Monday, September 04, 2006

Real Estate Bubble Goes POP!

Yes, I know...this post has nothing to do with technology...or does it? About six months ago I purchased my first property, a small condo. Initially I was excited about going through the process since most people I had talked to said owning your own home was a rewarding process in itself. Boy did I have a lot to learn. Turns out the process was a total pain in the ass with the biggest headache being the Real Estate broker. Even though a I had retained the services of a buyer's agent I still got run around over prices and since I was not buying something worth millions of dollars I got minimal service from both sides. So, after three months of basically doing my own research I finally found a nice place that fit my criteria. Now, after the initial purchase has passed and I have had some time to settle into my new place I can look back on the process with a bit less emotion but I sill can't even imagine doing it all over again. So what does this rant have to do with technology? Quite a bit....

You see, I was doing some random surfing and ran across this story about how traditional Real Estate brokers are starting to feel threatened by online broker services such as Redfin. GOOD! Bout time they stated to fell the heat! 6% commission? Not anymore, now they will have to start being more "customer focused" or bad things may happen. Just like the music industry, it's now time to make some changes and focus on the future before they get steamrolled by some new technology (like Redfin).


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