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Growing Online Usage Changes Buyer Realty Habits
An application for REALTORS®

It was in 1992 when a broker first described an online home sale to me.

"Don't tell anyone," she said. "No one in my area is online and I don't want my little secret to get out."

Today even hermits know about the Internet. What was once a hobby and a curiosity is now a full-blown medium. Depending on who you ask, 45 to 55 million people are now online, a number that keeps growing.

Rapid growth is also translating into widespread acceptance. E-mail is no longer an oddity, being online is entirely common, and Web addresses show up on ads and stationery. And while issues of privacy and security continue to bother many online users, the reality is that many shop the Web today with confidence.

  • Ticketmaster sells 70 million tickets a year through 2,900 outlets. In the first quarter of this year, Ticketmaster reported selling 523,000 tickets online, up 270 percent from the year before.

  • 1-800-Flowers had a record Mother's Day with sales up 157 percent over the same holiday last year. "For the first time," said company president Jim McCann, "our Website orders exceeded those from our AOL site."

  • Most amazingly, Dell Computing reports online sales now top $6 million -- a day. That's better than $1.8 billion in sales per year.

In like fashion we can now see the development of an online realty marketplace.

Several years ago use of the Internet in the home buying process was fairly close to zero. The 1995 edition of "Targeting Prospective Home Buyers and Sellers," a bi-annual study produced by the National Association of Realtors, showed that only 2 percent of all buyers relied on the Internet for real estate information and advice.

But times have changed. The latest buyer/seller study from NAR shows that 18 percent of all purchasers are relying on the Internet for home buying information -- more than bank on builders, home sellers, or television.

Of equal interest, 51 percent of the buyers surveyed say they would use the Internet again as an information source, while 42 percent are not certain and 7 percent would just say "no."

What these numbers demonstrate is that as Internet activity increases, more and more people are using the Web to find realty information and listings. That's been apparent from anecdotal stories, but now there is hard data to back-up the general sense that online real estate marketing is a reality.

There is also something else: Thousands of brokers have gone online in the past two years, meaning the volume of information and data has increased substantially. The result is a kind of circular marketplace: As more brokers provide services online, it becomes easier for consumers to find property information -- thus encouraging more buyers and sellers to check-out the Internet for real estate listings and information. In turn, as more consumers use the Web, more brokers go online to win their business -- and then the cycle is repeated.

Question Of The Week

Q We own a small apartment building and have one tenant who is sloppy and always late with the rent. We really want to get rid of this fellow and wonder if we can force the issue by simply taking the front door off the hinges for a few days to make "repairs."

A No. What you propose is an example of "constructive eviction." The tenant will likely turn around, sue, and win.

If there is a lease, you must honor the lease. Having accepted late payments to this point may limit your ability to now complain. If there is no lease, give the required written notice and then you can have a court evict the tenant if he does not move. Please see a real estate broker who specializes in management for details.

Weekly Resource

There are a huge number of Internet sites offering free programs and materials. Among the best is the Pambytes Free Clipart & Web Graphics site. The stuff on this site is really without cost, and there are no bothersome requirements that sometimes accompany "free" materials. What you will find here is professional-quality art for use online, presented in a way that makes use and downloading simple.

Published: August 18, 1998

Use of this article without permission is a violation of federal copyright laws.


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Editor's Note: This article reflects the opinions of Peter Miller only and not necessarily the views of this or any other publication, organization or Website owner.






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Today's Headlines 08/18/1998


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