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Non-Tech : Cendant Corporation (NYSE:CD)
CD 7.420+5.7%Dec 4 3:59 PM EST
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To: Doug Bean who wrote (2825)12/29/1998 3:23:00 PM
From: Wren  Read Replies (1) of 3627
 
It would be interesting to know from real estate sales people how you think the internet is going to effect your business over the next ten years.

I recently read of a special industry meeting on the West Coast on the subject. In that meeting they discussed the possibility that the internet will make major changes.

I don't remember the exact numbers. They said that where the internet is used, the average buyer looked at about 5 properties and bought in a month. The numbers given for the traditional buyer were much higher, like looked at 12 - 15 properties and took three months to make a purchase.

A local real estate man has a radio program. I heard him say one day that 6% commissions were too much in his judgement, but it was necessary to make the industry go. He cited a lot of part timers working and a lot of inefficiencies that contributed to the necessity of commissions at that level.

Do you think the internet is going to create opportunities for efficiencies that will give rise to discounters, similar to a WalMart in traditional retailing?

I recently had occasion to look at some local websites on real estate. It was clear that the real estate people are not trying hard on those sites. A large number didn't even have a picture. Just a very few had several pictures of a property - such as how it looks from the street, a back yard view, and one or two interior views. Very little dialog was included. In most instances you couldn't even tell the location without looking at a street map.

My feeling was the agents were afraid to present too much information. That they wanted face to face contact. From the numbers in a prior paragraph, it looks like an agent with a really informative web site might be able to significantly increase his or her volume by spending a lot less time showing properties for each sale that is closed.

Of course, I don't know the business and would be interested in the views of people in the business.
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