A couple of months ago, I was involved in witnessing how the purchase of a condo went and what it entailed. I had to deal with a Real Estate, which was standard procedure for anyone involved in the home buying process. Although there are pros and cons to going with a Real Estate Agent, the fact is the business of selling homes is changing. This can undoubtedly be attributed to the presence of the Internet. What used to be impossible to obtain without the help of an agent is now available with the click of a mouse. A myriad of information is now available online.
Home appraisal values, for example, used to only be available to individuals within the real-estate industry. This has changed. Sites now have access to private databases, making instant estimates of a property’s value available and obtainable to virtually anyone interested. Additionally, Zoocasa has partnered with a major property valuation company and has made the availability of local market information available to anyone possible. Individuals can enter any address in the country and by the provision of details (ie. number of bedrooms and/or baths), individuals can get an instant price estimate. This is great for homeowners as well, as it provides a realistic indication of the value of their home.
This industry will evolve online. As it does, more services will be available. Zoocasa’s appraisal site (where “Zoopraisals” are available), for example, helps consumers with specific portions of a deal. Perhaps the most interesting thing about the evolution of this industry online is that sites such as Zoocasa don’t charge for appraisals. Rather, it makes money by what the internet does best – ads! It charges real estate agents fees to have their ads pop up along with the data.
The presence of websites like these represents the weakening position of real estate agents, which is great news for any potential buyer. After all, can you really justify paying your agent commission, which often costs about 5% of the value of the home?
October 28, 2011 By
