Real Estate Has Changed - Have You?

According to a recent study by the National Association of Realtors [2008] an estimated 87% of home buyers now start their search for a property online. Over the course of the last 10 years, the internet has literally changed the way real estate is bought & sold. It has changed the way people buy & sell property forever. It has also had a profound impact on how people select their Agent. No longer simply the guardians of the information, Real Estate agents in this changing marketplace must adapt to compete for sales, and for clients.

We now live in an age where information is cheap, and readily available. Consider the stat above for a moment. It is now a fact that most home buyers take an “armchair” approach to property selection. They research from home, gather information and conceive opinions long before they ever set foot in an Agent's car. The information contained in the online version of your listings must not only be accurate, it must now be compelling. This is competitive sales, and thanks to the market there is competition everywhere.

Critical analysis of the new sales process shows that the decision to buy a particular property is now made regularly before the viewing. The information, content & imagery you post online for your listings is VITAL to getting the buyers off their couch, and in to view your property. As an industry, we must move past the "passive" approach of "post-it-and-they-will-come" listings. Your listings are literally out there online, fighting for their lives - help them out!

So what then are the solutions? There are many ideas, many products that are out there to help your listings stand out. Professional photographers, virtual tours, talking homes, the list goes on. I feel that although these are important tools for an Agent to use, they fail to consider what actually makes people buy.

These "triggers" are the marketing gold of the Web 2.0 world. What compels a buyer to get off the couch & actually move from the virtual world to the real world (and part with real dollars)? I suggest that you start trying to determine the triggers that are working in your market, in your demographic. Start with this, call your last 5 buyers (or the ones you trust) and ask them the following questions.

1. Where did you start your home search? Did you call me first or begin online?
2. Of the homes we toured in person, how many had you previously seen online?
3. Of the homes you suggested (that I had not considered), what drew you to them?
4. Consider the home you eventually purchased, what drew you to that over the others?
5. Was the home you purchased better or worse than it "appeared" online?

Consider the answers to these questions and then look back at the orignal listings. You should find some very common threads (keywords, visual methods eg: tours / photography). Use these as a guide for your next listing.

Watch for our upcoming series of articles dedicated to adapting your Real Estate marketing to a 2.0 world.

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