What has been shaping the real estate industry in recent months and how does it affect servicing local areas? Here’s a recap of some of the most interesting real estate stats that will give you a broader perspective on the industry’s trends.
Real estate stats to watch
1) 51% of buyers found the home they purchased online (Source)
Moreover, 98% of buyers start their home search online. If agents aren’t investing in building their digital presence, they miss out on a huge lead generation opportunity. The Internet erased traditional marketing techniques so mastering new online marketing strategies is essential.
According to the NAR Profile of Home Buyers and Sellers, other channels buyers used are:
- real estate agent – 34%;
- yard/open house sign – 8%;
- friend, neighbor or relative – 4%;
- home builder – 2%;
- directly from sellers – 1%;
- print newspaper advert – 1%.
2) Millennials account for 34% of the real estate buyers (Real estate stats Source)
Up until recently millennials, with their student loans and low employment, were vaguely represented in the real estate buying market. Today, they’re growing into the largest demographic group. This also means the number of first-time homeowners will grow.
3) 73% of buyers would work with the same agent again (Real estate stats Source)
As agents struggle to bring properties in front of new audiences, they shouldn’t forget about the power of their database and maximize referrals opportunities. An overwhelming majority of people would like to work with their agent again so chances are big they’d also recommend that agent to others.
4) 78% of buyers think neighborhood quality is more important than the size of a home (Source)
Marketing neighborhoods versus separate listings has never been so important. One of the best ways is to craft informative, content-rich neighborhood pages or guides that would walk potential buyers through each neighborhood.
5) 84% of buyers think a property description is the most useful info on a real estate website (Source)
Dedicate your time to craft compelling, informative and objective listing copy that evoke trust and interest.
Other things people care about most of all are:
- photos (83%);
- interactive maps (45%);
- agent contact info (42%);
- neighborhood info (34%).
6) 64% of seller agents found their agent through referrals (Real estate stats Source)
Once again, the value of referrals should not be overestimated for the real estate industry which relies heavily on personal connections. While 64% find their agent through referrals, 25% used an agent they have worked with before.
7) More than two-thirds of agents use a CRM (real estate stats Source)
According to Inman, the majority of real estate professionals use a CRM, while many prefer an industry-specific solution. This helps to address real estate marketing and sales challenges better as generic CRMs lack the functionality agents badly need.
8) 48% of agents say keeping up with technology is their biggest challenge
Brokerages say the struggle to keep up with the latest technology is the biggest challenge they face now and will face in the next two years.
9) 94% of agents prefer to communicate with their clients through email (Source)
Email is still the preferred communication channel for both agents and clients.
10) More than 80% of agents use Facebook (Real estate stats Source)
Facebook offers huge real estate marketing opportunities and agents are rapidly learning to capitalize on them. 45% of clients walked through a home found on Facebook and more than 90% research their agent on Facebook.