I suppose it was only a matter of time before it had to happen. I am talking about virtual real estate and the recent appearance online of virtual real estate agents. No, I’m not talking about 3-D animated real estate agents. I’m talking about flesh and blood humans who make their living selling virtual real estate. In other words — property that doesn’t technically exist anywhere but online.
If this concept sounds strange to you, you’re not alone. But I think we are all going to have to get used to it, as the concept of virtual real estate becomes more and more accepted in the un-virtual business world.
I recently had the chance to speak to a “blog broker.” A blog broker is a type of virtual real estate agent who deals exclusively in online blogs. Of course, the idea of this type of real estate transaction is exactly the same as any in the brick and mortar world — buy low and sell high.
But what struck me most were the prices some of these blogs were going for. There are also web site brokers, podcast brokers, and seemingly, hundreds of other types of virtual real estate agents.
Like traditional real estate agents, they are paid on a commission basis when a “property” sells. But unlike the “real world” real estate market, there is very little governmental oversight on virtual real estate agents. In other words, it’s a bit like the wild west — anything goes.
And even though traditional real estate agents must be licensed by the state in which they practice their business, there is absolutely no licensing or test requirements of any kind for virtual real estate agents. Anyone with an Internet connection can legally do it. Does that strike anyone else as odd?
The courts have not yet caught up with the development of online “property,” resulting in the kind of “anything goes” atmosphere that is currently found online. But change is on the way, and the courts are slowly but surely catching up with Internet technology.
It was inevitable that the courts would begin to take on more cases involving “virtual property.” For example, last year a pixilated island, located in the online world known as “Second Life” was sold for more than 75,000 US dollars. Bare in mind that this is an 3D “island” that only exists as data online!
With online real estate prices beginning to rival those of the world beyond the computer, it is inevitable that legal standards must be set, and that there should be regulation of those brokering and selling online property. It looks like the days of the “Wild West” Internet may finally be coming to an end.
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Virtual Real estate is a good thing. I am licensed in two states and do referrals only with licensed agents all over the world.
You can verify Agent license by asking what Realtor Association they belong to then call the association to verify. Its so easy to find out if a person has a real estate license. Virtual real estate is a great way that technology meets the world of real estate.
I always do professional business with other agents. It’s a great way to keep the cost down without spending the thousands of dollars that you would spend in office fees by doing traditional real estate.
Doing Virtual Real estate you are still responsible of taking care of your client meaning showing properties, answering questions, doing papperwork, working through the transaction, contacting attorneys, Title work and so on….as an virtual real estate agent you will still have to do the traditional steps and know each states rules and regulations when doing real estate.
Comment by Totally Virtual Realty — February 6, 2008 @ 8:24 am