Australian (ASX) Stock Market Forum

The Google Monster finally stomps on the fat Australian real estate business

Jump to new
B

bugmenot

Joined
19 March 2009
Posts
56
Reactions
0
Stomp Stomp Stomp, yes Real Estate Agents, those are the sounds of the giant google monster coming to deliver a big can of downsize to your asses. Meet your new friends the Movie Industry, the Recording Industry and soon the Newspaper Industry.

Maybe a tad exagerated right now, but give it a few years and hopefully google will give this industry the transparency it has lived off covering for decades...

http://maps.google.com.au/help/maps...n&utm_source=en_AU-van-apac-au-gns-realestate
 
And a quote from the M&K blog:

And then came Google …

This is a possible game-changer and one that should put a chill down the spine of every estate agent, newspaper and real estate website. Google has put together simply the best, most complete, real estate portal we have seen.

But that’s not all. Anyone can list – be they agents or private sellers – and the cost is … $0.00.

Compared to? A one-time 4.5 x 6.3cm ad in The Age real estate section will cost you a shade over $850. A listing on the Fairfax real estate site, domain.com.au, will cost you $500 for four weeks. Listing on Australia’s dominant real estate site (close to twice the traffic of domain), realestate.com.au, is only available through agents.

Suddenly do-it-yourself has become a real option. The whopping commissions agents have taken for, essentially, hanging around doorways when inspections are on, are looking shaky. Advice on price? You can get that on-line. Help preparing an ad? That’s here. Legals? The hills are alive with the sounds of lawyers.

Have a quick look at how it’s working for a simple ‘Toorak, Vic‘ search. And that is just the start.
 
bugmenot said:
And a quote from the M&K blog:

And then came Google …

This is a possible game-changer and one that should put a chill down the spine of every estate agent, newspaper and real estate website. Google has put together simply the best, most complete, real estate portal we have seen.

But that’s not all. Anyone can list – be they agents or private sellers – and the cost is … $0.00.
...
Click to expand...

I suspect that this can change after site gets popular.

Remember free automatic teller-machines?
 
Nice one Goog...stick it to em (while lining your pockets) well if your sitting here thinking of the Real Estate agents dont call IG Markets (i think its called) but if you think Google will go up in price )))) that damn add

better rush out and buy more GOOG shares... ) before it runs to $700+ again
 
warezwana said:
Nice one Goog...stick it to em (while lining your pockets) well if your sitting here thinking of the Real Estate agents dont call IG Markets (i think its called) but if you think Google will go up in price )))) that damn add

better rush out and buy more GOOG shares... ) before it runs to $700+ again
Click to expand...

Agree mate, RE Agents are underworked and overpaid salesmen. Its an absolute con.

Bring it on google.

gg
 
Real estate , I was an agent for 20 years, easy money, they'll still be doing the selling and getting the commissions, the ones that might suffer are Fairfax (Domain) and Realestate.com.au (50% News Ltd)
 
MrBurns said:
Real estate , I was an agent for 20 years, easy money, they'll still be doing the selling and getting the commissions, the ones that might suffer are Fairfax (Domain) and Realestate.com.au (50% News Ltd)
Click to expand...

I think google has seen an opportunity to increase the number of private sales (no real estate agent) and will bring some innovation where it is much needed in order to steal market share. REIV et al have had the whole game stitched up for decades, they are in the pockets of Fairfax and News Ltd who spruik their BS incessantly.

I wouldnt be surprised if in 10 years the proportion of private sales has doubled or tripled from current numbers.
 
bugmenot said:
I think google has seen an opportunity to increase the number of private sales (no real estate agent) and will bring some innovation where it is much needed in order to steal market share. REIV et al have had the whole game stitched up for decades, they are in the pockets of Fairfax and News Ltd who spruik their BS incessantly.

I wouldnt be surprised if in 10 years the proportion of private sales has doubled or tripled from current numbers.
Click to expand...

Very few people want to sell their own house, they want the competition they want to ramp the price, they are as bad as the agents.
 
hello,

and so they should MrBurns, if someone wants it they can pay the asking price to off load it, simple

if dont pay look else where

thankyou
robots
 
Vendors are benders and buyers are liars. Interesting comment about the lawyer involvement. I can see a situation where an over anxious vendor will misrepresent their "castle" and the buyer will seek recompense via litigation. It happens now even with Real Estate Agents involved. The current series of balances and checks are quite adequate for the experienced punter but throw a "I saw it on Google" component into the equation and .... Lawyers will be the winner.
 
MrBurns said:
Very few people want to sell their own house, they want the competition they want to ramp the price, they are as bad as the agents.
Click to expand...

What about the invisibile hand of capitalism? Why does "fair value" work in every other buy/sell relationship, but in real estate we need arrogant men in suits to skim thousands of dollars of us in order to obtain said fair value?

Even if we agree that currently a seller would generally obtain a higher price through a real estate agent, few would argue that they are an intrinsic or necessary component of a sale. After all, a real estate agent has promotional expertise on a local level only (maximising buyer interest) but google have an infinitely broader (and more targeted) potential audience.
 
bugmenot said:
What about the invisibile hand of capitalism? Why does "fair value" work in every other buy/sell relationship, but in real estate we need arrogant men in suits to skim thousands of dollars of us in order to obtain said fair value?

Even if we agree that currently a seller would generally obtain a higher price through a real estate agent, few would argue that they are an intrinsic or necessary component of a sale. After all, a real estate agent has promotional expertise on a local level only (maximising buyer interest) but google have an infinitely broader (and more targeted) potential audience.
Click to expand...

Google have a fair way to go before they challenge the agents themselves BUT if they got a few of the best agents on their side, it might hurry it along a bit.
 
I've always been wary of a entity that negotiates with itself.

If your either the buyer or the seller, you never really know who's side the agent is representing...oh yeah, silly me, its himself.

Cheers
 
Top