Written By: Karen Deis
In the 1-20-10 issue, we dissected the 2009 NAR survey stats about 1st time home buyers.
With 47% of all home purchases being made by 1st timers, it means that 53% previously owned a home. That’s a decrease of 7% over last year.
The Internet & yard signs are the most significant method that buyers and sellers used to find a home and also choose a real estate agent (check out KarensUnfairAdvantage.com to see how you can offer individual property listing sites to real estate agents—including yard signs). Don’t spend your money on homes magazines or newspaper ads. The survey says they are only read by 27% of the home buying public.
And why do you think that the survey says 66% of buyers and sellers were satisfied with their real estate agent, but only 17% used the same agent the next time they bought real estate? Did they leave the business (leaving orphaned clients behind) or are they not following up with them on a regular basis? This stat alone would be enough to get your foot in the door and help them cross-market to past clients.
In 2009, the survey reported a 13% “fall thru rate” of deals that did not close. Of that, 6% (of the 13%) were because of loan rejections. You can personally decrease the rejected-loan percentage by knowing the rules.
Subscribers can download a White Paper for your real estate agents. We have interpreted what the numbers could mean to you in creating a marketing plan—and getting your foot in the door.
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