Category: internet

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Home buyers become internet detectives

detectives

Home buyers have access to more information in today’s internet connected society than ever before. Home buyers have become internet detectives, doing their home buying research online.

Years ago, a buyer would have to act as a detective to verify or uncover more information about a home; their sleuthing could take up lots of time at the court house and library, as well as interviewing neighbors.  Besides the seemingly countless number of online resources for home searches, buyers today also have many internet resources available to them to obtain home and neighborhood information.

Home buyers are internet detectives.

Neighborhood and demographic information are now readily available online in many home search websites.  For example, neighborhood information currently displayed includes information about a zip code that includes: home sale statistics; general population demographics; economic, school information and environmental information; and even information about quality of life.  Other popular search sites with lots of valuable information include (but not limited to): zillow.com, trulia.com, and redfin.com.

Many home buyers also look to greatschools.org as a reference for local school information.  The website describes itself as a national non-profit whose mission is to “inspire and support families to champion their children’s education – at school, at home and in their community…”

As interest in the paranormal has increased, more people are interested in knowing if someone died in their home.  For a fee, diedinhouse.com offers a report that could include: if a death occurred in the home, the name of the deceased, cause of death, list of previous residents, and possible information about the death.

Besides commercial websites; state, county and municipality websites also offer an abundance of information.  For example, some of the local agencies that maintain websites hold valuable data to home buyers and owners.  For example, the Montgomery County Department of Housing and Community Affairs’ eProperty Data Mining Tool.  The tool allows you to search multiple State and County databases for information about a home.  Information that may be included: Department of Assessments and Taxation Real Property, code enforcement, permits, and Montgomery County Police.

Home buyers who are curious about neighborhood crime can find a number of commercial websites that map crime and offender information; however, to get accurate and timely information, you should probably look to the local police departments.  By directing specific questions to the police by visiting local precincts, you can obtain a wealth of information.  However, much of the information can also be viewed online: For example, the Montgomery County Police website has links to local crime statistics and even active warrants.  The site also has a link to the sex offender registry (which is maintained by the Maryland Department of Public Safety and Correctional Services) as well as information about receiving alerts when an offender moves into your zip code.

Another local agency that offers information is the Montgomery County Department of Permitting Services.  The website offers a data search tool that can display recent permit applications and permit status for a specific address.  The site also includes zoning and code information.  However, online County Master Plan (montgomeryplanning.org) information is offered by Montgomery County Planning Department, and can be viewed at.

As online resources grow, anyone can join the “internet detectives.”  Although there are many online resources available, the websites listed here are not inclusive; I am not endorsing any commercial websites.  Besides being cautious when visiting websites; you should acknowledge that many commercial sites are not 100% accurate, as disclaimers will disclose that technical and/ or reporting errors can occur in the collection and/or reporting of data.

Original located at https://dankrell.com/blog/2014/01/24/home-buyers-become-internet-detectives/

By Dan Krell
Copyright © 2014

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Disclaimer. This article is not intended to provide nor should it be relied upon for legal and financial advice. Readers should not rely solely on the information contained herein, as it does not purport to be comprehensive or render specific advice. Readers should consult with an attorney regarding local real estate laws and customs as they vary by state and jurisdiction. Using this article without permission is a violation of copyright laws.

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Amazon and real estate – will Bezos’ vision change marketing of home listings

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homesThe big news this week is of course Jeff Bezos’ purchase of the Washington Post. Why would the man who predicted the demise print media pay $250 million for a regional newspaper and a handful of associated local papers?

If the real estate business is a window into how media plays a role in the daily lives of the average American, then Bezos’ purchase might be a head scratcher. Over the last five years, the National Association of Realtors® annual Profile of Home Buyers and Sellers (realtor.org) has demonstrated how the internet has increasingly played a role in how home buyers actively searched for homes. In 2007, the Profile of Home Buyers and Sellers indicated that about 60% of home buyers completely relied on the internet to search for their home, while about 21% did not use the internet at all in their search. Compare those statistics to the 2012 Profile, which reported that 90% of home buyers used the internet to search for homes; and home buyers who were younger than 44 years of age, the use of the internet is reported to be 96%!

It seems as if home buyers relied on the weekend real estate sections of the paper for a leg up on new home listings and open houses. Real estate agents and brokers happily paid to have their listings included in what seemed to be the weekly catalog of homes for sale. In addition to the home listings, print real estate sections also included other related information (such as decorating, renovation, and buying/selling tips).

However, as the NAR’s Profile of Home Buyers and Sellers indicated, there was a sharp increase in the reliance of the internet to search for homes from 2007 -2012. The time frame is no coincidence; besides the exponential increase in technology and computing power during this period, it also covers the housing bust and subsequent foreclosure crisis. This was a time of tight advertising budgets and the search for efficient advertising modes; the internet offered a bigger bang for the advertising dollar, offering a more robust real estate platform than print could ever offer.

And although there was a colossal increase in the reliance of the internet for real estate listing information in the last five years, there was a consolidation and reorganization of online real estate content during that time frame as well. As the housing market declined in 2007, many sites stopped syndicating their own content and instead partnered with one of the high profile, well organized real estate portals.

It might seem as if the purchase of the Washington Post by an internet visionary who had once foretold the death of printed news might be confusing. But if you understand the Amazon.com business model and how it revolutionized the purchase and delivery of print and recorded media, you would not speculate that the purchase of the venerable news organization was to expand an internet empire to the newsstand – but rather you might believe that the purchase was to acquire a widely recognized brand that generates a considerable amount of content that can be packaged and sold through Bezos’ established model.

Just as the internet revolutionized real estate content and home listings, you might imagine how Bezos’ novel news paradigm could increase the robustness of content and distribution of home and open house listings.

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This article is not intended to provide nor should it be relied upon for legal and financial advice. Using this article without permission is a violation of copyright laws.

By Dan Krell
Copyright © 2013

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The next real estate technology breakthrough

by Dan Krell © 2013
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DanKrell.com

Real estate predictionsBesides face to face meetings, the telephone was the only way real estate agents could communicate with their clients up until about 1990.  By the mid 1990’s the fax machine was a fixture in every real estate office and was a major method to send home listings and contract addenda to clients.  By the housing boom in 2004, large numbers of home buyers turned to the internet to get the latest home listings before other buyers; and during that time, many real estate brokers and agents were taking to the internet finding rudimentary uses for email marketing.

Much like the advances in previous technologies that made the “business” of real estate easier, current advances also seek to make the process increasingly convenient and efficient.  Before the internet was widely used, the increasing abilities of fax transmissions made communication faster and more accurate.  And even though there has not been a major technological advent since the internet, the internet experience has much improved due to the exponential advances in computing power as well as widespread wi-fi access and increasing bandwidth.

Ten years ago, most home buyers and sellers used their desktop computer to access the internet; mobile computing was somewhat in its infancy.  Advances in mobile technologies, including smart phones, have untethered home buyers and sellers; they now have access to real estate information at their finger tips any time of day, wherever there is a signal.  Additionally, real estate websites can now send listing alerts via text messages.   Technically known as “short messaging service” or sms, texting is not only allowing  the “set and forget” convenience of the home search, but allows anyone to communicate contract details and showing instructions with minimal effort.

The internet as a platform has really changed the home buying and selling experience.  Home buyers and sellers don’t have to wait for their agent to send listing information; and because they don’t have to meet with their agents to sign documents, fax machines have basically become obsolete.

Electronic signing is a technology that is becoming increasingly popular, especially for those who have busy schedules.  The technology allows a person to review and electronically sign a document it via the internet.   Too bad for Fed-Ex, as e-signing has all but eliminated the need to send packages of documents to be signed; most notably, the use of electronic signatures has made the process easier for international home buyers and sellers.

It might seem as if technology is not only allowing consumers to conduct the business of real estate with increasing convenience and efficiency, but also lessening the reliance on real estate professionals.  Ten years ago, most home buyers relied solely on their real estate agent for home listings.  Today, however, a majority of home buyers search the internet for home listings and public information.

However, as information is increasingly available, real estate professionals have become even more relied upon to decipher and provide perspective to the information that consumers are accessing.  A real estate agent’s role is continually changing from the information “gate-keeper” to information analyst.

So, I don’t expect real estate agents to be replaced by androids or Star-Trekesque holo-decks in ten years time; however, new technologies will continue to make the home buying and selling process easier and increasingly efficient.  But, who knows, maybe one day the holo-deck could allow buyers and sellers, who are thousands of miles apart, to attend settlement together.

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This article is not intended to provide nor should it be relied upon for legal and financial advice. This article was originally published the week of June 17, 2013 (Montgomery County Sentinel). Using this article without permission is a violation of copyright laws. Copyright © 2013 Dan Krell.

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Real estate integrity on the internet

Real Estate integrityThe internet is brimming with information.  And although a lot of information is based in fact, there’s plenty that is not.  People often fall prey to internet half-truths because information is often presented convincingly with conviction by websites claiming to be the authority.  The internet can be such a quagmire that even some trusted and reliable media outlets have been fooled. How about real estate integrity?

Home buyers and sellers are increasingly depending on the internet for information to assist them in buying and selling real estate.  Many real estate websites that are visited not only contain current homes listed for sale as syndicated by the local MLS; they may also post homes for sale by other sources that include homes for sale by owner, fake listings posted by desperate real estate agents, and advertisements from other websites.  Unless you know what you’re looking for, you might never know the posting source or how long it has been posted on the site. Real estate integrity may be lacking.

The MLS syndication is usually updated to ensure accuracy, even if it’s not always timely.  However, it’s the list of FSBO’s, sham listings, and advertisements that can be out of date and/or used to lure consumers to visit other sites.  Some home buyers/sellers can be lured to occasionally spend money for bargain homes for sale and home sales information.

Sometimes, real estate integrity is intentionally substituted for salesmanship. Some real estate websites post advertisements as “teasers.”  The teaser may show a home for sale at a great price, but could lead to another website that may charge for the full information about foreclosures or bargain homes.  Once on these sites, some consumers misunderstand that all the homes listed are for sale.  The reality is that although these sites provide a service of collecting and posting public information about homes that have foreclosure notices and other related information (and sometimes even list MLS listings for sale), not all the homes are for sale.  In fact some of the homes listed as distressed properties may never be offered for sale as a foreclosure because the home owners resolve their issues without losing their home.

The internet continues to be a source of real estate related scams.  Internet real estate scams continue to prey on susceptible home buyers and sellers, as new and sophisticated cons are devised.  Scammers often post fake names and photos to present themselves as being local, when they are not.

Yes, many property websites have taken steps to maintain real estate integrity by monitoring postings, and allowing user feedback to flag problem listings; and some of the leading real estate websites strive to continually improve on the consumer experience.  However, if you want up to date and accurate home listing and sales information, talk to a real estate agent.  Your agent has access to the local MLS and can not only provide you with timely home listings and contract status; they can also provide you with an up to date home sales analysis.

Just because you found it on the internet, does not necessarily mean it’s accurate.  Practice due diligence and check out the source.  A lot of real estate related information posted on the internet can be verified through public records.  Public information is often readily available on the ‘net, and can be found on public websites maintained by State and local jurisdictions.  For more information on protecting yourself on the internet, visit the “scams and safety” link on the FBI website (FBI.gov).

Original located at https://dankrell.com/blog/2013/02/28/real-estate-and-the-internet-its-gotta-be-true/

By Dan Krell
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This article is not intended to provide nor should it be relied upon for legal and financial advice. Using this article without permission is a violation of copyright laws. Copyright © 2012 Dan Krell.

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SOPA and real estate; Unintended consequences?

If you don’t surf the web very often, you may not have heard about SOPA and PIPA. No, SOPA is not something to wash with nor is PIPA the Duchess’ sister.

SOPA (H.R. 3261: Stop Online Piracy Act) and PIPA (S. 968: Preventing Real Online Threats to Economic Creativity and Theft of Intellectual Property Act of 2011; also known as Protect IP Act) were introduced with the intent to stop internet piracy and protect intellectual property. Essentially, the legislation gives the government authority to take down websites if a court finds a site in violation of the legislation; these websites would be considered “rogue” sites.

The main intention of the legislation is to protect intellectual property and revenue; there has been an annual increase of complaints of internet piracy, unauthorized copying, and counterfeit products that proliferates the internet. The bills are in the process of the maneuvering through Congress. H.R. 3261 is in “committee,” which is typically the first step after a bill is introduced in the House of Representatives; while S. 968 was recommended to be voted on by the Senate. Although the bills are the center of controversy, it is possible that they might not pass; but rather the wording could be incorporated in other legislation (much like the Indefinite Detention Without Charge or Trial provision that was included in the National Defense Authorization Act for Fiscal Year 2012, which was signed into law December 31st).

SOPA lists, among other things: expanding the definition of criminal copyright infringement; expanding what constitutes criminal trafficking of inherently dangerous goods or services; as well as increasing penalties for specified trade secret offenses and various other intellectual property offenses.

Supporters for SOPA/PIPA contend that internet theft has reduced corporate earnings; passing this legislation would protect their intellectual property from illegal distribution on the internet by shutting down or restricting access to offending websites, thus protecting revenue and entrepreneurship.

Critics claim that the legislation is an over reach and has the potential for abuse, which if passed could allow larger companies to control internet commerce by forcing competitors to take down competing websites. Some argue that such legislation, which concerns many bloggers and some news outlets, may conflict with the first amendment.

For example: the operators of Craigslist claim that if the legislation passes, they may be ordered to shutdown (http://www.techdirt.com/articles/20111005/10082416208/monster-cable-claims-ebay-craigslist-costco-sears-are-rogue-sites.shtml); Craigslist is listed by Monster Cable® as an “unauthorized dealer” and “blacklisted” along with Sears, Costco, eBay, and many other sites for allegedly selling counterfeit products (http://www.monstercable.com/).

The internet has become a major source of real estate information; consumers and professionals search the internet daily for home listings by brokers and FSBOs, housing and economic news, legislation, public and other related information. The National Association of Realtors® 2010 Profile of Buyers and Sellers indicate that 89% of home buyers use the internet for information and home searching. The number of home buyers, sellers, and owners using the internet to assist them in making a real estate related decision grows annually.

Although the consequences of enacting SOPA/PIPA into law (on the real estate industry) are unclear, it would be undesirable and unfortunate if readily accessible real estate information were to be unduly restricted by some association’s or real estate company’s claim of content ownership. Learn more about SOPA/PIPA, and provide feedback to our Representatives and Senators.

by Dan Krell
© 2012

This article is not intended to provide nor should it be relied upon for legal and financial advice. Using this article without permission is a violation of copyright laws.

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