… some challenges and successes relating to digital music and parallels between the music and real estate industries. Mike Masnick will speak about this at Inman Data Summit January 25 – 26.
For instance, as consumers now have ever more real estate-related information at their fingertips from both third-party and industry sites, the role of the real estate professional has shifted from gatekeeper of information to enabler, Masnick said.
“There is still a role for middlemen to (help consumers) understand the process and the pitfalls and the best practices (of real estate), but their role is no longer as a gatekeeper,” he said.
One way real estate professionals can adapt is to change the way they look at the market and what they can do to make the consumer experience better, Masnick added.
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Hope you can join us at the Inman Data Summit next week!
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4 Responses to “What do Napster and the Real Estate Industry have in common?”Comments
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Napster wasn’t just about FREE music, it was about changing the way music (information) was distributed. Can you see the similarities? What other industry parallels can you think of?
Consumers may have more information but what is the quality of that information, is it correct or even close to the reality of the local market?
Thanks Mark. I completely agree with you about questioning the quality of the information consumers have access to through dozens of different sites. However, consumers don’t know this and that’s what really matters. Perception is (their) reality. In addition, this is a lot of “noise” out there and the volume is turned up loud. This makes it even more difficult for consumers to interpret and truly understand.
Because information is inaccurate the Realtor spends time with consumers backpedaling on the local market. It has brought a distrust, and consumers are asking who is right. Their perception can also be what they want to hear. AVM on websites should be under scrutiny of the consumer protection, they (AVM) have caused further damage to the real estate market.
Travel, music, stock market sites don’t give “estimates,” big difference!