buyers today, sellers tomorrow: 8 key consumer changes that must drive your marketing strategy

Buyers Today, Sellers Tomorrow: Eight Key Consumer Changes

that MUST Drive Your Marketing Strategy

Nikesh ParekhMarket Leader

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Buyers Today Sellers Tomorrow

Phone Interviews with

400 BUYERS & SELLERS

IN 2004 & 2012

Conducted By Third Party

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2,500 Recent Agent Surveyed

2,423 Real Estate Agent

Surveys in 2013

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And … the Results(drum roll please)

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77

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Family Changes Still Drive Home Buying & SellingWeddings, Babies, Schools, Divorce

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So Do Bigger Houses & Better Neighborhoods“Did you see their play room?”

10*Pew Research Center, December 29, 2010

“Retirement” Is the Fastest Growing Seller Reason

10,000 Boomers

Retiring Per Day for 19

Years*

• Job retirement• Health issues• Weather• Stairs• Grandkids

1111*NAHREP, 2011

In 2020, 80% of New Home Buyers Will Be Minorities*

50% of New Buyers will be Hispanic*

But, Most Consumers are Worried About Real Estate

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Move-Up Home Sellers Declining*

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Consumers Less Willing to Relocate for Job

Not a Safe Investment Anymore?

Low Cost, Low Tax

From East & West

To Center &

South

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What Hasn’t Changed?

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Real Estate is NOT An Impulse Purchase

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Buyers & Sellers Are Researching For 15+ Months …Before Contacting An Agent

2020

Buyers & Sellers Are Researching For 15+ Months …Before Contacting An Agent

TWICE As Long Compared to 2004

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Now, Consumers Have ALL the Information

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In 2004, Sellers Primarily Used Realtors

In 2012, Sellers Consult Realtors & Internet Equally

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Buyers Primarily Consult the Internet in 2012

Consumers Visiting Many, Diverse Real Estate Web Sites

But Using 80% Fewer Sites Than in 2004

54%51% 50%

45%

31%28%

12%

Agent Web Site Local MLS Zillow Realtor.com Trulia RealEstate.com Homes.com

Agents & MLS Have A Slight Edge with Sellers

53%

42%

54%

44%41%

18%15%

Agent Web Site Local MLS Zillow Realtor.com Trulia RealEstate.com Homes.com

But Losing Ground with Buyers

Mobile is Big & Growing

12% of Sellers

25% of Buyers

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YET, Consumers Are Spending LESS TIME Researching & Selecting An Agent

15+ Months of Research …

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Sellers are Spending 30% Less Time Selecting An Agent

In 2012 vs 2004

1 DayResearching

Agents

458 DayResearching

Homes

63% of Consumers Interview & Select an Agent in Less Than One Day

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Majority of Consumers Select First Agent Interviewed

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AND Repeat Home Buyers & Sellers Select An Agent 4X Faster

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How To Adapt Your Marketing Strategy?

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1. One Word…

Demographics

1. Pick A Niche

• 6.5m Hispanic Home Owners

• 4m Newly Weds

• 4m Babies Born

• 2.7m Asian Home Owners

Age 21-24 65+

Trigger Family Retirement

Time to engage

agent8x faster 2x slower

Age Drives Seller Behavior

Seniors Require More Planning & Patience

• Market senior friendly features

• Consultative sale / high touch

• Build trust

• Offer services like inspection & staging

• Compile resources on assisted living

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2. Pick Your “Channel”

Buyers & Sellers Are Using Multiple SitesWeb, Social & Mobile

Your Web Site

• Realtor.com

• Zillow

• Trulia

• RealEstate.com

• ActiveRain

• Homes.com

• Google

• FaceBook

Direct Mail Offers Greater Targeting

• Seniors

• Newly Weds

• New Mothers

• Renters

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3. Create A Unique Content Strategy

Target Keywords With Your Blog

• Pick a local keyword phrases based on your niche

• Write hyperlocal content on your blog

• Share with your social networks

– ActiveRain

– Google+

– FaceBook

– Twitter

Search Widget Back to IDX Web

Site

Local How-ToLocal Lists

Market ReportsLocal Reviews

Time Sensitive

Engage in Social Media

• Google Yourself

• Optimize Profile Pages

– Google Plus, FaceBook, LinkedIn

– ActiveRain

– Trulia, Zillow, & Realtor

• Link back to your IDX web site

• Add testimonials & reviews

4. Think Long Term

Can’t Force Buying or Selling Before They Are Ready

No Silver Bullets

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5. Be First

Consumers Select the First Agent in One Day When They Are Ready

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6. Stay In Touch Over 12-18 months

Use a powerful CRM & email marketing

solution

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7. Listen Closely

Use killer analytics to separate buyers from browsers

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8. Get Mobile

Real Estate is Inherently

Mobile

Your Children Will Not Know

What A “Computer” Is

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1. Pick A Niche

2. Pick Your “Channel”

3. Create A Unique Content Strategy

4. Think Long Term

5. Be First

6. Stay In Touch Over 12-18 months

7. Listen Closely

8. Get Mobile

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Accomplish more with just one real estate solution

Market Leader customers earn more than twice (2X!) the median income of a typical NAR memberusing our:

Nikesh Parekhnikeshp@marketleader.com

visit the Market Leader booth 529

• Websites

• Contact management

• Lead generation

• Marketing center

• Education

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Eight Key Consumer Changesthat MUST Drive Your Marketing Strategy