Property information overload?
Property information overload?
Property information overload?
Technology has changed the way real estate agents carry out the sales process. Property buyers are becoming better informed through a variety of initiatives in the real estate industry.
Social media and the internet have enabled consumers to find information and also share their displeasure publicly which makes people involved in real estate more accountable for their actions
Regulations have changed to record all commission payments, prevent dummy bidding and disclose details of sales to friends or family so this changes what actually happens during the sales process
Consumer publications have become readily available – for instance, Consumer Affairs Victoria produces handbooks on Buying and Selling Property
https://www.consumer.vic.gov.au/housing-and-accommodation/buying-and-selling-property
Property information seminars for first home buyers, investors, self-managed superannuation funds and retirement planning often include information about buying and selling real estate
The amount of property data and information has increased exponentially via auction result reports, suburb profiles, newspapers, magazines, television programs, webinars, YouTube videos, online member portals
So, are you suffering property information overload?
Consumers now have a huge amount of information available to them – but selecting the most appropriate information to make a buying decision has become more complex. It is also easy to become trapped by the data and believe that all of the information is all useful and reliable. In fact, it may not be.
The vendor selling the property is usually represented by a sales agent but the purchaser is not always represented by a buyer’s agent. Many complaints against real estate professionals stem from buyers failing to understand who the selling agent is representing in a property transaction. Purchasers sometimes mistakenly believe that the selling agent is acting for them, when in fact they’re acting for the person who is paying them and that is the vendor.”
If a property buyer is not working in real estate full time, it is unrealistic to expect that they can generate the best deal for their circumstances or more importantly, for the longer term investment value. Purchasers need to ensure that their investment will hold its value and sales appeal in the event of any future emergency (loss of work, illness or change in family circumstances). .
Ultimately, the vendor and the purchaser are both consumers and ensuring that both parties have adequate representation in this usually expensive transaction is more likely to increase the possibility of a successful outcome.
When my company Buyer Solutions started trading just over 11 years ago, Buyers Agents were not popularly understood.
Many property professionals (buyers agent, selling agent, valuer, surveyor, property manager) can be part of a property transaction and their professional qualifications, knowledge and experience can help property buyers deal with all of the other affiliated industry professionals too – financiers, solicitors, property inspectors, photographers, makeover teams, tradespeople etc.
Given the increased complexity of the real estate market, it is no surprise that the most well educated property buyers are outsourcing professional representation for their purchase and consequently improving their own outcomes and the quality of the real estate industry in the process.
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