June 29, 2009
Real estate Internet marketing is gaining much importance nowadays, as report after report shows that more and more people are looking online for information regarding purchasing a new home prior to contacting a real-estate agent. As websites and search tools are impacting the market, advertisers and developers are shifting advertising dollars out of print space and into the online market.
Information, information, information… According to a study by C.A.R. (California Association of REALTORS®) many home buyers preferred the online experience that the Internet offers over the static paper experience that print advertisements offer.
The C.A.R. study suggests that only 12 per cent of all home buyers looked at print ads to search for a home, while more than seventy per cent of home buyers used the Internet as a significant part of the home buying and selection process. Further, according to the report ninety per cent of respondents agreed that using the Internet put them further in control of the home buying process.
In a survey conducted between April 23-27, 2009 – commissioned by Trulia – US home buyers are twice as likely to use online sources than print sources to find information about open houses they are interested in. According to the study, sixty-two per cent of US home buyers use or plan to use online sites to find open houses; compare this with the fifty-three per cent who use/plan to use information from real estate agents and the thirty-six per cent who use/plan to use neighbourhood signs and less than one-third, who use/plan to use print sources. The survey further notes that forty-one per cent of respondents noted that online services act as their primary resource source, while fourteen per cent cited print sources as their primary resource.
“The real estate section of the weekend newspaper is no longer the go-to resource for open houses,” said Sami Inkinen, co-founder and COO of Trulia. “Home buyers are increasingly going online to not only search for the most up to date listings but also to obtain rich information about the neighbourhood…”
“We used to see home buyers walk into open houses with a newspaper in their hands,” said Aman Daro, VP of Integrated Marketing at McGuire Real Estate in San Francisco. “But now they walk in with print outs of their search on the web. What’s more, consumers are walking in very educated from their online research – they know details about the property and the neighborhood, and are more highly engaged in the process than the causal lookers of years past.”
These facts regarding the importance of online-information-gathering juxtaposes the current way that new-residential developers advertise their projects. It is not uncommon for a single development to spent tens of thousands of dollars each week in print advertising, with most developers paying little-to-no attention to online marketing. Some developers have jumped on the band-wagon by using Twitter and Facebook as a tool to garnish project interest, but until the arrival of BuzzBuzzHome (currently servicing Toronto; Vancouver and Calgary coming soon… many more cities planned within the next few months), there has been no centralized reliable source of new-development information. Check out the the ease of site navigation, and information availability for these projects: The Florian, The Garment Factory Lofts, iZone, and Kimberley Court.
To socialize, people meet on Twitter or Facebook. To find a new home, purchasers will turn to BuzzBuzzHome.
The BuzzBuzzHome Team