The Catch You Shouldn't Fall For

 

With the growth of online tools, companies are quickly building products to serve the real estate community. After all, it’s a lucrative industry, home buying and selling will always be a thing - even if it does slow down, and companies around the world are diving in to make as much money off consumers as possible.

What are they selling? The ease. The ease of buying or selling a home online. The catch? You actually don’t benefit from these online quick-sale services. In fact, you could find yourself out of tens-of-thousands in cost difference. If you’re in the market to buy or sell, and are considering foregoing a real estate agent for an online service, be sure you read the fine print. You’ll often times find that you aren’t benefiting at all. Will they buy your home upfront to resale, so you don’t have to worry about the headache? Sure, but you may have been able to get $50,000 more for your house using a Realtor. Can you see and purchase your dream home through said services and “save” on agent commissions? Sure, but you’ll probably be overpaying for the home anyway.

The real estate industry is heavily regulated for licensed professionals to ensure the consumer is always getting the best representation for the best savings. These online services don’t require regulation and licensing, therefore, they can get away with fine print “scams.”

Be sure you do your research. A Realtor is there to make YOU the most money. Quick online services are focused on making their business the most money - not focused on how much you can sell your home for or how much you can save when you buy. Licensed professionals exist for a reason, be sure you don’t lose more than you can afford to by using a gimmicky online service that dubs buying and selling an “easy” process. Any good agent will make the process easy, minus general lending issues that may arise.

Then there is the whole privacy concern. Most "free services" are in the business for one thing. Your data. We all know of the big breach in security for Facebook, that led to the accusation that personal data was used to sway a presidential election. Let's not think that Facebook is alone in this issues. Anytime you enter your personal information online more than likely your personal data is being sold to 3rd party companies so other businesses out there know how to market to you. Zillow being one of the biggest sites used for home buying is no exception, they take your data and not only sell it to Realtors but other companies looking to offer you marketing material and other services.

Ask me how Keller Williams Realty is embracing the tech industry and protecting your data! Maybe we can even throw in a listing appointment and kill two birds with one stone.