WElkjjWeWeb Effects on Real Estate
Over the past decade, our world, and particularly the world of house hunters has become increasingly digital. Consumers are going online at a rapid pace to look for information to support their buying decisions. They watch “how-to” videos on YouTube, they read review sites, they look up specific brands on search engines, and even research on the go with their smartphones and tablets.
Google calls this idea ZMOT, or the Zero Moment of Truth; the idea that shopping is no longer about showing up in a store, or in our cases at a broker’s office or an open house, seeking advice or counsel on what to buy or how much they should pay. As Google’s ZMOT handbook for marketers explains, “the sales funnel isn’t really a funnel anymore.” Today there is a new, empowered consumer generation that does its homework ahead of time at this new and critically important Zero Moment of Truth.
The story is no different for home shoppers. Real estate professionals know that their customers are uber-connected and informed. Nine in 10 home buyers today rely on the internet as one of their primary research sources, and 52 percent turn to the web as their first step. In fact, real estate related searches on Google.com grew 22% year-over-year. Additionally, approximately one-fifth of real estate related searches happen on mobile devices, and Google real estate related searches on mobile devices grew 120% percent year-over-year from 2011 to 2012.Action
Source: National association of Realtors