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At the end of the day, the real estate consumer drives the real estate industry.  I realize this comes as no surprise to the readers of this blog, but let’s put the facts out on the table for all to see.  Ken Brand, over at AgentGenius.com, had a great post about the image issue that faces the real estate industry.  The comments are a good read as well, but Ken flat out hits the nail on the head when he comes up with the perception issues facing our industry:

Civilians secretly think Real Estate Agents are full of crapola. The civilian perception is:

1. Real estate agents follow-up and follow-through like Donald Trump combs over, spectacularly irresponsible.
2. Real estate agents behave and screech, “It’s ALL about ME”.  ”I’m famous.”  ”I’m NUMBER ONE.”  ”Dig ME, Dig MY awards, Dig MY bill boards.”  ”I exceed your expectations (for egoism and poor performance.)!”  Etc.
3. Real estate agents spend more money on their Personal Promotion than property promotion.
4. Real estate agents charge too much and do too little. List it  > Plant scratched, crooked, rusty framed “For Sale” sign > Shoot lame photos > Deliver William (I have no professional training) Hung service > Ignore empty Take-One flyer box > Run a print ad > Lay low till it sells > Collect a commission check.

“Right Todd, but what does any of this have to do with the buyer’s survey results touted in your headline?”

That’s the backdrop to what the National Association of Realtors found among 9,138 real estate consumers between July 1st, 2008 and June 30th, 2009.  Not surprisingly, the internet played a gigantic role in how consumers entered and executed their real estate transactions.

First Step of the 2009 Homebuyer

If we jump into the wayback machine and were to stare at this survey, had it been taken in the late 80′s thru the late 90′s, I suspect that the first step the clear majority of buyers took would have been to either contact an agent or begin their research via print or driving around the areas they wanted to live.

To me, what’s impressive about this chart is that 47% of first-time buyers went online first (31% to look at properties and 16% to research the process).

On our trip in the wayback machine, we would have noticed that the bulk of the listing information was kept very close to the vest of the listing agent/broker.  If you wanted more information about 123 Any Street, USA, you were going to have to talk with the listing agent.

For agents, this chart should confirm your marketing suspicions:  INCREASE your web presence!

For brokers, you need to recognize where your agents will need marketing assistance and training.

As an agent or broker, if your gut instinct was telling you that the majority of folks using the internet for real estate information was skewed to a younger buyer, you win a cookie!  With the exception of buyers 65 and older, a full one third of all buyers hit the internet first to look for properties for sale.

Over 50% of buyers from 18 to 44 years old used the internet to either look for properties for sale or to find information about the buying process.

Over 50%…

Where’d they go…