Real Estate Articles
Veteran REALTORS® on the changing business of real estate
Left to right: Panelists Tim Anderson, Phyllis Carmichael, Ethel Green, Gary Herbert, Jim Nappo, and Los Altos/Mountain View District Chair Denise Welsh (standing), who served as moderator.
Veteran REALTORS® with experience ranging from 26 to 36 years shared their perceptions on how much the real estate business has changed over the years at a REALTOR® tour meeting in Los Altos this month. Forming the panel were REALTORS® Tim Anderson and Jim Nappo, both with Alain Pinel Realtors; Ethel Green, with Intero Real Estate; Phyllis Carmichael, Coldwell Banker; and Gary Herbert, with Coldwell Banker.
The panelists agreed that technology has been the great business changer, especially in the last 10 years. They acknowledged technology has brought big advantages by contributing to the ease of doing business and quicker response time. Tools available to help REALTORS® provide better service to clients include emails, websites and virtual tours, and smartphones with the ability to send real time data to their clients.
At the same time technology has also brought new demands on REALTORS®. Buyers are now more educated than they used to be and majority do research on the Internet first before finding a home and agent. As a result, agents show buyers fewer homes, but they are also expected to be very well-versed about the market.
The business has also become more complicated with pages of documents to wade through. Carmichael can still remember when a sale merely required a one-page document, an agreement among the agents, buyer and seller, with no lawyers involved. "We hand delivered everything and spent much time on the road, driving from Blossom Valley all the way to San Carlos, just to deliver the one-page document," she added.
Today, docs can be emailed quickly, signed and then emailed back to all parties involved in a matter of hours or even minutes.
The agents noted technology has somehow diminished real estate's being a relationship business. At a time when there was no fax, cell phone or email, agents were forced to talk to each other and their clients. "A lot has been lost because people don't talk to each other anymore. They get emails and this can be a positive as well as a negative," said Nappo.
Despite changes, there have been constants in their business. The REALTORS® said they continue to take education courses, network with one another, and still see value in open houses and keeping in touch with their clients.
"Be prepared to stay in touch with customers whether from 30 years ago or recent buyers. It's such an easy thing to do," said Nappo.
While cell phones and computers have become valuable tools, Herbert and the other panelists insisted the best way to help clients understand the market is to "pick up the phone and call them, talk to them face to face."
How different is the local market today? "It's fascinating. Everywhere, it's a tailspin, but demand continues to be overwhelming here and for good reasons – the schools and jobs," commented Anderson.
Green was just as upbeat and said, "We are fortunate because there is no more land here. If you are here for a long time, you will get equity in your house because there is just no more land in this area."
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
For further information, please email or call the SILVAR office at (408) 200-0100.