Over the past decade, our world, and particularly house hunting has become increasingly digital. Consumers are going online at a rapid pace to look for information to support their buying choices. They watch how-to videos on YouTube, read review sites like Yelp and Zillow, and research on-the-go with smartphones.
Our digital connectivity has also created a demand and expectation for quick response times for our inquiries, something that busy professionals often have difficulty of providing.
Properties Online, Inc. has compiled important statistical information in order to better understand the top real estate tech trends and challenges going forward.
House Hunting Tech Trends*
In today’s rapidly changing, digitally obsessed environment, capturing a home shopper’s attention is tougher than ever. The internet has become an indispensable tool in the home search process with nearly 9 in 10 home buyers today relying on it as their primary research source, and 56 percent of buyers turning to the web as their first step. The following data was compiled from the 2013:
- 89% of buyers use the internet in their home search; the same number that report using real estate agents
- 43% of buyers found their home on the internet while real estate agents identified a home 33% of the time
- Home buyers typically spend 12 weeks searching for a home but only preview 12 properties
- 51% of the buyers still search for properties by Yard Signs and 45% look for Open Houses, though the numbers are trending down the last several years
- 83% of buyers find photos of a home most useful while virtual tours are 43% and videos are 19%
The statistical data shown in this section was compiled from the year 2013.
Buyers, Sellers and Real Estate Agents
While buyers are going online at a rapid pace, they’re still heavily relying on real estate agents and lenders to be partners as they navigate the home purchase process. The number of buyers who used a real estate agent has steadily increased since 2001, and the vast majority of buyers and sellers anticipate a response from their agents within an hour, though few meet that expectation.
- 89% of buyers used a Realtor in 2013 versus only 69% in 2001
- 42% of buyers were referred to an agent by a friend, neighbor or relative; 12% used their previous agent and 9% found an agent from the internet
- However in CA, 70% of buyers and 75% of sellers found their agent on the Internet
- 45% of sellers expect to be contacted instantly; though only 24% of agents met those expectations
- 88% of buyers expect a response from their agent within 1 hour…though only 30% of agents met those expectations
- 94% of buyers feel an Agent’s Response time is very important
- 73% of buyers said that they would Definitely use their agent on their next transaction…But only 10% actually used their previous agent
Twenty years ago, the primary source of contact between a client and mortgage professional or real estate agent was the telephone. Today, the internet is now firmly the first point of contact, so in order to meet buyer’s expectations, realtors and loan officers must be accessible online as well as over the phone.
Even with online tools at your disposable, it’s the commitment, experience and personal touch of a team that includes realtors and lenders working together that can make all the difference in finding and financing the perfect home.
This information was obtained by a third party and is intended for informational and educational purposes. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness as a result, there is not guarantee it is not without errors. 068i0000001LJxy