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October 7, 2008
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Realty Viewpoint: Non-industry Websites Fill Information Gap for HomeBuyers

Organized real estate knows how to market listings to homebuyers, but it doesn't have a clue how to cultivate them. Google has an astounding 58 percent of all Internet searches, and about the same percentage in market share for real-estate related searches.

Buyers are going to the Internet to seek information about homebuying issues, mortgages and listings.

One third use the Internet as the first step in shopping for a home, and 66 percent of buyers report using the Internet frequently. (Editor's note: all subsequent statistics are from the NAR 2007 Buyer/Seller Profile)

The Internet yields results. About 34 percent of buyers found the home they purchased online.

Internet users want as much information as possible about properties for sale (95 percent) or about a specific area (20 percent.) That's driving them to resources outside the traditional Realtor-dominated industry.

Go to Zillow.com and HouseValues and buyers can find property values on the majority of homes in the U.S. On Zillow, buyers can talk directly to homeowners and make offers, and they can look at agent profiles and contact them. Buyers can be matched to a Realtor on HouseValues. And both companies have listings by Realtors.

To find out what their neighbors will be like, buyers can go to Rottenneighbors.com, to see if they fight too much, play loud music, or take poor care of their property.

We all want to see into the crystal ball, so Housingpredictor.com gives buyers information on the best and worst cities to invest.

These sites all have one thing in common -- they empower the buyer with information beyond the listing.

Even Realty Times is a third-party source. We are the only content provider that shows buyers and sellers local market conditions and which way they're trending up or down. In our case, we're the only site that exclusively provides information by Realtors, which makes us among the best places to find agents.

Buyers aren't just looking at homes and calling the listing agent, because now they know the agent works for the seller. And the proof is in the pudding -- only 23 percent of buyers contacted an agent after looking at properties online.

The good news for real estate agents is that 79 percent of buyers purchased their home through a real estate agent, but they largely got their agents through referrals (43 percent) or previously used agents (11 percent) not the Internet (8 percent.)

So if most buyers are on the Internet, agents need to get in front of them. If you're an agent with properties for sale, you're in good shape, but only if buyers are searching in your listings' price ranges. If don't have listings, don't wait.

Go to Zillow and fill out an agent profile. Join a real estate blog like Active Rain. Or become a market conditions expert on Realty Times.

The point is -- the Internet is where agents need to be, with or without listings.

Published: February 6, 2008

Use of this article without permission is a violation of federal copyright laws.




Blanche Evans is the award-winning senior editor of Realty Times, the Internet's leading independent real estate news service. She is featured daily on the Realty Times Video Network in the "Realty Viewpoint" segment.

Blanche has been named one of the "25 Most Influential People In Real Estate" by REALTOR Magazine, and has been twice recognized as a "notable." In 2005, she was named "Top Reporter Covering the NAR" by Delahaye-Bacon's.

Blanche is a renowned author of five real estate books. Her newest, Bubbles, Booms and Busts: Make Money In Any Real Estate Market, McGraw-Hill, was rave-reviewed by The New York Times. She was also selected from hundreds of real estate experts to contribute to Donald Trump's book, Trump: The Best Real Estate Advice I Ever Received: 100 Top Experts Share Their Strategies, Rutledge Hill Press, and is featured on page 68.


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Review - Honors

In 2006, Blanche was selected among scores of candidates to author two consumer real estate guidebooks for the National Association of Realtors: The NAR Guide to Home Buying, and The NAR Guide to Home Selling, Wiley & Sons. She is currently planning two new books for the NAR and its members.

     

Known for her keen insight into real estate industry issues and for her ability to make complex subjects easy to understand, Blanche is a sought-after keynote and continuing education speaker. Real estate organizations from MLSs, to brokerages, to franchisors, to associations hire her to provide up-to-the-minute analysis of real estate industry news and advice on how to improve revenues. Her passionate delivery, peppered with stinging wit, is a huge hit with audiences and fans.


Don Klein, CEO Greater Nashville Association of Realtors, Blanche Evans, Richard Courtney, president 2007, GRAR

"The GNAR membership meeting last week featured Blanche Evans as the keynote speaker. Her comments and insights resonated extremely well with those in attendance and we have had many requests for copies of her PowerPoint Presentation. She was a terrific part of the membership meeting and convention program!" - Don Klein, CEO Greater Nashville Association of Realtors

Coverage from WSMV, Nashville - 8-14-2007

That Interview Guy - Get Inside The Head Of Today's Generation
2007 AE Institute Session - To purchase
2006 AE Institute Session - Parts 1 2 3 4 5 6 7 8 9
HouseValues Mastermind call - Parts 1 2

Blanche's fireside chat with Jeremy Conaway, HAR - Click here.

To contact Blanche, email her at .

For more articles by Blanche, click here.







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