By Brian Delaney, Vice President of Franchise Services
The National Association of Realtors®’ (NAR) Profile of Home Buyers & Sellers indicates the length of a search for real estate lasts approximately 12 weeks. In order to develop a strategy that will result in the “capture” of these buyers, it is critical that we understand exactly what they are doing during this period.
According to the NAR survey, the average buyer is researching the market without the assistance of any one particular agent for approximately 3-4 weeks in the beginning of the search process. Understanding why buyers behave the way they do during the initial period of the search process shows agents why it is important to be visible and well-branded.
The process of purchasing real estate is no different than any other large ticket item. Whether you are buying a car, a television or a boat, it is entirely likely that you will take steps to educate yourself before putting yourself in the hands of a salesperson.
Let’s say you are looking for a new television for example. You will likely go online, you will look in the Sunday paper (“big box” stores advertise their specials consistently in off line media), and last but not least, you may seek the advice of a family member or friend who is more technically savvy than you may be. Buyers do this in order to get “comfortable in the space.”
The same is true in real estate. In an effort to get comfortable in the space buyers drive neighborhoods, research websites, read magazines and newspapers, visit open houses and consult with family and friends. Agents who are the consistently branded in all these areas—including print, Internet, mobile devices, and direct mail—will be the agents who are most likely to gain the trust and business of today’s buyers.