We're talking about a moving target here as well. Let's look at five years of information from the National Association of Realtors as published in their annual Profile of Home Buyers and Sellers. They asked buyers where they first were exposed to the home they actually purchased. Here are the top five items:
- Real estate agent.
- Internet.
- Yard sign/open house sign.
- Home builder or agent.
- Friend, relative or neighbor.
Actually, the order is as listed in the 2007 report, but it hasn't changed in the last five years. Conspicuously absent is the sixth item which was print newspaper advertisement. It slid from an already low 7% in 2003 to only 3% in 2007. You might want to get the report and have the authoritative chart ready to show your listing client clamoring for more newspaper ads. It is regrettable that they lumped yard sign and open house sign together, as I don't think open houses are even in the top ten for this list.
Note that the real estate agent as a first source dropped 7%, while the Internet rose 18% in the five year period. There is little doubt that the real estate agent, as a home locater, is losing ground rapidly to the Internet.
So, if your goal is to get the greatest exposure for your listing to those who might actually buy it, then there is little doubt that you need to work the Web effectively. We already have the Realtor MLS thing down, and it's losing ground. Learn about Internet listing syndication as a listing client service tool.
I'm just hitting some high points out of 100 pages of critical information. The smartest $50 you'll ever spend - get the 2007 NAR Profile of Home Buyers and Sellers.
