Modern-day Real Estate Professionals have heard variations of this information previously, so I will summarize this message to the bare basics in a "fluff-free" manner. First off, let's discuss the obvious:
- The Real Estate industry is constantly evolving
- All Real Estate Professionals are not created equal
- Millions of Consumers will buy and sell homes in the coming years
- Someone will earn the commissions on these deals
- It will either be you...or your competition
Most Real Estate Agents that I speak with possess an air of confidence when asked what their chances would be to convert a Prospect into a Client if given the opportunity. When asked to elaborate on why they are so confident, I hear the same typical reasons:
- Knowledge / Educational Background
- Company Strength & Reputation
- Team Support
Most of these Real Estate Agents are indeed equipped with several (if not all) of the above referenced benefits, and I truly believe that they would secure these Prospects more often than not if given a shot. That said, I think we are getting a bit ahead of ourselves, so let's back up:
As depicted in the above photo (taken from the legendary Alec Baldwin scene in the movie Glengarry Glen Ross), there are 4 simple steps in the sales process...regardless of what type of sales you are engaged in. When discussing the possibility of converting a Prospect into a Client, we are skipping ahead to Step 3 above (by examining whether a Prospect will make a DECISION to work with you, and ultimately take ACTION to buy/sell through you).
But how are you first capturing the ATTENTION of the Prospect? How are you keeping their INTEREST focused on you (as opposed to the other dozens of local competitors who also feel that they too could convert your Prospect into a Client if given the opportunity)?
To better answer the above questions, we must first identify who the Prospects are. The following statistics were taken from the 2009 National Association of Realtors profile of Home Buyers and Sellers:
Among the take-aways of the above chart is the fact that nearly half of the Home Buyers on the market are First-Time Homebuyers with an average age of 30 years old. Let's examine some of their behavioral tendencies to better learn how to capture their ATTENTION and hold their INTEREST:
A whopping 90% of these Prospects used the Internet as part of their home search according to a study published in 2009. As I write this article in mid-2011, I don't think it is a stretch to say that the Internet has gained additional acceptance & momentum as a home buying tool since then. Let's examine a bit further:
Considering over 1/4 of the Homebuyers studied back in 2009 found their Real Estate Agent through online searches (from websites like Google), it is safe to conclude that all Real Estate Agent's should have a strong online presence if they hope to capture the whopping 28% (and growing) segment of this target market!
In an effort to keep this article brief, my goal was solely to uncover some of the main reasons why Real Estate Professionals should indeed develop, maintain, and continually enhance their online and social media presence, while making every effort to embrace technology. After all,
- This Internet-thing is here to stay
- Technology has shown no signs of slowing down
- Our prospective Clients are continually embracing these avenues as part of their shopping patterns
- The ONLY realistic chance you have of working with the Generation X and Generation Y consumers is to adapt to their world.
- If you don't, your competition will...COUNT ON IT!
I would never dream of finishing this article without providing a resource to securing answers to the following questions:
- So where do you start?
- What do you do?
- What tools should you embrace?
- How will you know what is working for other Real Estate Professionals?
I am pleased to announce the San Diego Real Estate Marketing Facebook Page!
The above information, statistics and trend analysis is the basis for why the San Diego Real Estate Marketing Facebook Page has been developed.
Within the San Diego Real Estate Marketing Facebook Page, members will have the opportunity to:
- Learn what type of technological Real Estate Marketing Tools are available on an ongoing basis
- Identify methods of Social Media integration to allow more exposure for your business with less use of your time (remember, you still need to devote time to meeting Prospects in person!)
- Find out how the younger generations are actually finding their Real Estate Agents. Examples include:
- QR Codes
- Customized Property Websites
- Google Searches (and the importance of Search Engine Optimization)
- Long-tail keyword searches
- "Checking out" the professionals they work with ahead of time on websites like LinkedIn, Yelp, etc.
- MLS IDX feeds
- RSS information feeds
- Text-for-Rate & Payments 24/7
- Blogging (the relevance of blogging, and proper etiquete, tips, etc)
- And MUCH MORE!
All Real Estate Agents are invited to join the San Diego Real Estate Marketing Facebook Page regardless of where they are located, and what geographical areas they cover. Together through this shared informational community, we will embrace a "givers gain" approach in our quest to succeed in the Real Estate Industry moving forward. This is a free online resource and it only takes a moment to join the San Diego Real Estate Marketing Facebook Page.
Special thanks to Ricky Khamis for his assisting in compiling some of the above-referenced data.
For more information on topics like this, please feel free to visit www.GordonMortgage.com (an educational resource for Borrowers, Real Estate Agents, and Financial Professionals). Educational content provided by:
Jason E. Gordon
Sr. Mortgage Loan Officer
CMPS, CDPE, CMHS, CMC, NMLS 259027
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