Why We Do This and Not That POWER UP YOUR PLAN Pili Meyer ABR, CIPS, CNE, GRI, SRES, VAMRES.
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Transcript of Why We Do This and Not That POWER UP YOUR PLAN Pili Meyer ABR, CIPS, CNE, GRI, SRES, VAMRES.
Why We Do This and
Not ThatPOWER UP YOUR PLAN
Pili MeyerABR, CIPS, CNE, GRI, SRES, VAMRES
Who are these Buyers and Sellers and What do they want?
This publication is available at www.realtor.org
After a steady decline since 2004, married couples rising as % of buyers
38% First Time Buyers
2010 = 50%
Pacific RegionMedian
Household Income$96,300
MedianAge
Buyers 44
17% bought multi-generational home
Reasons:Cost savings-27%Children over 18
moving back into house-20%
Spend more time w/aging parents-19%
Health/caretaking of aging parents-17%
Q7
What do they Want?
How do they Behave?
WHAT SELLERS MOST WANT FROM REAL ESTATE AGENTS
market
to bu
yers
sell in
a tim
e fram
e
price
compe
titively
find a
buye
r
fix up
tips to
sell fo
r more
nego
tiate
with bu
yer
pape
rwork
/insp
ectio
n
create
/post v
ideo
0
5
10
15
20
25
30
Q3
Primary Reason for Selling 6-20
Too Small
Job Relocation
Closer t
o family
Neighborh
ood deteriorati
on
Too Big
Change
in fa
mily sit
uation
Retirement
Closer t
o job
Upkeep to
o difficu
lt
Can't a
fford m
ort
1915
1310 10
86 5 4 3
How Sellers Found Their Agent 7-1
Referred
Used previo
usly
Internet W
ebsite
Open House
Referred by a
gent
Personal
contac
t
Saw co
ntact in
fo
Referred by e
mployer
Walk
in/C
all in
Direct
Newspap
er
Adverti
sing s
pecialty
39
25
4 4 4 4 3 3 2 2 1
# Agents Contacted by Seller to List Home 7-3
1 2 3 4 5+0
10
20
30
40
50
60
70
Q2
3 Take-Aways for Working with Sellers
Treat your referral base, including past clients, really, really well
Be first in line
Be easy to find
0
10
20
30
40
50
60 53
12 11 8 7 3 3 1
What Buyers Want Most from RE Agents4-8
Q8
How Buyer Found the Agent They Used 4-12
Referred by f
riend, fa
mily
Used ag
ent previo
usly
Internet w
ebsite
Open House
Saw co
ntact in
fo on sign/o
pen house
Referred by a
gent
Referred by e
mployer
Walk
in/C
all in
Personal
Contact f
rom ag
ent
42
12 9 6 6 4 4 3 3
65%
20%
10%5% 1
2
3
4+
How Many Agents Were Interviewed by Buyer4-14
Q1
25%
12% of the Buyers did!!
Of Sellers previously worked with the agent they chose as Listing Agent
Written agreement
42%
Oral agreement
19%
No26%
Don't know13%
Written agreement Oral agreementNo Don't know
Did the Buyer have a written agreement with the agent?
Are You Kidding Me?
Q6
3 Take Aways for Working With Buyers
Learn how to present a Buyer’s Agreement. A lot of them think they signed one. Work those referrals Focus on what is important to them
New v Previously Owned Home Purchases 2-1
2009 2010 2011 2012 2013
18 15 16 16 16
82 85 84 84 84
New Previously Owned
Fairly static activity
Why Choose New Home?
05
101520253035 32
2514 10 6
13
Q9
Why Choose a Previously Owned Home?
Better Price Better Value More charm and character
Lack of inventory of new homes
Other
30 28
17
9
16
What does that mean? If you are marketing new homes, what will you emphasize?
What about existing homes?
Factors Influencing Neighborhood Choice 2-12
Quality
of Neig
hborh
ood
Conve
nient
to Jo
b
Overal
l Affo
rdabili
ty of
Homes
Conve
nient
to frie
nds/f
amily
Quality
of sc
hool
distric
t
Design
of ne
ighbo
rhood
Conve
nient
to sh
oppin
g
Conve
nient
to sch
ools
Conve
nient
to leis
ure ac
tivitie
s
Conve
nient
to pa
rks/re
c
Availab
il of la
rger lo
ts/ac
reage
Conve
nient
to he
alth c
are
Planne
d com
munity
Conve
nient
to pu
blic tra
ns
Conve
nient
to air
port
0
10
20
30
40
50
60
70
80
Suburb Small Town Urban Rural Resort area
What does that mean? If you are marketing a home in the suburbs, stress the quality of the schools
If you are marketing a home in a resort community, stress quality and design of the neighborhood.
24%
24%20%
11%
22%
Children 18+ moving home
Cost Savings
Health/Care Taking Ag-ing Parents
To spend time with Ag-ing Parents
Other
Reasons 14% of buyers purchase multi-generational home
Where Buyers Found the Home They Bought3-16
Intern
et
Real E
state
Agent
Yard sig
n/OH
Builder/
agen
t
Friend
, relati
ve
Directly
from se
ller
Newspa
per a
d0
5
10
15
20
25
30
35
40
45
50
47
33
9 5 4 1 10
37
179
19
84
Used internet Did not use it
Looke
d onlin
e for
home
Contac
ted ag
ent
Looke
d onlin
e for
info
Drive by
homes
Contac
t lend
er/ba
nk
Talk w/fri
end o
r relati
ve
Open H
ouse
Contac
t build
er0
5
10
15
20
25
30
35
40
45 42
1714
7 6 5 3 2
First Steps Taken in the Home Buying Process
Information Sources Used by Buyers
Online
Agent
Yard Sign
s
Open H
ouse
Mobile/
tablet
app
Mobile/
tablet
search
engin
e
Online v
ideo s
ite
Print n
ewspa
per
Builder
Home b
ook
0102030405060708090
100 89 89
51 45 45 4227 23 17 15
Used
Q10
Information Sources Used by Buyers & Their Usefulness
Online
Agent
Yard Sign
s
Open H
ouse
Mobile/
tablet
app
Mobile/
tablet
search
engin
e
Online v
ideo s
ite
Print n
ewspa
per
Builder
Home b
ook
0102030405060708090
100 89 89
51 45 45 4227 23 17 15
81 78
31 4060 65
4618
4816
Used Useful
81% = Internet
78% = Real Estate Agent
60% = mobile or tablet app
65% = mobile or tablet search engine
The Top 4 Useful Tools
Drove b
y or v
iewed
home
Walked
throu
gh ho
me see
n onlin
e
Found
agen
t
Reque
sted m
ore inf
o
Looke
d for
loan in
fo or
gen'l
tips
Pre-qu
alified
for m
ortga
ge
Contac
ted bu
ilder/d
evelop
er
Applied
for m
ortga
ge on
line
Found
mort
gage
lende
r onlin
e0
10
20
30
40
50
60
70
80
Actions Taken as a Result of Internet Home Search 3-13
Does this help you decide where to spend your marketing dollars?
How does this help you respond to the Seller who asks for a full page ad in the Wall Street Journal?
Mobile phone and tablet apps and search engines are #3&4 in usefulness.
# Agents Contacted by Seller to List Home 7-3
66%
19%
11%3%1%
NE Midwest South West
7 7 7 7
12
10 10
12
2001 2013
Length of Search in Weeks by Region
2008 2009 2010 2011 2013
10
12 12 12 12How many homes did they view?
Q5
How did the Buyer and Seller feel about the process?
Typical Seller
97% of List Price
Median time on market 5 Weeks
38% sellers’ home on market less than 2 weeks
Satisfaction with Real Estate Agent Skills 4-21
Honesty & Integrity
Knowledge of process
Knowledge of market
People skills
Responsiveness
Communication skills
Knowledge of local area
Skills with technology
Negotiation skills
0 10 20 30 40 50 60 70 80 90 1008787
8684
838282
7773
9
11
13
13
13
14
15
20
21
3
2
2
3
4
4
2
3
6
Not Satisfied Somewhat Satisfied Very SatisfiedQ4
Satisfaction with the Selling Process 6-39
56%29%
10%4%
Very satisfied
Somewhat sat-isfied
Somewhat dissatisfied
Very dissatis-fied
Satisfaction with the Buying Process 3-20
57%34%
7% 2%Very satisfied
Somewhat satis-fied
Somewhat dissatisfied
Very dissatisfied
Would Buyer Use the Agent Again or Recommend? 4-21
73%
15%
6%4%2%
Definitely
Probably
Probably not
Definitely not
DK
That’s
88%
25%
12% of the Buyers did!!
Of Sellers previously worked with the agent they chose as Listing Agent
Always ask for referrals Do you know
anyone who wants to buy or sell real
estate?