The way the real estate industry ran before the internet versus how it operates today is drastically different. We thought it would be fun to look back and see how far the home buying and selling process has come.
Going all the way back to the 1800s, real estate brokers would gather at their local association to share information on properties for sale. This is how the first Multiple Listing Service (MLS) began.
Before the internet was publicly provided in 1991, everything in real estate was done manually. A realtor would receive a printed book of the Multiple Listing Service (MLS), which showed all of the homes on the market. It was a challenge to keep current as properties sold faster than the MLS was updated and distributed.
Nowadays, anyone can search the MLS through their realtor’s website and see all of the current listings on the market. This saves both the client and the realtor a lot of time by weeding out homes that won’t fit the buyer’s needs.
People interested in buying and selling real estate used to pick up the phone and call their realtor about a particular property. Now, they pick up their phone and check out their realtor’s mobile app to search for property information. In fact, almost 100% of home buyers search online when looking for homes now.
Before the internet, it was more time consuming for a realtor to learn different cities and neighborhoods to provide the most knowledge for their clients. Now a realtor can use the internet to learn the dynamics of a larger radius and provide better service. With that extensive knowledge, realtors can use video, blogs and social media to provide education to a wider net of potential home buyers and sellers.
Lastly, transactions can go more quickly thanks to technology. Instead of faxing, mailing or hand-delivering documents, agents can communicate quickly and easily through phone, scanning and emails. Documents can even be signed online to make things faster and easier.
Nearly every industry has seen drastic changes thanks to technology and the internet. As realtors, we are thankful for the advances so we can provide the very best service to our clients.