• The early vision that the historically local, complex, and agent-driven real estate
industry would be transformed into a disintermediated marketplace where buyers
and sellers could transact directly has not been realized. What has happened
has been beneficial to buyers, sellers, and real estate agents alike.
• Since it is not possible to complete a property transaction online, the major
impact of the online real estate industry is in influencing offline purchases.
• The primary service is a listing of available houses, with secondary links to
mortgage lenders, credit reporting agencies, neighborhood information, loan
calculators, appraisal reports, sales price histories by neighborhood, school district
data, and crime reports.
• Buyers benefit because they can quickly and easily access a wealth of valuable
information; sellers benefit because they receive free online advertising for
their property; and real estate agents have reported that Internet-informed customers
ask to see fewer properties.