Real Estate in the Information Age
In just a couple short decades, technology has changed the landscape of real estate, both locally and internationally. A fairly new industry in Trinidad and Tobago, (as compared to giant, established industries such as the oil & gas industry and manufacturing industry) the number of players in the game has grown exponentially, from the 1960’s – 70’s to today and continues to grow.
Today, with over 900 active real estate agents or agencies, the business of real estate is no longer dictated by a rolodex and a phone, or a FOR SALE sign and a classified ad. Locally, such development in the industry led to the formation of AREA (Association of Real Estate Agents) in 1990, which now drives a campaign for regulation of entry into the market as a real estate professional and legislation surrounding the processes of property transactions.
Additionally, the advent of expansive websites, social media, and instant messaging apps has transformed the speed and accessibility of information for end-users - the buyers and sellers that generate this market. The industry has matured and is now a grown adult in the T&T economy.
Nowadays, the sophistication, velocity and intricacies of real estate transactions is a clear indication of what is expected of real estate professionals and other involved stakeholders. The new norm of information at your fingertips has revolutionized many business models, not just real estate; financial institutions have streamlined and simplified mortgage processes (as much as can be simplified) and incrementally, government agencies attempt to make information available to the general public.
Back to real estate, if all property listings are created equal, what is the actual difference in this information age of real estate? With all the various media of promotion, does the buyer or seller gain a wealth of information or an onslaught of unsolicited, inapplicable data with an objective to sell, sell, sell? How do we feed the voracious appetite of first-time buyers, seasoned developers or entrepreneurial business owners?
The bar has been raised and end-users demand and desire an immersive information experience that surpasses the usual service of just bringing a buyer and seller together on one level playing field. Indeed, today Terra Caribbean’s Real Estate Agents play supportive but integral roles in property transactions and above all provide guidance, information and advice to the purchaser and the vendor throughout the change of ownership process and act as liaisons between all stakeholders of the transaction.
Additionally, Terra Caribbean ensures accurate and timely dissemination of market information and insights through the use of our proprietary database, which matches buyers and sellers instantaneously as new properties are added. Moreover, our updated, unmatched website showcases accurate, real-time information and contains a cache of valuable material, all populated by our knowledgeable team.