added directly by the owner to an MLS and CIE, which are typically administered by REALTOR associations. The lack of a managed centralized database can make locating these properties difficult. Traditionally, these properties are found by driving around or looking for advertisements in local newspaper property listings. A more efficient method of finding property for sale is to search for a site for sale by owner in the geographic area.
What is a REALTOR? Sometimes the terms real estate agent and REALTOR are used interchangeably; however, they are not the same. A REALTOR is a licensed real estate agent who is also a member of the NATIONAL ASSOCIATION OF REALTORS. REALTORS are required to adhere to a strict code of ethics and conduct.
Information on MLS and CIE property listings has historically only been available in paper form and, as previously mentioned, is only directly available to real estate agents who are members of an MLS or CIE. About ten years ago, this valuable real estate information started leaking out onto the internet. That trickle is now a flood!
One reason is that most of the 1 million or so REALTORS have websites, and most of these websites display varying amounts of local MLS or CIE real estate information. Another reason is that there are many non-real estate agent websites that also offer real estate information, including sell-by-owner websites, foreclosure websites, regional and international listing websites, county appraisal websites, and appraisal and market information sites. The deluge of real estate information on the internet definitely makes the information more accessible, but also more confusing and prone to misunderstanding and misuse.
real estate agent
Despite the deluge of property information on the internet, most properties are still sold directly through real estate agents who list properties in the local MLS or CIE. However, these real estate offers no longer remain local. The Internet, by its very nature, is a global marketplace and local MLS and CIE lists are typically disseminated for display on many different websites. For example, many visit the NATIONAL ASSOCIATION OF REALTORS website , , and the local real estate agent’s website. In addition, the listing may be displayed on a local newspaper website. In essence, the internet is just another form of marketing offered by today’s real estate agent, but it has a much wider reach than old print advertising.
In addition to internet marketing, listing agents can also help the seller set a price, hold open houses, keep the seller informed of interested buyers and offers, negotiate the deal, and help close the deal. When an agent performs all of these services, it is called a full service listing arrangement. While full service listing arrangements are the most common type of listing arrangement, they are no longer the only option.
Changes in the technology behind the real estate business has caused many agents to change the way they do business. This is due in large part to the instant access most consumers have to real estate listings and other real estate information. Additionally, the Internet and other technologies have automated much of the real estate marketing and initial search process. For example, consumers can view properties online and make inquiries via email. Brokers can use automated programs to send offers to consumers that meet their real estate criteria. As such, some agents are now restricting the services they offer and changing their fees accordingly. An agent may offer to advertise the property in the MLS but only offer limited additional services. In the future, some real estate agents may offer services more a la carte.
Due to the abundance of real estate information on the Internet today, people hiring a real estate agent should consider the agent’s particular services and the depth of their experience and knowledge of the relevant real estate sector. It’s no longer just about accessing property information. Buyers and sellers have historically found agents through recommendations from friends and family. The Internet now offers opportunities to find qualified agents directly or research the biography of a placed agent offline. One such site, AgentWorld.com, is fast becoming the LinkedIn or Facebook for real estate agents. On this page, an agent can personalize their profile, start a blog, post photos and videos, and even link to their website for free. Once unique content is added to their profile page, the search engines take notice!
Some have argued that the internet is making REALTORS and the MLS less relevant. We believe this will be wrong in the long run. It may change the role of the broker, but knowledgeable, qualified and professional REALTORS are becoming more relevant than ever. In fact, the number of real estate agents has risen sharply in recent years. No wonder the internet has turned local real estate into a global business. Internet or not, the simple fact remains that for most people buying a property is the single largest purchase of their life (or, for many investors, the largest multiple purchase of a lifetime) and they want expert help. As for the MLS, it remains the most reliable source available for real estate listings and for sale information and continues to enable real estate to be marketed efficiently. So what is the function of all the online real estate information?
Online real estate information is a great research tool for buyers and sellers and a marketing tool for sellers. When used correctly, buyers can save time by quickly researching properties and ultimately making better investment decisions. Sellers can efficiently research the market and make informed decisions about hiring an agent and marketing their properties online. The next step is knowing where to look online for some of the best resources.
Internet Strategies
In the following sections we provide strategies and tips on using the internet to find property for sale and research information relevant to your decision to buy the property. There are many real estate websites to choose from and while we do not intend to endorse any particular site, we have found that in most cases the sites listed here are good resources or are popular enough to be mentioned have to. One way to test a website’s accuracy is to look for information about a property you already own.
Search for properties for sale
Despite the widespread access to real estate listings, many believe that MLS databases continue to provide the most complete and accurate source of real estate information. Most MLSs now distribute content to other websites (mainly run by real estate agents). An excellen Wohnungen & Häußer t starting point for MLS content is the NAR national site realtor.com, which is also the most popular site for finding real estate listings. Almost all local and regional MLSs have an agreement with realtor.com to display much of their active inventory.
Some local and regional MLS systems also have a publicly accessible website. However, to get complete information, you will most likely still need to find a qualified local REALTOR. Many local real estate agents also make new listings available to their clients (via email) to be entered into the MLS that match their pre-defined criteria. This can be very helpful for a busy shopper.
