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The Internet is Applicated in Real Estaten
the company and to market services. In addition, about one-third marketed property from their site, providing detailed information on the characteristics of buildings available, surrounding communities, and other related data. Other Web site uses include employee recruiting, providing information for members or investors, and disseminating related information on topics such as regulations or real estate markets.
What does the Web specifically do for Real Estate?
According to Activemedia, an internet research company, some of the sectors experiencing the greatest growth in terms of their presence on the Web in 1998 were computer hardware and software, real estate, publishing and information, finance and Internet services. A significant initial motivation for this rush for the Web is provided by, what can be termed, the \had an additional advantage over those who did not; information on their services, products, home listings now be accessed conveniently by those with computers. The low setup cost, however, and the potential disadvantage of not having a Web presence has propelled others in the profession to set up their own sites.
Real estate shares in some of the basic advantages of the Web mentioned earlier, such as ease of marketing, communication and feedback from clients, lowered costs of operations and convenience of customer service and support. In addition, the Web provides positive features specific to the real estate industry.
Key elements include the following. 1.Increased geographic reach.
The Web has dramatically increased the geographic reach of both buyers and sellers. Although the \perhaps never be whittled away completely, there is no doubt that inquiries about properties can now emanate from far away to a much
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The Internet is Applicated in Real Estaten
greater degree than before. This, in turn, potentially increases the size and \2.Capability of visualization.
In some sense, increased geographic reach has become possible due to the other emergent feature of the Web, the capability of visualization. In its most state-of-the-art form, Web sites now allow prospective buyers to take virtual tours of homes, resorts, hotels and convention centers.
3.Reduced transaction costs.
The Web may reduce transactions costs. This has been particularly apparent in the case of mortgages. According to Fannie Mae, 1.5% of all mortgages were handled online this past year. The Web-attributable features that make this kind of a transaction possible are instantaneous comparability, interactive capability, online calculation, online applications, and continuous updating of the sites. 4.Improved information dissemination.
The Web offers broad opportunities for increasing the scope and depth of information provided by many different types of firms. A well constructed home page gives an overview of a firm's range of services or activities. Links allow the customer or client to learn much more detail about the selected items of most interest, while ignoring less relevant pieces of information. A number of sites take advantage of the ability to link to resources beyond the company's Web pages, linking customers and clients to related Web resources.
Unlike retail sectors, such as books and computer hardware, the Web as yet has not become a threat to the \real estate firms. Instead, it is more likely to be used as a means of expanding services offered or locations served. However, in the long term, the Web and related Internet technology have the potential to change the structure of business activity, which in turn will affect the
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The Internet is Applicated in Real Estaten
demand for real estate in type if not in quantity. For example, some retailers already have closed stores while expanding sales on the Web. Also, the Internet has been seen as one factor allowing the decentralization of office space. These trends to date have not led to a decline, but rather to a redistribution in the demand for office, retail and warehouse space.
These are summarized .Speculation on Potential Impact of Internet on Real Estate Industry.
1.Shortening of Transaction Cycle 2.Precise Market Targeting 3.Transformed Competition
4.Cost savings:a)Marketing,b)Sales,c)Operation
5.Possibility of Disintermediation;Lowering of Commissions 6.Combination of Comparison Shopping and Direct Sales 7.Access to MBS Secondary Market
How to Find the Real Estate Sector on the Web
There are a few key sites that can be used to access the broad range of real-estate related Web sites. These include:
www.realtor.com-Site sponsored by the National Association of Realtors, linking users to realtor, home sales and market information.
www.nahb.com-Site sponsored by the National Association of Home Builders, providing a wide range of market information.
www.pikenet.com-Directory to commercial real estate sites, including brokers,developers, investors and analysts.
www.interestratesonline.com and www.mortgagelocator.com, two sites that provide users with information about mortgage rates, mortgage brokers and with the opportunity to submit an application online.
www.nareit.com (National Association of Real Estate Investment Trusts) and www.reiac.org (Real Estate Investment
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The Internet is Applicated in Real Estaten
Advisory Council), two associations related to real estate investment trusts.
www.car.org-The California Association of Realtors site. www.uli.orgthe site for the Urban Land Institute, with information on the organization, programs, conferences, and publications related to real estate and land use.
www.internetreview.com has three online magazines including National Real Estate Investor, Shopping Center World, and Midwest Real Estate News. An additional real estate online magazine, can available at www.ired.com.
Ashok Deo Bardhan RESEARCH FELLOW
Cynthia A. Kroll
REGIONAL ECONOMIST
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