Attracting Today’s Home Buyers Online

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Attracting Today’s Buyers Online was presented this a.m. at the International Builder’s Show in Las Vegas.  Lots of great information was covered, so look for several posts on this seminar which was presented by
Stephen Feltner with MOVE, Andy Brown of MOVE and Mike Lyon with Do You Convert.

One of the main seminar points is that Home Buyers Have Changed their shopping habits:
•    87% of homebuyers use the Internet in home search
•    Buyers are 10x (1000%) more likely to find the home they purchase on the Internet than in a newspaper (NAR 2008)
•    Buyers are 32x (3200% ) more likely to find the home they purchase on the Internet than in a “home book” or magazine (NAR 2008)
•    Buyer expectations of websites have changed – buyers want to see lots of photos, detailed property information, virtual tours, neighborhood information, contact information, interactive maps

Buyers are researching longer than before

o    2006 – 6.4 weeks of research
o    2007 – 12.1 weeks
o    2008 – 16.5 weeks

Response expectations are high – on follow up from email

o    68% expect response within an hour
o    96% expect with in 4 hours

Several major builders on-line responses were recently surveyed.  The mystery online shopper asked what schools served a neighborhood, and here are the results. . .
o    Only 37% of home builders responded with a personal response
o    28% did not respond at all
o    Of the 1/3 that had a personal response – only 50% responded within 4 hours
o    Of the 1/3 that had a personal response – only 26% answer the question asked and most did not ask any follow up questions to move the conversation forward

More to come from this great Internet marketing session.