Osceola ReVIEW - September 2008 - (Page 4) CEO Perspective By David Bennett, CAE DO YOu KNOw YOur ClIENTS AS wEll AS YAHOO DOES? The Yahoo Real Estate folks provided the real estate industry with some really interesting information last month when they released a white paper entitled Embracing the Online Real Estate Market. The document reflects research conducted by Yahoo seeking to create a current economic and demographic profile of the Internet empowered consumer. The project further undertook to identify just what these consumers were looking for. But Yahoo went one step further. The white paper also provides, in great detail, information, tailored to the real estate professional, about how to work with each of the four consumer groups identified through the research. The information provided by the Yahoo research is important enough to dedicate this column to that work and those findings. The industry has been tracking the growing influence of the Internet for a number of years. In this case, not only has Yahoo undertaken to conduct original research, but it is also presuming to tell the real estate community how to use that information. One can only wonder how long it will take this very important information to become part of the industry’s educational mainstream. Yahoo’s research determined that at the present time there are approximately 67 million people actively engaged in real estate activities online. Their basic rolls are identified as follows: Buyers: Purchased property in the past six months or plan to purchase property in the next six months. Sold property in the past six months or plan to sell property in the next six months. Rented property in the past six months or plan to rent property in the next six months. mortgage, or got a home equity loan or line of credit in past six months or plan to in the next six months. Others active in the real estate category: Worked with a real estate agent or used online sources to keep track of the real estate market. The research went on to identify the typical online real estate consumer as being 45 years old (with almost one-half between the ages of 35-54). Women were found to make up 51% of the online real estate market. 72% of these in-market consumers currently own real estate property. A detached single-family house is the primary residence type for 73% of these owners. Yahoo further reports that nearly one-half of real estate consumers have used online sites to view real estate listings, and over one-quarter keep track of the real estate market using online resources. Respondents typically use real estate sites to: • • • • • Browse homes for sale View property photos, virtual tours and videos Research schools and neighborhoods Look-up home values Use mortgage calculators From its research Yahoo evolved four specific consumer profiles: Passionates: Consumers who are highly engaged and very interested comprising 6% of the total market Traditional and Looking for Guidance-comprising 14% of the total market The Online Engager – comprising 19% of the total market Conventionals: Actives: Sellers: Future Prospects: Just Looking Right Now – comprising of 61% of the total market Yahoo used the following graph to demonstrate how these four groups were allocated across the various real estate functions. In many cases a person can fall in more than one of the rolls identified above, as shown in these percentages. Continued on Page 7. Renters: Financiers: Applied for a new mortgage, refinanced an existing 4 Osceola ReVIEW September 2008
Table of Contents Feed for the Digital Edition of Osceola ReVIEW - September 2008 Osceola ReVIEW - September 2008 President's Perspective CEO Perspective Education Corner Association Staff Association Leadership Knowledge Services News Supra News Monthly Planner Welcome New Members New Real Estate Offices Osceola ReVIEW - September 2008 Osceola ReVIEW - September 2008 - Osceola ReVIEW - September 2008 (Page 1) Osceola ReVIEW - September 2008 - President's Perspective (Page 2) Osceola ReVIEW - September 2008 - President's Perspective (Page 3) Osceola ReVIEW - September 2008 - CEO Perspective (Page 4) Osceola ReVIEW - September 2008 - Education Corner (Page 5) Osceola ReVIEW - September 2008 - Association Staff (Page 6) Osceola ReVIEW - September 2008 - Association Staff (Page 7) Osceola ReVIEW - September 2008 - Association Staff (Page 8) Osceola ReVIEW - September 2008 - Association Leadership (Page 9) Osceola ReVIEW - September 2008 - Knowledge Services News (Page 10) Osceola ReVIEW - September 2008 - Knowledge Services News (Page 11) Osceola ReVIEW - September 2008 - Knowledge Services News (Page 12) Osceola ReVIEW - September 2008 - Supra News (Page 13) Osceola ReVIEW - September 2008 - Supra News (Page 14) Osceola ReVIEW - September 2008 - Supra News (Page 15) Osceola ReVIEW - September 2008 - Supra News (Page 16) Osceola ReVIEW - September 2008 - Supra News (Page 17) Osceola ReVIEW - September 2008 - Monthly Planner (Page 18) Osceola ReVIEW - September 2008 - Monthly Planner (Page 19) Osceola ReVIEW - September 2008 - New Real Estate Offices (Page 20)
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