internet marketing

According to a recent New York Times article the Web is already displacing the initial contact that agents have with customers. To quote "A recent National Association of Realtors survey found that 77 percent of home buyers use the Internet to search for a home".

Speaking to some local estate agents their internal figures show the Internet and the Board account for 62% of inquiry. The net is proving to be the first and foremost effective and cost efficient form of advertising and marketing. No surprise there.

A vendor needs quality photography and floor plans which forms the basis of the advertising campaign. Photos and floor plans can be used and re-used in the campaign: the internet, the board, the agent's window, the flyers, the company magazine.

What makes up the other 38% of inquiry? You could say the Classifieds like the Age or local paper advertising. The problem with the Classifieds is it's the most expensive and possibly the least effective. The Classifieds may only account for 10% inquiry but it eats up a substantial part of any advertising budget. Another drawback is The Age or SMH are too widespread and you don't get much bang for your buck. Think about it - most residential buyers are locals, buying and selling local. They may be upgrading. It is not that infrequent you hear the neighbour buys the house next door. Or the buyer is shifting to a more affluent suburb but in the same locale. So the local paper is probably more effective.

Personally, I think the 38% is by careful selection of your selling agent in the local area. How do you select the right agent? Difficult question. I'm just a solicitor. It certainly doesn't hurt to follow a recommendation or referral.

Three websites mentioned in the NYT article
Zillow.com
Redfin.com
PropertyShark.com
These 3 sites are all worthy of seeing future directions in real estate marketing