Internets Impact On Real Estate

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While the internet has brought many positives, particularly the way marketing costs have been driven down thanks to web sites lowering the need to rely on print media and the ease of email communication with buyers en masse, there is a downside.

The history of virtually any property that has been bought, sold or withdrawn from the market in the past can be found on the net.

This information can impact both positively and negatively on buyers and sellers when negotiating the purchase or sale of a home. Every property listed in Australia is promoted on at least one of the two major real estate web sites – realestate.com.au and domain.com.au. These sites are either owned or controlled by large media companies that either own or are affiliated with Australia’s main real estate data companies – RP Data and Australian Property Monitors.

Whenever your property is put up for sale, auction or rent, both the price and the agent you are using, along with the date the online advertisement was uploaded is automatically recorded in that property’s history. Whether the property sells or not, whether it is passed in at auction or withdrawn from the market is also recorded. This is what creates that property’s digital footprint. It is fast becoming a ‘pseudo credit rating’ for any property.

Sellers need to be aware that the extensive use of the Internet means that every property has a digital footprint, a traceable history of prices, sales, etc”

If there is a lot of activity (buying and selling or attempting to buy and sell) that is recorded against your property, the more likely people will assume that something may be wrong with your home. The availability and abundance of information these days can either greatly assist in the buying and selling process, or be detrimental to it.

 

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