Social Networks vs. Local Expertise: A New Challenge for Brokerages
The opinions and experiences of friends and acquaintances have always shaped the way people think about buying, owning and selling homes. New research suggests that the social networks that influence attitudes towards real estate decision-making today are more likely to be national, not local, and the consequences could be serious. Thus, consumers are making critical decisions about buying, selling, owning or renting in part based not on conditions in the markets where they live but on the experiences of friends who may live across the continent. The new way people think about real estate presents real challenges to real estate [...]