PROView - September 2008 - (Page 8) Brokerage Design Do You Know Your Clients as Well as Yahoo Does? by Jeremy Conaway, Founder and President of RECON Intelligence Services 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. Renters: Rented property in the past six months or plan to rent property in the next six months Financers: Applied for a new mortgage, refinanced an existing mortgage, or got a home equity loan or line of credit in past six months or plan to in next six months Others active in 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. The industry has been tracking the growing influence of the Internet for a number of years. The California Association of REALTORS® has done some exemplary work over the past few years tracking the migration of real estate consumers on the Internet. Yahoo’s work in this instance is historically relevant because it provides yet another example of the Internet’s growing power and movement across the real estate space. 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 Sellers: Sold property in the past six months or plan to sell property in the next six months 8 PINELLAS REALTOR® ORGANIZATION “Yahoo’s research determined that at the present time there are approximately 67 million people actively engaged in real estate activities online.” Yahoo further reports that nearly one-half of real estate consumers have used online sites to view real estate listings, and over onequarter 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 Conventionals – Traditional and Looking for Guidance - comprising 14% of the total market Actives – The Online Engager – comprising 19% of the total market September 2008
Table of Contents Feed for the Digital Edition of PROView - September 2008 PROView - September 2008 Contents Chairman’s Notes Feature Story PROActive Brokerage Design Marketplace Analysis Home Sales Report MLS Update Calendar of Events & Programs MLS Mind Your Manners New REALTOR® and Affiliate Members PROView - September 2008 PROView - September 2008 - PROView - September 2008 (Page Cover1) PROView - September 2008 - PROView - September 2008 (Page Cover2) PROView - September 2008 - Contents (Page 1) PROView - September 2008 - Chairman’s Notes (Page 2) PROView - September 2008 - Chairman’s Notes (Page 3) PROView - September 2008 - Feature Story (Page 4) PROView - September 2008 - Feature Story (Page 5) PROView - September 2008 - PROActive (Page 6) PROView - September 2008 - PROActive (Page 7) PROView - September 2008 - Brokerage Design (Page 8) PROView - September 2008 - Brokerage Design (Page 9) PROView - September 2008 - Brokerage Design (Page 10) PROView - September 2008 - Brokerage Design (Page 11) PROView - September 2008 - Marketplace Analysis (Page 12) PROView - September 2008 - Home Sales Report (Page 13) PROView - September 2008 - MLS Update (Page 14) PROView - September 2008 - MLS Update (Page 15) PROView - September 2008 - MLS Update (Page 16) PROView - September 2008 - Calendar of Events & Programs (Page 17) PROView - September 2008 - MLS Mind Your Manners (Page 18) PROView - September 2008 - New REALTOR® and Affiliate Members (Page 19) PROView - September 2008 - New REALTOR® and Affiliate Members (Page 20) PROView - September 2008 - New REALTOR® and Affiliate Members (Page Cover3) PROView - September 2008 - New REALTOR® and Affiliate Members (Page Cover4)
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