A report from the National Association of Realtors has taken a close look at how homebuyers look for their homes and how real estate agents communicate with their clients.
The study found almost half of buyers began the home buying process online. Throughout the entire process, 88 percent used online sources to find information. More than half used an iPhone and more than a quarter found their future home using a mobile app.
A study by Redfin and Survey Monkey also found that 21 percent of people made an offer on a house without seeing it in person. The majority of people also said they were confident that real estate websites would be updated with housing options in a timely manner.
These statistics show that having a website in today's real estate world is important. As the home buying market becomes more populated by millennials, real estate websites and apps are becoming even more relevant.
Building a Good Website
According to Realtor Magazine, there are several key features every good real estate website should have. The most important is a comprehensive IDX search function, which will allow prospective homebuyers to search for properties in the area. Consumers can use the IDX to find listings from the company whose website they are searching, but also from other companies as well.
Offering advanced search options, such as information on school districts or foreclosures, will also be helpful to consumers. Smashing Magazine suggests having this feature located on the left hand side and include a map app, such as Google Maps, to give consumers a better idea of where the home is.
Both Realtor Mag and Smashing Magazine stress the importance of having a clean layout. A website that is cluttered or hard to navigate is one that will be clicked away from. Smashing Magazine suggests using a traditional or classic theme to convey dependability and being well-established.
NAR's report found that the website features people found most helpful were photos, details about the listing, interactive maps, virtual tours and neighborhood information.
Real Estate Agents Are Still Needed
Even though homebuyers have been moving their home searches online, 87 percent of homebuyers still worked with a real estate agent, according to the NAR's report.
"Consumers have the ability to do more home buying research online and be more connected during the home search process than ever before, but research proves they are still seeing the value a Realtor brings to the transaction, from the initial search to well after the closing," NAR President Chris Polychron said in a press release.
The report showed people still have a need for real estate agents. More than half of respondents reported that finding the right property was the hardest part of home buying. The two hardest parts for millennials were paperwork and understanding the home buying process. With the help of a real estate agent, these aspects of home buying are made easier.
According to Forbes, working with a real estate agent makes the buying or selling process much easier. For instance, real estate agents will be the ones to negotiate prices and communicate with other agents and sellers. These parts can be tricky for someone who isn't familiar with the process or who doesn't have the same access real estate agents do. According to the Redfin survey, 62 percent of respondents said they felt their agent had done their best to get a good deal on their home.
Some people believe that, since real estate agents get a commission on a house that is bought or sold, avoiding working with one will save them money. However, chances are, without the real estate agent, a buyer won't price the house correctly and end up overpaying. The seller might save some money by not working with an agent, but the buyer is usually better off working with a professional.
Communication Is Key
Though homebuyers still need real estate agents when shopping for a new home, it's important that agents are accommodating to their clients. In the changing media landscape of today, people have new ways to communicate with each other. This is as true for real estate agents and their clients as it is for anyone else.
The NAR's report found that more than 90 percent of real estate agents use their computers and smartphones daily. Most agents communicate with their clients through emails and text messages. Two-thirds of agents use social media for networking and relationship building. Being available to clients in the way they prefer is important to building trust and a good relationship.
"Realtors constantly strive to find ways to make the home buying and selling process easier for and more accessible to their clients," Polychron explained in a press release. "There is nothing more important than helping people find and land their dream home, and since technology helps Realtors do that, it will continue to be a priority."