In 1989, I transitioned from mortgage banking to real estate sales. When I was a mortgage banker, fax machines and voice mail were the game changers. Realtors no longer had to hand deliver documents so a loan could fund when a fax would suffice. In both mortgage banking and real estate sales voice mail was a time saver for all of the detailed messages that receptionists didn’t have the time to relay. There have been numerous changes in the real estate industry:
The game changer in real estate was having listings on the Multiple Listing Service and not having to wait for “the book”. The book came out every two weeks. Real estate agents in larger offices had the advantage of learning of listings before they made the book. In 1989, the real estate market crashed and the way business was conducted changed again.
When I first began selling Los Angeles real estate the purchase contract was two pages, it is now ten. Each year we have more disclosures. And we have Docusign which allows home buyers and sellers to sign online. This platform makes it too easy to sign. Consumers need to remember that some of these disclosures are very important. Being overwhelmed with paperwork and not paying enough attention is one reason we had the mortgage melt down. Many home buyers didn’t understand their loan programs and the ramifications of negative amortization.
In the beginning of the 90’s most open house hours were often four hours. One to five or noon to four PM and primarily just on Sundays. Now most open houses are two to four PM and Saturday open houses are more common.
The biggest change in the real estate industry is the internet and all of the real estate portals. Home buyers need to be careful when contacting agents from these sites as they are often not contacting the listing agent but an agent who is paying for these listing leads (the consumers contacting the portals). I contacted Realtor.com and was told that if I want the inquiries on my listings, it will cost me $900 a month.
Of course, there will be numerous other changes in the real estate industry and I and most other real estate agents will adapt and embrace the changes.
From the client point of view I think the on line signing is the greatest development. It was very inconvenient arranging document signing appointments, coordinating schedules and getting more time off work.
A lot of changes over the years, but you have kept up admirably!
You have helped me sell my property without any hitches! Thanks for a job well done!