Answers - Real Estate

The days of dropping a sign in the yard, putting an ad in the paper and baking cookies for a Sunday Open House are gone. Today's real estate consumer is using the internet to gather information and make prelim

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

inary decisions before they even go out to see homes. If your listing agent isn’t prepared for this shift in the industry, your home could go largely unnoticed.

Over the last several years the real estate ind

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

ustry has changed dramatically. Some agents feared it, some agents ignored it, but the best agents embraced it and learned to play by the new rules. The best Realtors discovered they now had to do more to mar

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

ket a home. They had to learn all the new avenues consumers would come into contact with homes for sale. Most of all, they had to be technologically savvy and have a proactive marketing campaign to get a home

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

sold.

The first shift was from the individual agent to an entire team. This approach allows the agent to focus more on finding buyers for your home. The agent’s staff can focus on marketing the home, process

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

ing paperwork and doing the day-to-day operations. Ask yourself, why wouldn’t you want an entire team working to sell your home versus a single agent when it doesn’t cost you a penny more?

Secondly, agents ne

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

eded to be more proactive. Custom full color brochures have become commonplace in most homes for sale. Agents became involved in more direct mail campaigns marketing homes to neighborhoods and potential buyer

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

. Some Realtors have even developed buyer databases that they can reference as they list homes for sale. These databases automatically alert them to matching buyers making an instant connection between buyer

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

and seller.

A huge shift in the industry has been the internet and it’s ramifications on how consumers are searching for homes. This led to more and more Realtor websites. It began with a few sites posting a

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

picture of a home for sale. Then came virtual tours, allowing home buyers to preview a home from the comfort of their desk or couch. The latest cutting edge tool used by some of the best agents are home webs

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

tes. An entire website devoted to a single home for sale. These sites provide more information for buyers than any other avenue, even seeing the home with an agent. These sites offer unlimited photos (both e

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

xterior and interior), virtual tours, property documents (like disclosures) available for online viewing, links to schools, area information, mortgage calculators, heck, you can even set up a showing appointmen

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

t! What’s next, maybe you’ll be able to buy the home sight unseen!

Another shift has been in value added services. Consumers are doing more work on their own, they need justification for what they’re paying

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

their agent. More and more Realtors are offering value added services such as home warranties, home appraisals, home staging experts to prepare a home for sale and even FREE moving trucks!

Even with all this

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

echnology, the heart of the transaction still needs to be good communication and superior customer service. Some agents have unfortunately lost touch with these qualities as they have become more wrapped up in

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

the technology. If you’re considering selling your home, make sure your agent possesses these skills. Get plenty of references and find out how they will be communicating with you throughout the transaction.

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

Perhaps the last thing that is important when you’re looking for a Realtor these days is some form of Performance Guarantee. Some agents like to charge a processing fee, or marketing fee, for listing your ho

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

e for sale. If you decide to cancel your listing or it doesn’t sell – you’re out! A good agent will provide you with an “easy exit” or Performance Guarantee stating that you can cancel your listing at no cost

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

.

These are just some of the things changing the real estate industry over the last few years. Take this advice to heart when it comes time to sell your next home. A lot of consumers may be unaware of these

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

changes, and what they should be looking for in a Realtor. Don’t get burned – find an agent that has adapted to these changes yet held on to the most important qualities like customer service and communication

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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Answers - Chicago Home Owners: Today's Real Estate Market and How It Affects You

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