I've been spending time these days doing some research for an advertising campaign we are working on. While digging around some NAR stats from 2005, more specifically (The 2005 National Association of Realtors Profile of Home Buyers and Sellers), I found what I think are some remarkable statistics.
Here is a breakdown of how homebuyers said they searched for homes. As you’ll notice, in both cases the Internet ranks second for the two home search specific categories.
Information sources used in home search:
| Real Estate Agent | 90% |
| Internet | 77% |
| Yard Sign | 71% |
| Open House | 51% |
| Newspaper Advertisement | 50% |
| Home book/magazine | 38% |
| Home Builder | 36% |
| Television | 25% |
| Billboard | 19% |
| Relocation Company | 15% |
Where buyer first learned about home purchased:
| Real Estate Agent | 36% |
| Internet | 24% |
| Yard Sign | 15% |
| Friend, neighbor or relative | 7% |
| Home builder or their agent | 7% |
| Print newspaper advertisement | 5% |
| Knew the seller | 3% |
| Home book or magazine | 1% |
Now I’m going to assume anyone involved in ActiveRain understands the importance on the Internet in the process of marketing real estate? Right?
Here’s the statistic that just puzzles me, “Method used by “Home Sellers” to find a Real Estate Agent”. The Internet rates 10th. Right after WALK-IN’s! I don’t know about you all but I’m at a fairly large company and we don’t get many walk-ins.
Method used by home sellers to find real estate agent:
| Referred by (or is) a friend, neighbor or relative | 43% |
| Used agent previously to buy or sell a home | 28% |
| Personal contact by agent (telephone, etc.) | 5% |
| Visited open house and met agent | 4% |
| Saw contact information on For Sale sign | 4% |
| Referred by another real estate broker | 3% |
| Referred through seller’s employer/relocation company | 3% |
| Direct mail (newsletter, flyer, letter, postcard) | 3% |
| Walked into/called office and agent was on duty | 2% |
| Internet Site | 2% |
| Newspaper/Yellow Pages/home book ad | 2% |
| Advertising specialty (calendar, magnet, etc.) | * |
I don’t understand why Home Sellers don’t place the same importance on Internet presence as buyers do.
At what point will the Internet and how homes are marketed on-line be as important to sellers as buyers say it is to them?
Any Thoughts?
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