Just look at what Youth, Gen X and Gen Y are doing online.
Then look at how many of them are doing it.
That’s a 1/3 of their total population. 70,000,000+.
By all accounts, web based people tend to be smarter, more educated and earn more than non-web based people. This crowd will all be in the market for a home if they aren’t already.
What would go through their mind when they click on "full-service" websites view listings with no pictures, no local video content, no user generated content, no neighborhood data (schools, community profiles, nearby establishments – links to Chambers of Commerce don’t count) and a design layout from a by-gone age.
Just might explain why, in their minds at least, the only difference between a “discount agent” and regular agent is the fee.
This chart is very telling. It’s played a big part in why Toyota went completely online in their efforts to market their new Scion.
- D
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Clearly there is a wave of first time home buyers coming who have been using the internet since grade school and thus have expectations of full, rich information and sharing. Most of today's sites will likely disappoint as they restrict the content they show and/or such content is not interactive and social. All is not lost yet, but the real estate industry needs to evolve to meet the changing demands of consumers.
Correct – most will disappoint. They are almost assuredly being replaced by other sites that aim to please. My guess is none of them charge a whopping 6% commission for their services that equate to upwards of $30-$80,000 and higher for services. This where consumers sharpen their bones of contention. They are trying to understand where their commission money goes because it doesn’t appear to be going into innovation or accelerating their experience on any level