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Social Media – Emerging Trends: Twitter, Facebook, blogs – the explosion in social media, web use, and other new communications technologies has had a definite impact on the ways in which REALTORS® market both themselves and property listings. Research Economist Jessica Lautz gives us a brief overview on trends based on the most recent Profile of Home Buyers and Sellers and Member Profile.
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Social Media – Emerging TrendsWebinar
Jessica LautzOctober 20, 2010
2010 Member Profile
Methodology
• 93 question survey• Mailed hard copy to 58,022 members• Emailed copy to 43,869 members• Received 6,830 surveys• Response rate of 6.7 percent• Incentive a drawing for $$• Oversamples: 8 states and 2 locals
Changes in Technology Communication Source 2009 Survey 2010 Survey
Realtor website 60% 63%
Realtor blog 7 10
Realtor blog for members 29 and younger
6 18
Use of social media 35 51
Use of social media for members 50 to 59
32 52
Blog Use
ALL REALTORS® AGE2010
Survey2009
Survey 29 or younger 30 to 39 40 to 49 50 to 59 60 or older
Have a blog 10% 7% 18% 16% 12% 9% 6%
Do not have a blog 77 80 63 67 71 78 85
Do not have a blog, but plan to in the future
12 13 17 16 16 12 8
Social Media Use
ALL REALTORS® 29 or younger 30 to 39 40 to 49 50 to 59 60 or older
Yes 51% 79% 72% 63% 52% 34%
No 36 12 19 25 36 51
No, but plan to in the future
12 8 8 12 11 14
Firm Web Presence
Firm has Web site; 89%
Firm does not have Web site; 8%
Firm does not have Web site but plans to in the fu-
ture; 2%
Median Amount Spent on Website
In 2009
In 2008
Broke
r-Owner (
without s
elling)
Broke
r-Owner (
with se
lling)
Associa
te Broke
r
Manager (
without s
elling)
Manager (
with se
llling)
Sales A
gent$0
$50
$100
$150
$200
$250
$300
$350
$400
$220$240
$370 $380
$300
$230$250
$170
Inquiries from Website
ALL REALTORS®
Broker-Owner (without selling)
Broker-Owner (with selling)
Associate Broker
Manager (without
selling)Manager
(with sellling) Sales Agent
None 27% 16% 24% 20% 17% 19% 31%
1 to 5 inquiries 35 25 31 36 31 33 37
6 to 10 inquiries 12 4 10 15 19 12
11 to 20 inquiries 9 6 10 10 10 6 8
21 to 50 inquiries 7 12 10 7 8 10 6
51 to 100 inquiries 4 6 6 5 7 2 3
More than 100 inquiries 6 31 9 7 26 10 4
Median (inquiries) 4 20 4 4 12 5 3
Inquiries from Website by the Amount Spent to Maintain
ALL RE-ALTORS®
None Less than $100
$100 to $499
$500 to $999
$1,000 or more
0
2
4
6
8
10
12
14
16
4
0
34
5
16
Percent of Business from Website by the Amount to Maintain
ALL RE-ALTORS®
None Less than $100
$100 to $499
$500 to $999
$1,000 or more
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
5%
0%
4%
6%
9%
19%
2010 Profile of Home Buyers and Sellers
Methodology
• Survey conducted with recent home buyers who purchased a home between July 2009– June 2010
• Seller information gathered from those home buyers who sold a home
• Mailed 111,004 questionnaires • Received 8,449 responses • Response rate of 7.9%• Names obtained from Experian
First Step in Home Buying
All BuyersFirst-time
Buyers Repeat BuyersLooked online for properties for sale
36% 32% 41%
Contacted a real estate agent 19 16 22
Looked online for information about the home buying process
11 15 8
Contacted a bank or mortgage lender
8 10 6
Drove-by homes/neighborhoods 7 6 9
Frequency of Use of Different Information Sources
Internet
Real estate agent
Yard sign
Open house
Print newspaper adver-tisement
Home book or magazine
Home builder
Relocation company
Television
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
74
69
22
12
9
6
5
1
1
15
19
35
33
27
18
11
2
6
11
12
44
55
64
77
84
97
93
Frequently Occasionally Rarely or not at all
Usefulness of Information Sources
Real estate agent
Internet
Home builder
Yard sign
Open house
Relocation company
Home book or magazine Print newspaper adver-
tisementBillboard
Television
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
81
81
42
41
39
27
21
24
17
15
17
18
48
53
53
59
63
62
67
65
2
1
11
6
8
14
16
14
16
20
Very Useful Somewhat Useful Not Useful
Value of Website Features
Very Useful Somewhat Useful Not UsefulDid not use/Not
AvailablePhotos 85% 14% 1% 1%Detailed information about properties for sale 83 16 1 1Virtual tours 61 27 5 6Real estate agent contact information 45 35 10 10Interactive maps 43 35 10 12
Neighborhood information 40 43 9 8
Pending sales/contract status 33 35 16 16Detailed information about recently sold properties 30 39 16 15Information about upcoming open houses 21 34 22 23
Websites Used by Age of Buyer
AGE OF HOME BUYERAll Buyers 18 to 24 25 to 44 45 to 64 65 or older
Multiple Listing Service (MLS) Web site 59% 57% 60% 58% 55%REALTOR.com® 45 47 46 44 42
Real estate company Web site 43 45 44 43 38
Real estate agent Web site 42 41 44 41 40Other Web sites with real estate listings 30 38 33 26 24
For-sale-by-owner Web site 15 12 16 14 10Homes.com 11 15 11 12 6
Newspaper Web site 8 12 9 7 8
Real estate magazine Web site 4 5 4 4 6Social networking Web sites (e.g. Facebook, MySpace, etc.) 2 2 2 1 1Video hosting Web sites (e.g. YouTube, etc.) 1 1 1 1 *
Actions Taken from Result of Internet Search
All Buyers First-time Buyers Repeat BuyersWalked through home viewed online 45% 44% 47%
Found the agent used to search for or buy home 29 30 29Drove by or viewed home 21 22 20
Where Buyer Found Their Home
2001 2003 2004 2005 2006 2007 2008 2009 20100%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Real estate agent Internet Yard sign/open house signFriend, relative or neighbor Home builder or their agent
Sellers’ Method to Market Home
All HomesListing on the Internet 91%Yard sign 79Open house 56Print newspaper advertisement 28Real estate magazine 25Other Web sites with real estate listings 25Direct mail (flyers, postcards, etc.) 16Video 12Social networking Web sites 5Television 2Video hosting Web sites (e.g., YouTube, etc.) 2Other 5
Where to find NAR Research…and make social media easier
• FaceBook: http://www.facebook.com/pages/NAR-Research/73888294183
• Slide Share: http://www.slideshare.net/NARResearch/ • Twitter: http://twitter.com/#!/NAR_Research • Active rain: http://activerain.com/blogs/nar_research• Real Town:
http://www.realtown.com/NARResearch/blog
Where to Find Your Copy
Via the “Right Tools, Right Now” webpage:http://bit.ly/E03fG
OR
Via the Realtor.org Store:http://bit.ly/koEI4
OR
The REALTOR® Booth at Annual in New Orleans
Listen to a Recording of Today’s Presentation:
Note: Webinar starts approximately eight minutes in:
http://bit.ly/afdKES