It's well documented how almost everything in real estate starts online. Here are some statistics concerning that and other trends that are going on in 2016.
80% buyers start their home search online.
This puts more stress on your single property websites and you SEO tactics. Printed ads and people driving around neighborhoods are dying ways people search for houses. Having anything but the highest quality pictures will limit your prospects.
Online floor plans and detailed descriptions are worth more than ever.
83% of all home buyers want to see pictures of the property online.
It's surprising that this number isn't at 100%. This includes virtual tours and drone shots.
The young generation accounts for 68% of all first time home buyers.
Marketing to them is much different than marketing to older buyers. Make sure that your sites and pages are mobile compatible. Over a third of 28 and under will start their research on buying a home from their phone. Most of the time, a millennial will disregard a brand pretty quickly if their site doesn’t look professional, and can’t be easily accessed from their phone.
Just 9% of realtors are using social media to market their listings.
This is another surprising statistic. We've harped on the importance of using your social media platforms over and over. It's a giant piece of the pie and it's not even being utilized by one tenth of agents right now. This is one of the best and cheapest methods for getting the word out there on the properties you’re selling.
This is even bigger with first-time buyers, since they are usually younger. Not only that, but 72 percent of Americans use Facebook on a regular basis. You're reaching so many people each time you promote something there.
49% of leads are through referrals.
This is something that hasn't changed, even with the Internet taking over, and probably won't anytime soon. Personal referrals could be called the most important part of your marketing, just based on the numbers at least. Remind your clients to tell anyone interested in buying or selling a home to refer you.
73% of all buyers say they would use their agent again or recommend them to a friend.
This bodes well if your clients are satisfied. This is why you need to stay in touch with past clients, they are so big for bringing in leads.
It's 35% cheaper to buy than rent this year.
Targeting some long term renters throughout this year is a good idea. Look up how much they'll save in the area they live at and use it to persuade.
These stats just reflect the shift into how realtors need to do business. Focus on building up your online and social media presences. They are the key to successfully reaching the up-and-coming young-buyer market, but also key to keep up with the growing number of people looking online.
Joe Nickelson is a real estate professional dedicated to helping home buyers and sellers achieve their dreams of owning property, and helping real estate agents stop using the sometimes-vicious tactics that weigh on their consciences. He believes that the Smart Agents books will, quite literally, change people’s lives for the better. Check out his full bio here!
