The internet has been a game changer for many industries, including real estate. Many of the developments have been largely positive for home buyers and sellers.
Marketing costs have been driven down as the digital age proves to be far more cost-effective than print, the quality of promotion per property has improved and email has made connecting with buyers en masse easier and cheaper.
What many people may not know is that every property has a digital footprint of its own.
A databank of information is being collated on the property you are buying or selling. The information being collected may or may not impact on your position during negotiations.
Essentially, every property listing in Australia is promoted on at least one of the two major real estate websites, which are either owned or controlled by large media companies.
The same media companies also have ownership affiliations with the two main real estate data companies in Australia. These data companies often provide the statistics and data on the real estate market that are quoted by the media. The quality of this data is quite good, although the right to collect the data and the use of that data is open to opinion.
Most people know of the two main real estate websites. Some people know of the two main data companies. Few people know that they automatically share information about every property advertised.
Whenever your property is up for sale, auction or rent, the price, the agent and the date of the online advertisement is recorded against the property’s history. Whether the property sells or is passed in at auction is also recorded.
Many people are surprised, if not shocked, to learn that their home has a digital footprint. A footprint that is easily traceable to people in the know.
The accessibility of this information is both assisting and deterring the buying and selling process. As a buyer or a seller, it pays to be aware of the digital footprint and how it may impact you now and into the future.
Many people are surprised, if not shocked, to learn that their home has a digital footprint.
A footprint that is easily traceable to people in the know.