Archive for May 19th, 2009

The Truth about Searching for Real Estate Online

Most Realtor’s websites are dominated by two things: “Look how wonderful Suzy or Jack Realtor is”; and property search. This site is different. I would rather show you that I know what I am doing than toot my own horn. And the search link takes you to my brokerage’s site. Why? First, because I see no reason to waste money (that I could use to market my listings) and time (that I could use to help clients) — just to compete with Realtor.com. The other reasons are below

There are a lot of ways to search for real estate online. Almost any brokerage website has a search function right on the front. Most of that information comes from their local MLS (Multiple Listing Service), filtered for public use. That same information is also available through Realtor.com, Zillow, and a bunch of other real estate websites. Some of these sites are easier to use than others, but all share some similar problems.

It’s hard — if not impossible — to search for very specific things: Most real estate searches fall short once you get beyond how many bedrooms and other very broad criteria. Maybe you know exactly which school you want your kids to attend. Maybe you’ve read about how complicated short sales are and want nothing to do with them. Maybe you’re an investor, so a property with a tenant in place is preferable. On the other hand, maybe you are planning on moving in yourself, so tenant occupied won’t work. Even something as simple as “single story vs. two floors” can be hard to do on many sites. Sometimes, the price ranges offered in the site’s “picker” are so wide as to be useless — making things difficult if you already have your pre-approval letter and know to the penny how much you can spend. Why is this? So you’ll call your Realtor!

Availability is an issue:  Many search sites make no distinction between homes that are actually available and those that have pending purchase contracts. That increases the number of possible listings you’ll see on any given search. On a regular basis, I have clients who send me lists of homes they are interested in seeing — only to be told they aren’t actually available. This is a frustrating situation for both the client and myself. The client first thinks I am an idiot for not presenting these “perfect” listings, then they feel duped when they find out the home isn’t available. Why is this? So people will call the listing office, and be told “Oh, I’m sorry that one isn’t available anymore, but may I run a custom search of similar homes for you?”

Over 80% of buyers use the internet to start their home search. Many sellers also use online resources to help figure out what their home is worth before calling a listing agent for a Competitive Market Analysis (CMA). However, the tools available to Realtors gives a whole lot more information than is available to the public at any website.

The truth is that real estate search sites aren’t really about helping you find a home. They’re about increasing your interest in real estate and getting you to talk to a real estate professional.

That’s why I can say without fear of being contradicted that I can save any home buyer time when searching for a home — and “time is money.” I can also save sellers time (and ensure they get all the money they can) by finding truly similar homes for market analysis. Feel free to search online. But when you are serious about finding instead of just searching, call the number at the top of the page or click the “Contact Me!” link in the sidebar.