Innovation or Imitation?
USA Today’s July 26 editorial, Real Estate Status Quo Seals Raw Deal for Consumer, asks the question: “Why has the Internet, which has revolutionized other business, had little effect on real estate?”
The question itself is wrong. You see, unlike many other industries that have been dominated for decades by large, slow-to-move companies, real estate is about as competitive and dynamic an industry as you can find. New agents and brokers are entering the business every day – and they are using technology to revolutionize the business.
The Internet, in particular, has completely changed the way many consumers shop for real estate, and technology, in general, has impacted how real estate professionals attract clients and provide service. The number of REALTORS who have a web site has increased 129 percent during the past five years, and nearly 90 percent of REALTOR firms have web sites with searchable property listings. Online listings and virtual tours are becoming commonplace, and many brokers are using online transaction management platforms to bring efficiency to the entire process. Such developments are saving real estate professional and their clients time, money and plenty of headaches.
The real estate industry is a textbook example of how innovation thrives in a competitive, consumer-driven environment. If some companies are struggling to stay ahead, maybe it’s because their “innovation” really isn’t so new after all.
