Understanding Today's Homebuyer

Understanding Today's Homebuyer

What follows is the result of a telephone survey of 1400 California homebuyer's who closed escrow in the first quarter of 2011

1. Of the 1400 Homeowner's

94% used an agent

58% found their agent online

56% interviewed at least 2 agents

51% Googled their agent (have you googled yourself lately)

93% were receptive to communication via social media

54% would work with their agent again

2. Question: How did you find your agent?

58% Internet

11% Referral

9% Friend/Relative

9% had worked with agent previously

3. Question: How many agents did you interview?

One 44%

Two 36%

Two + 20%

4. Question: Why did you choose your agent?

Most Responsive 28%

First to Respond 17%

Worked with agent before 18%

Most Aggressive 16%

Most Knowledgeable 16%

5.Question: How do you want to communicate?     Actually Communicated

Email 73%                                                                 70%

Telephone 37%                                                          50%

Text 32%                                                                   1%

Twitter 21%                                                                 0%

Facebook 14%                                                             0%

In Person 6%                                                               3%

6. Question: How important is response time?

Very Important 57%

Response time was critical - expected response time was shorter than the actual response time.  Over 1/3 wanted instant response (Don't we all!).

7. Question: What did your agent do that was satisfactory?

Worked Hard 55%

Found the Best Home 55%

Quick to Respond 31%

Negotiated Good Deal 29%

Listened 20%

8. Question: What did your agent do that was not satisfactory?

Slow to Respond 51%  (WOW!)

Communication Problem 19%

Didn't Negotiate Well 12%

Showed the Wrong Houses 3%

9. Question: What behavior by your agent would you change?

Faster Response

Better Understanding of the Market

Better Understanding of the Distressed Market

Communicate Better

10. The average buyer spent 4 month researching before contacting an agent, viewed 12 houses in 8 weeks.  They were motivated by affordability.  They used the following website in this order.

Realtor.com

Zillow.com

Real Estate Company Website

Agent Website

Yahoo

Craigslist

Trulia

11. Question: What was most attractive to you online?

Multiple Photos

Virtual Tours

Comparable Sales

Neighborhood Profiles

New Listings

Market Conditions

52% of buyers used the social media

What are your thoughts?  Conclusions?