The Old vs New Way of Doing Real Estate
In real estate, the “old way” of doing real estate involved primarily relying on phone calls, limited property access through agents, and a heavy emphasis on print advertising. In the meantime, the “new way” utilizes extensive online platforms, social media marketing, virtual tours, and readily accessible property information, allowing buyers to research extensively before contacting an agent, putting more power in the buyer’s hands.
Key differences between old and new real estate practices:
- Information Access:
- Old: Buyers relied heavily on agents to find listings and access property details, often with limited information available upfront. Many realtors would print off their listing sheet and drop it off to the other offices for them to add it to their “listing” binder.
- New: Buyers can readily browse listings and property details on online portals like Zillow, Realtor.ca, brokerage websites, etc., with detailed photos and virtual tours, allowing for self-guided research.
- Marketing and Communication:
- Old: Primarily relied on print ads, yard signs, and phone calls for communication with clients.
- New: Extensive use of social media platforms like Facebook, Instagram, targeted online ads, email campaigns, and video content to reach potential buyers and sellers.
- Client Relationship:
- Old: Often a more personal, one-on-one relationship with a single agent, with less transparency in the process.
- New: More emphasis on building a broader online presence, utilizing team-based approaches, and providing clients with access to real-time market data.
- Technology Adoption:
- Old: Minimal use of technology beyond basic listing management systems.
- New: Integration of advanced tools like CRM systems, property valuation software, virtual staging, and digital signature platforms.
Impact of these changes:
- Empowered Buyers: Consumers have more control over their home search due to readily available information online.
- Increased Competition: Agents need to be more digitally savvy to stand out in a competitive market.
- Shifting Agent Role: From “gatekeepers” of information to trusted advisors guiding clients through the process.
Check out this post from Brazos County Realty, a US real estate company and compare their take on this topic.