It’s 2013 and we at ZipMatch still receive inquiries from brokers and home-sellers on why they should list properties online. To some, especially the tech-savvy lot, this may sound a bit strange, but we think the reason this is still being asked is that many sellers and licensed brokers are still reluctant to jump onto online advertising.
Perhaps it’s because most brokers active in the profession today were reared in an environment where traditional media rule (think the 1980s and early 1990s). Advertising either through the print or broadcast media has been around for decades, and for a long time they have worked (and to some extent they still do). Some people are also naturally laggards when it comes to adoption of newer technologies and may need a bit of prodding to change their ways.
However, things are rapidly changing, and with it people’s, especially homebuyers, attitude. The world is more connected now and people rely on the Internet for virtually everything they need. To give you an example, according to the National Association of Realtors (NAR) in the United States, in 1995, only 2 percent of homebuyers used the Internet to look for a home. This figure jumped to almost 90 percent in 2012.
The same can be said with Philippine real estate. The majority of Filipino homebuyers nowadays rely on the Internet as their starting point in finding a property. It’s only when they failed to find a property that fits their budget and requirements when they start looking elsewhere. Hence, the importance of listing your property online cannot be overstated.
But importance aside, what exactly are the benefits of listing online.
1. It’s the Fastest Growing Source of Inquiry
As mentioned in the oft-quoted statistic from the NAR, more and more people now rely on the Internet for property information. But this trend is true not just in the United States. In the UK, the amount spent on online advertising has outstripped even that spent on TV. In Australia, traditional media is facing a loss of over a billion dollars over the next four years as ad spending moves to the Internet. The fact is, many real estate agencies are now looking at how the Internet can be utilized in their business, rather than looking at how they should restructure their existing model.
2. You Dominate Your Area Through Online Advertising
Even if you are not the most popular agent around, there’s still chance for you to dominate your area through online listing. You can be a one-person team working out of a back office or even from home, just like what many agents are doing. In addition, in contrast to online advertising, the print medium, such as newspapers and magazines, profiles and promotes your agency or you as real estate professional, rather than drives inquiry for your listings, which is very important in building sales.
3. Internet Speeds up the Process
The same NAR study has also found that the Internet can reduce to half the amount of time needed to search for a home. That same study has found that one of the Internet’s advantages that homebuyers often cite is that they are able to start the search even without the help of a real estate agent. This allows them to compare properties and narrow down their choices, which means fewer appointments and properties to view, and less time wasted for both homebuyer and broker.
4. Internet Home buyers Are Better Informed
The Philippines is a populous, fast-growing economy, and as such, its workforce comprises younger people. It is also safe to say that these same people are active users of the Internet, and are looking to buy their first home in the next few years. Studies have shown that Internet-using homebuyers are more knowledgeable of the buying process, and are thus looking forward to faster, more efficient buying process.
5. It Is Far Reaching
Aside from being inexpensive, listing on a real estate website also reaches a larger scale of prospective clients (it isn’t called the World Wide Web for nothing). Well-designed websites are also better than even the best brochure, as they are more engaging and informative. They also provide a more convenient way for any buyer to stay in touch with the seller via email links for any questions pertaining to the property.
Some real estate websites also get localized audience, and others have portals or sister websites that target buyers from other countries. This can get your listing a wider exposure, especially if you want to tap into a foreign market.
6. More Interactive
Also, websites, unlike newspapers and magazines, are unencumbered by space restriction, which allows property listings to be as comprehensive as possible, not to mention unlimited number of photos can be uploaded. In fact, a study conducted by Trulia shows that property listings with more than six photos are twice as likely to be viewed by buyers as listings that have fewer than six photos. Some even offer videos or virtual tours to be included in the listing, which makes the listing more engaging.
7. Increase Social Network Visibility
Most companies maintain their own accounts in popular social networking sites, such as Facebook, Twitter, LinkedIn, Pinterest, and Instagram. They also actively promote their business using these sites to a specifically targeted audience, making any marketing campaign in any of these sites more effective. Companies well versed on these marketing channels can effectively target would-be home buyers through creative posts that don’t even cost a dime.
As more and more people are now using the Internet, it can be safe to say that homebuyers’ are rapidly shifting their strategy to snatch up the best property out there that fits their requirements. It is therefore important for brokers and sellers to up their game to better serve this techy group of homebuyers.
