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How Buyers Search for Property

By Jessica Maria

Services for Real Estate Pros with Properties Online, Inc.

December 15, 2009 05:06 AM

Today I wanted to share some information from the latest NAR report about Home buyers and Sellers. It's not surprising information but might be useful enough to add to your next listing presentation ...

90% of buyers conducted research online before they bought their last home.
36% of buyers found the home they purchased on the Internet, while only 2% of buyers found their home in the newspaper.
63% of sales associates marketing budget goes to offline advertising (newspaper, flyers, etc).
Consumers' looked at an average of 12 homes over a period of 12 weeks before purchasing.

Where are you spending your advertising dollars?

89% of consumers said that response time was very important when choosing their agent.
56% of consumers expect a response from their agent within 30 minutes.
Average response time to an email is: 10 hours, 16 minutes.
1/3 of online leads get ignored.
Only 5% of online leads are answered in their entirety.

Online Consumers understand that the Internet is an immediate medium. What is your average response time?

88% of Buyers said they would use their agent again or recommend their agent to others (66% said definitely, 22% said probably).
Only 10% of Buyers used an agent they had used previously.
81% of Sellers said they would use their agent again or recommend their agent to others (59% said definitely, 22% said probably).
Only 24% of Sellers used an agent they had used previously.

The vast majority of consumers - 66% of buyers and 59% of sellers - say they would "definitely" use their real estate agent again or recommend that person to others. Yet only 10 percent of buyers and 24 percent of sellers say they used the same real estate professional that they worked with for their previous transaction. Why is there a disconnect? One reason might be the lack of consistent communication.

Biography: Amanda Cornelius is the founder of Properties Online, LLC, a web based software company dedicated to helping real estate professionals grow their business. Websites include: ListingDomains.com Drip365.com and RealEstateSites.com.

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Lori Bowers

La Quinta, CA

The Lori Bowers Group

Amanda, great post and a sign of the times! Online is where to be, at least everyday for awhile. Amazing how long it takes agents to respond to email. With PDA's I would have hoped it was quicker.

Dec 15, 2009 05:19 AM

Graig Ponthier

Homes & Land of Greater San Antonio - San Antonio, TX

Only 10% and 24% would use the same Realtor?? That is a disturbing fact.

Dec 16, 2009 04:00 PM

Jessica Maria

Properties Online, Inc. - Santa Rosa, CA

Communications Manager for Properties Online, LLC

Thanks for the comments guys.

Graig, the number of buyers and sellers who would use their agent again was 66% of buyers and 59% of sellers ... but only 10% and 24% actually did. I think a lot of agents are leaving money on the table by not keeping in better contact with their past clients.

Lori, I think as more people have smart phones, and get their website leads via txt, the response time should go way down. I think the few agents who wait days to get back are skewing the stats...

Thanks again for your comments ;)

Dec 16, 2009 04:17 PM

Jerry Morse

The Morse Company - Janesville, WI

BBA,GRI

Hi Amanda,

This is good information. How current is it? Is it from NAR's annual survey?

I try to respond within 30 minutes and it sounds like that is in the expected response time.

Thanks,

Jerry

Dec 17, 2009 11:00 PM

Hi Jerry,

These were mainly from the latest NAR report that was released in late November. The response time was from the CAR Technology Report released in August. I think responding within 30 is a good plan.

Thanks for the comment!

Amanda

Dec 18, 2009 01:38 AM

Doug Maynard

ReMax North Country Realty Inc. - Huntsville, ON

Hard to understand the long response time and especially the leads that get completely ignored

Dec 29, 2009 06:55 AM

Thanks John - lots of good insight here!

-A

Dec 31, 2009 01:10 PM

Laddi Dhillon

Re/Max Gold Realty Inc. - Brampton, ON

aahh maybe this reponse time delay could be the reason behind many lost leads..Thanks for these stats..now i would try to keep in touch with my past clients more often and reply to lead quickly.....

i think even if u r busy and dont have that info handy what someone needs through a lead request, but just calling back or mailing back right away saying that i got your this request and i will get back with info with in such time would be a good idea so that people know that someone is working for them at other end.

Jan 17, 2010 03:42 PM

Good Advice Laddi - thanks for the comment!

-AC

Jan 18, 2010 09:47 AM

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Keller Williams Realty - Ann Arbor, MI

Ann Arbor Area Real Estate

So true! It is the consistant communication that is so important. This is a very important stat you discussed.

Jan 24, 2010 09:37 PM

Dean Bergstrom

Bergstrom Realty Inc., Brokerage - Stoney Creek, ON

Broker of Record

Very enlightening.

Jan 29, 2010 07:31 AM

Don Wixom

RE/MAX Executives Nampa, ID - Nampa, ID

"Looking out for your next move..."tm

Great info Amanda! Thanks for sharing the stats!

Feb 02, 2010 03:12 PM

Ryan Stangl

PrimeSource Funding - Mankato, MN

Communication is key! Be available. I am in communication with my borrowers/agents almost daily.

Feb 10, 2010 06:15 AM

How Buyers Search for Property

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