Since internet buyers (IB) do most of their home searching and researching BEFORE calling an agent, they are more efficient buyers who won’t take up a lot of your time and resources. Realtor studies show they are also more satisfied with their agents and overwhelming say they would use the same agent in the future.
The Efficient Buyer Saves Resources
Here are some interesting comparisons:
- IB spend 2.2 weeks, on average, with their agent before buying, while the non-internet buyer (so called traditional buyer) spent 7.1 weeks with their agents.
- IB previewed 6.7 homes while the traditional buyer previewed a whopping 15.4
- 81% of IB stay with the first agent they choose to contact
In addition:
- traditional buyers interview about 3 agents, IB only 1
- distance between old and new home: 25 miles for traditional, 242 for IB
- IB have higher satisfaction rates with their agents: 4.3 v 3.3, on a scale where 5 is “surpassed expectations”
- Most IB are first time home buyers and Gen-X vs. Boomers and repeat buyers
The Internet Buyer Will Come Back
We all know the story. You work your butt off for a client and never hear from them again. Well, according to the report, internet buyers WILL come back: 97% of internet buyers would use the same agent on their next transaction versus only 50% of traditional buyers.
So, it seems the internet buyer is the more resourceful, more efficient client, who likes working with their agent, holds that agent in high regard and will use them again. In short, the perfect client. But they are not pushovers. They expect you to be as efficient as they are. Time response to inquiries is critical to the internet buyer. So, use auto-responders for your email (some are better than others—we’ll give you a good one in a future post), return calls the same day and use the tech skills you’ve learned.
Where Internet Buyers Look For Agents
It comes as no surprise that a whopping 92% of internet buyers find their agents on the web, 63% via search engines. Therefore, you must be where the buyers are looking: online. You MUST market and promote YOURSELF and YOUR BRAND on the internet. Having your own blog will bring the search engine traffic, which includes those valuable internet buyers, directly to YOU. Putting your profile on your blog, as well as in internet directories, will also help buyers choose you.
Other Findings
- Late closure of their escrow is a common complaint of traditional and internet buyers (so prepare your clients for this possibility)
- First time home buyers have the highest expectations of their agents
- Internet is valued as a source of information about the home buying process & not a substitute for using an agent. 9 out of 10 buyers hire an agent to buy a home.
- No group found internet information more useful than that obtained from agents.
Sources: C.A.R. Highlights from 2006 Internet v. Traditonal Buyers Survey*; Michael E. Parker, Online Marketing: Internet Buyers v. Traditional Home Buyer Study, Broker-Agent News.
*The 2006 C.A.R. homebuyer study was done by Leslie Appleton-Young, Chief Economist & VP of the California Association of Reators.
