A new study by the Pew Internet & American Life Project tracks the decision-making processes for buying music, purchasing a cell phone, and buying or renting a home.
Even though many buyers use the internet research products, surprisingly few say online information had a major impact on their behavior. Only 7% of music buyers, 10% of cell phone buyers, and only 11% of those who bought or rented a home in the prior year say that online information had a major impact on their decision.
29% did say they thought online information helped them save money on the house they bought or apartment they rented.
My Take:
I have helped to market many websites that have in my opinion the best out of the box CRM functioning in the business. However, I do not believe that any of these real estate agents, (my clients or those I have witnessed) really use the CRM functions at any level of sophistication, basically turning it on with plug n' play pre-written letters.
I believe with all the leads captured, agents could have created relationships thru a good CRM system. Instead these prospects are obviously harvesting the Realtor websites for all the market information, and then buying offline from someone else. Rendering the websites as charity cases. They didn't even send those agents flowers.
It is for this reason that I believe that the anemic consumer loyalty to the source of their online real estate education is as high as it is.
I also believe that it will only get worse as the noise continues to play out online. The home sale takes place offline and the vast majority of your prospects are not conversing online and hanging out in realty forums and blogs.
They are at Soccer practice, at work and their real community. The conversation that matters to you, if it is happening at all online is in local oriented groups of blogs and forums. Not at yours or someone elses website. So if you are not capturing them, and then engaging them with more email marketing, is it any wonder such a small percentage buys because of their online research?
Trash the Pre-Written Systems
If you are capturing leads (if you are not, why not?) then for goodness sakes create direct response marketing sequences that engage and enthuse your prospect to use you.
I know this is the opposite of what the gurus are teaching about web 2.0 and such. But the numbers listed above are what they are.
