The Critical Need for Rich Data: Part 1

Generating Consumer Response
from a changing consumer

There are some critical online consumer trends to understand by all real estate professionals. According to the 2005 Profile of Home Buyers and Sellers, 93% of visitors to real estate websites are looking for listings.

When asked exactly what they were looking for, 86% indicated the most valuable content is listing photos and descriptions. With new classified listings sites, vertical search engines, national and local FSBO websites, you need to provide a better consumer experience to keep attention and make the consumer want to return to your website.

It is critical to pay attention to this online consumer and connect with them. According to the California Association of Realtors 2005 Internet vs. Traditional Buyers Study, 83% of buyers will use the Internet in their next home search. 62% will be classified as an ‘Internet Buyer’ who will use the Internet as a significant part of the home search process.

Make no mistake however, this changing consumer should be embraced, not feared. Look at the compelling profile of Internet Buyers:

1. Internet searchers are higher income earners and thus more likely to be qualified.
• Internet buyers had an annual income of $185,088, compared with $151,190 for traditional buyers.
- California Association of Realtors' "2005 Internet Versus Traditional Buyers Survey”
• On a National scale, Internet searchers had an annual income of $74,600 compared with $56,600 for those that did not use Internet to search.
- 2005 National Association of Realtors “Profile of Home Buyers and Sellers”

2. Internet buyers have conducted more research and transact faster after they contact you.
• When Internet buyers shopped for homes with an agent, they took only two weeks before selecting a home, while traditional buyers took seven weeks.
- California Association of Realtors' "2005 Internet Versus Traditional Buyers Survey"

3. Internet buyers take less of your time in the homes search process
• Because the Internet allows buyers to preview homes, a typical Internet buyer only viewed 6.2 homes with their agent, while traditional buyers visited 14.5 homes.
- California Association of Realtors' "2005 Internet Versus Traditional Buyers Survey"

4. Internet buyers are more likely to use a real estate agent
• 93% of Internet searchers used a real estate agent while only 75% of non-Internet users or traditional buyers, used a real estate agent.
- 2005 National Association of Realtors “Profile of Home Buyers and Sellers

5. Internet buyers are growing in numbers
• As the graph above shows, Internet buyers are increasing as a total percentage of real estate consumers. 62% of all buyers are now using the Internet as a significant resource.
- California Association of Realtors' "2005 Internet Versus Traditional Buyers Survey”

A listing is a marketing asset. Your competition, FSBO sites, the Zillow’s of the world, are all aggressively trying to connect with the consumer. You have to keep pace if you want to generate online response and create a destination point for consumers.

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