Statistical Analysis from the Broker
As a person aspiring for employment in the real estate sector, there are some statistics that need to be known to have an edge over competitors in the industry. One also needs to know the most effective approaches that lead to success in the field. The good news is that there has been research on several of these aspects and you could use the findings to be successful in your work.
The Home Search Process
Real Estate Agents continue to be a critical component in the home buyers search process. Home buyers are relying heavily on online sources and their agents to provide information, with decreasing use of some sources, such as newspapers and open houses. Home buyers typically spend 12 weeks searching for a home and preview an average of 12 properties before deciding on their purchase. The Internet has become an essential and indispensable tool in the home search process with 90% of home buyers using it to search for homes, and 52% of buyers stating that the use of the Internet was the first step taken during the home buying process.
The most popular strategy employed by client to seek property is the internet. Up to 88% of people hoping to buy property will turn to the internet as a source of information. Also, 87% will go for the services of an agent whereas 55% of them will watch out for yard signs as well. Newspapers will also be used as a source of information by 30% of prospective home owners as will magazines. Despite the significant number of people who check out for homes to buy in newspapers, only 2% get their dream homes from this source.
Statistics also seek to show the agents that these prospective home owners solicit assistance from in their search for home ownership. 66% of property owners actually worked with the first agent they contacted for such help. 16% of them had to talk to two agents before choosing the one to involve while 13% of home owners made their pick of an estate agent after contacting three agents.
Where are the Buyers?
To know the places from where most buyers found the homes they ended up buying would also be crucial for your marketing. The internet leads in this category with 40% buying homes they found there while agents were responsible for 35% of the homes bought. Yard signs are also crucial as a source of information in this regard and account for 11% of homes bought just like friends whose references led to 6% of the sales. Thus, for one who wishes to sell a house, he has 20 times more chances to make a successful sale by advertising on the internet when compared to newspaper ads.
Marketing of listings is also an important element of the work done by estate agents. The internet is used as a marketing platform by 97% of the agents while yard signs are employed by 77%. The open house strategy is used 58% of the times whereas newspaper and magazine ads account for 31% and 25% respectively. Direct mail and syndication sites as well as videos are also used. 73% of property owners would go for services from agents willing to do a video yet only 14% use them currently.
Technology is being more and more appreciated by these workers and 49% of them believe that it helps them serve clients more conveniently and maintain a competitive edge. 19% of them feel that they need technology to keep in line with the competition while 8 % believe it saves time. Hence, the strategies of real estate agents definitely have to include technology today more than ever.
Sources: The National Association of Realtors Profile of Homebuyers and Sellers, Real estate tech trends report
If you or someone that you know is in the market to buy or sell real estate, our professionals would love to assist. You can reach us at 1-866-56-CENTRIC or access free buyer and seller resources at centricrealestategroup.com.