Another startup in the world of online real estate launched today - Terabitz. It seems that rather than being just another real estate listing site, Terabitz is aiming to bring together an array of different information and data with properties for sale in one place.
Terabitz allows users to customize their "homepage" through a "drag and drop" system, save their preferences and share information with others. Some of the things that users can customize their homepage with are mortgage calculators, market sales, pricing trends, crime statistics, for-sale listings, maps and neighborhood info such as local restaurants, banks, schools and post offices. The drag and drop system is very "google-ish" and easy to use, but the navigation to and from your homepage is cumbersome.
Another feature that they are saying is "key" is the snapshot feature. It allows you to send a snapshot of your findings to a friend, family member or whomever. Not only could this feature be used by consumers, but it could also be used by agents, especially when working with relocating buyers who are not familiar with an area or its ammenities.
After going through the site, I noticed that some of the information such as monthly sales is not accurate and other information such as for-sale listings is not complete (I compared what Terabitz had for the monthly sales in Ashburn, Virginia it to the true monthly sales from the Multiple Listing Service and it was way off. Also, there are 49 single family homes between $500K and $600K listed for sale in Ashburn in the MLS, while Terabitz says there are only 22).
Though the concept and theory are great, the missing and/or inaccurate information and navigation need to be addressed. Hopefully, with time and better sources, they'll get it right.
Terabits truly is the next generation of online brokerages. Their features are unique but they will have a very difficult time competing with similar brokerages like Redfin.com A personal favorite of mine launched locally last month. Fortunately for us agents, these sites are not for everyone. There will ALWAYS need to be a human element involved in any transaction. Due to our experience (well most of us) combined with most purchases being buyers biggest decision of their lives, the need or security of an agent will always maintain value in the future.
Read more at http://Developersagent.com/
Posted by: Developersagent.com | August 02, 2007 at 06:50 PM