How Buyers Are Finding Homes
We are living in an age that is highly digital, which has changed the way buyers look for homes and therefore changed the most effective ways to market a home.
In a real estate environment that is ever-changing, it is important to find a professional who can help you understand the types of marketing you need to focus on to ensure a successful transaction.
How are buyers searching for homes?
According to a 2017 study by the National Association of Realtors, 51% of buyers found the home they purchased through the internet, making it the leading way buyers found their home.
This means that it is highly important for sellers to take full advantage of internet advertising when marketing a home. This is a difficult task without the assistance of a Realtor.
In addition to sites like Zillow, Redfin, and Realtor.com, Realtors have access to a local MLS and social media profiles that can reach thousands in addition to individuals reached by those sites alone.
A Realtor’s following on social media often includes other real estate professionals in the area, who may have clients searching for the type of property the Realtor is marketing for their client.
They may also have followers who are not yet clients but are looking to buy a home. It is a quick and effective way to reach thousands that would have otherwise not known about the property at all.
The second leading way buyers found their home in 2017 was through a Realtor, at 30%. This means that a large number of first-time buyers had the assistance of a Realtor when looking for a home and that the agent found them a home they would have otherwise not known about.
The assistance of a Realtor during the home buying process is highly beneficial due to the resources Realtors have access to, as well as the connections they have in the industry.
Realtors also have a fiduciary duty to their clients. This means that they are obligated to act in the clients best interest(whether he/she is a buyer or seller).
This is another great benefit to hiring a professional Realtor because you can trust that they will fight to ensure that their clients’ needs are met and that they are treated fairly and ethically by all parties in the transaction.
In 2017, 7% of buyers reported finding their house through a yard sign, or an open house, making this the 3rd leading way buyers found the home they purchased.
This type of direct marketing allows potential buyers to see the home in person so that they can envision themselves living there. Many Realtors promote their open houses and listings on Social Media, which generates more traffic.
What does not work?
These types of advertising have had success in today’s market, but what about the least likely way buyers will find the home they purchase?
According to the National Association of Realtors, it is through print or newspaper advertisement, at less than 1%. This type of advertising is simply outdated and is not used for the home searching process.
Some Realtors may still use this type of advertising depending on the type of market they work in. But these statistics make it clear that the industry is moving away from this type of advertising, and into an age that is highly digital.
Technology has allowed it to become easier than ever to access the most successful Realtors in your area. If you are looking to buy or sell a home, try searching for local brokerages that specialize in what you are looking for, or even search social media to find agents who are active in your community.