e-Buyer:e-Buyer:UnderstandingUnderstanding
Real Estate e-Buyers & Real Estate e-Buyers & How to Market to ThemHow to Market to Them
A program by the A program by the Real Estate Buyer’s Agent Council, Inc.Real Estate Buyer’s Agent Council, Inc.
of the National Association of REALTORS®of the National Association of REALTORS®
Welcome to e-Buyer!
• Approved elective course for the Accredited Buyer’s Representative (ABR®) designation
• For more information, contact REBAC:
Real Estate Buyer’s Agent Council
www.REBAC.net
800-648-6224
Table of Contents
Introduction1. Understanding the e-Buyer2. Service and Value in an e-Buyer World3. Web Fundamentals4. Tools of the Trade: Advancing Your Business5. The e-Buyer Transaction6. Your Action Plan
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Until the Mid to Late 1990s
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Real estate agent was gatekeeper for everything:
Property data
Area information
Mortgage
Fast Forward to Today
Internet and e-Business have spawned:
The e-Buyer!
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Fast Forward to Today
e-Buyer uses the Internet
Find properties
Research communities
Preview properties
Examine mortgages
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Fast Forward to Today
•Internet and e-commerce have transformed e-buyers’ expectations.
•Transactions should be:1.Easy2.Quick3.Less expensive
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Fast Forward to Today
• Given current market conditions, there are fewer buyers than a year ago.
• Will Internet and U.S. economic ups and downs render the buyer's agent obsolete?
Answer: No.8
Learning Objectives
• Understand specific needs of today’s e-Buyers
• Explain how to bring service and value to e-Buyers
• Discuss how to leverage technology in today’s market
• Learn how to manage the e-Buyer transaction
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1. Understanding the e-Buyer
In this module:
• Profiling the e-Buyer• Demographics of the
real estate e-Buyer• Generational
differences
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Profiling the e-Buyer
• Younger• College educated • Higher annual incomes• Live in suburbs
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The Real Estate e-Buyer
• Married couple• Younger• Earn more money• Spend more time
searching• Visit more homes
during search
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Where Real Estate e-Buyers Look
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Most Valuable Features of Web Sites
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Power of Real Estate Web Sites
• One-third of real estate e-Buyers found online the home they purchased
• Emotional connection to property before contacting an agent
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Discussion Question 1
1. Which 3 statistics are most meaningful to your and your business?
2. Which will cause you to change an aspect of your business?
3. What changes will those be?
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Not All e-Buyers Created Equally
Generations of e-Buyers use the Internet with different frequency and for different purposes.
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Not All e-Buyers Created Equally
As we discuss generations, consider:What is unique about their communication preferences?
What specific ways can I market to these groups?
Intergenerational Market
Traditionalists (1901 – 1945)
Baby Boomers (1946 – 1964)
Generation X (1965 – 1976)
Generation Y (1977 – 1994)
Age Distribution of Home Buyers
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Traditionalists (1901- 45)
• Less likely to use Internet in home search
• More likely to rely on agent used previously
• Home-buying experience important. Previously owned 3 homes.
Their word is their bond.
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Baby Boomers (1946 – 64)
• 78 million strong (median 50 yrs.)
• Value convenience (e.g., one-stop shopping) and face-to-face communication
Image is everything.
Generation X (1965 – 76)
• 50 million strong• Grew up with instant-
gratification & quick response conveniences
• Brought e-Business into the mainstream
Time is of the essence.23
Generation Y (1977 – 94)
• 60 million up & coming consumers• Using all permutations of technology,
Gen Y stays connected 24-7.• Instant gratification buyers, they like
social aspect of shopping with friends
Possible first-time home buyers
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Exercise
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Time for an Exercise