Tuesday, 10 August, 2010

Real Estate on the Internet

Commercial real estate is a different market from residential real estate, but I think there's probably a strong similarity in the patterns of how people search for a home and how they go about looking for office space - especially for smaller sized suites.
The data below is from a survey conducted by the National Association of Realtors in the US in 2008. The survey found that 85% of buyers used real-estate agents but that 87% used the web to get information on homes.
When asked about the first source of information about the home they purchased,  only  34% reported that they found out about it through their realtor.  32% of buyers found their homes on the web first.  Even though agents participate in the majority of transactions, buyers find most of the opportunities on their own.  The internet is by far the greatest alternate source of information. 
If 87% of home-buyers are using the web to find real estate, it is reasonable to expect that the vast majority of people looking for commercial space will start their search online too.  These days, if you are looking for anything, you'll most likely start with a web search. 





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