There are major changes in how people in every corner of the country, even the world, interact with their favorite brands these days. No market is immune to the powerful forces of video, mobile, social and direct marketing. That’s why studying some of the major trends in how home buyers buy and sellers sell can help you, even if your market is somehow “unique.”

That’s why I always suggest real estate professionals buy a copy of the National Association of REALTORS Annual Profile of Home Buyers and Sellers and study it intensely. It’s a survey of thousands of people who actually bought or sold in the previous year. It’s specific to real estate consumers, and it’s a relevant indicator of the major trends that you will have to navigate next year. In fact, the report itself is almost a “marketing plan in the box” since it’s based upon actual feedback from recent consumers. Here are a few tidbits to give you an example:

  • Top five reasons people bought a home in 2012 – They were all personal: the desire to own a home, the need for more space, or a change in family situations. Tax benefits, for example, ranked 16th. This gives us an indication of what’s important to consumers; and we can factor it into our marketing. Perhaps your e-newsletter or blog should focus more on your audience’s ordinary needs and dreams, and less on financial issues.
  • How far do buyers move? – Most buyers moved between 9 and 14 miles from their previous residence. This might indicate that your marketing plan doesn’t need to be “global” but “local.” For most agents, this encourages us to “focus on local” in our websites and videos; certainly some agents who specialize on relocation or global consumers need more, but most agents probably can stick to what’s happening nearby to build their business.
  • Where do buyers find their homes? – Nearly half (47%) of buyers found the home they purchased on the web. This means your listings really need to stand out to compete for that self-searching consumer. Make sure you have lots of high-quality photos, well-written story-based property descriptions and compelling videos on every listing. Also ensure your listings look great on a mobile phone and tablet, too.
  • How do sellers find their agent? – On the seller side, the data continues to say that the number one way (38%) sellers found their real estate agent was a referral by a friend or family member. This means your marketing plan should focus a significant effort on staying connected to your sphere of influence – and that means, social networking. And since another 23% of sellers worked with the same agent from last time, more than half of your marketing efforts should be focused on keeping connected with your friends, family and past clients.
  • How many clients recommend their agent? More than two-thirds of sellers said they’d “definitely” recommend their agent to others, while 18% said they’d “probably” refer them as well. This helps us formulate our message to our past clients throughout the year: by blog or by phone, integrate the importance of receiving referrals and helping “the friends of your friends” into your social marketing strategy.

 

Matthew Ferrara will be speaking at ERA IBC 2013 in Austin, TX March 21-24, 2013. Register here.

photo credit: stevendepolo via photopin cc
 

Matthew Ferrara

Matthew Ferrara is a philosopher, teacher and photographer. For twenty years he has worked with sales, marketing and leadership professionals around the world.
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