That Smartphone you’re looking at changed everything. After decades of resistance, technology is transforming the downtown Boston real estate market. It was inevitable as the internet, personal computers and cell phones exploded. Zillow, the original and true disruptor, pulverized the wall of secrecy of the Downtown Boston condo market; the genie is out of the bottle. This tech boom serves the public as much as it does the industry, never before has so much been available to so many. Oddly, the majority of information is also provided freely by the public; social media is a literal bottomless pit for data miners. Data is available to anyone for all Boston condos for sale at any time. The impact of the internet and technology on both downtown Boston real estate and real estate customers is felt across a wide spectrum. It’s common for buyers and sellers to Google each other, ostensibly out of curiosity but if a negotiation edge can be had… A few key areas where change is rapid –
Public Records Availability
Gone are the days where a trip to the county courthouse was required to get information. Now it’s just a matter of a quick Google search, finding any number of public records portals and getting to work. Purchase price and date, mortgage(s), foreclosure notices, listing history…a few clicks away. Sellers routinely Google buyers as well, they can find similar information. Both sides can quickly scan social media for other “background” info. The more posted, the better the results.
Predictive Analytics – “They” are Watching
In the “me” age, there’s a compulsion to post everything and that means personal data. Posts on Facebook, Instagram, LinkedIn and more are combed by bots, data collected and analytics used to find likely home sellers. Changes in marital and family status, employment and overt “we’re thinking of moving” are combined with mortgage payoffs, credit, work and education history and time in residence. This data is then compared to medians for the area, usually by zip, and lists of potential sellers are formulated – and sent to subscribing agents. These agents then send “thinking of selling?” touches out and the games begin. The data is out there, easy to find and posted freely by the public. Here’s a short video example.
What it All Means
The last decade transformed the downtown Boston real estate industry; that acceleration is not stopping. However, real estate isn’t a widget bought on Amazon; no two homes are alike, every single property is unique. Other variables always influence a transaction; every seller, every buyer, market conditions, market trends, local conditions, national conditions, and more influence every deal. Then add agents; experienced or part-time? Are there other agents involved? How are other known and unknown issues that pop up handled?
Having all of this data available is great, as is having all of the ingredients for Beef Wellington laid out in the kitchen. None of that matters however, if the components aren’t properly assembled, interpreted and applied. Mistakes with downtown Boston real estate can bring massive headaches and financial pain; mistakes with a Beef Wellington might get a rip by Chef Ramsay.
Work only with experienced agents, even with all of this technology and transparency, unexpected issues will pop up…and make sure the beef is properly cooked.
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- For more information contact Janet Lamb or John Ford at 617-595-3712