How Mobile First Real Estate Search Has Changed Consumer Behavior
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The document outlines how mobile technology has transformed real estate search behaviors, with statistics indicating that 99% of homebuyers search online and 58% find a home purchased via mobile. It highlights the importance of instant response times in real estate, revealing a significant gap between consumer expectations and actual agent response rates. The study suggests strategies for success in a mobile-first world, emphasizing responsiveness and meaningful communication to build trust with potential clients.
How Mobile First Real Estate Search Has Changed Consumer Behavior
- 6. Mobile First World • 80% US Pop. Smartphones • 54% Mobile Search • 50% Search has Local Intent • 85 Text Msgs. per Day • 95% Text Msgs. Read in < 3 Mins. • 1.8 Hrs. on Mobile Screen per Day • 55 Mins. on Facebook per Day Mobile Usage Stimulus
- 7. Search Behavior Based on Device Type Search DeskTop Mobile Research Process Lengthy & well researched Short, in the moment. Immediacy Future interest (Aspirational) Immediate need for information Conversion Method Web form Phone call “more Google searches take place on mobile devices than on computers in 10 countries including the US and Japan.” - Google May 2015
- 8. Two New Mobile Behaviors Call Abandonment ANempted 69% Abandoned 31% Explosion in Mobile Click-to-Call Usage EsBmated 163 Billion Calls by 2019 Annual Calls in Billions 0 14 28 42 56 70 2014 2015 2016 2017 2018 2019 22.7 28 28.4 32.3 36.4 40.5 5.7 7 12.2 19.4 27.3 36.4 19 23.3 27 29 27.3 24.3 28.4 35 40.5 48.4 54.5 60.7 Search Display Ad NaBve Social Landing Pages Sources: BIA/Kelsey / Marchex
- 9. Mobile Has Changed Consumer Behavior Remember “Associative Learning”? Smartphone / iPhone (Stimulus) Response Time (Behavior) 0% 13% 25% 38% 50% 0 Mil. 50 Mil. 100 Mil. 150 Mil. 200 Mil. 2007 2008 2009 2010 2011 2012 2013 2014 iPhone Sales (SBmulus) Consumers ExpecBng Instant Response (Behavior) 3.7 Mil. 13.7 Mil. 25.1 Mil. 47.5 Mil. 93.1 Mil. 135.8 Mil. 153.5 Mil. 192.7 Mil. 10% 24% 35% 38% 37% 42% 44% 49% Sources: Apple, KPI Research, CAR Home Buyer Study
- 13. Sources: 2016 KW / Baylor University Response Study / 2014 CAR Study Average Agent Response Rates Agent Response Rates 0% 25% 50% 75% 100% Text Phone Email 49%29%55% 51% 71% 45% Responded Never Responded Top 3 Reasons for Consumers Dissatisfaction • 71% Slow communication • 61% Did not communicate in preferred manner • 51% Communicated ineffectively
- 14. Sources: 2016 KW / Baylor University Response Study Average Agent Response Times by Inquiry Type Text Phone Email 0 1h 2h 3h 4h 5h 6h 5h 45m 1h 45m 30m
- 16. 94% of Homebuyers Expect Response in Less Than 1 Hour Gap between consumers expectation & actual agent response is major opportunity 13% 25% 38% 50% instantly < 30 Mins 1 hr. < 2 hrs. < 4 hrs. Same Day > 1 Day 18% 7% 11% 17% 24% 13% 10% 49% 29% 16% 4% 4% 2% 0% Expected Response Times Actual Response Time Source: 2015 CAR Home Buyer Study
- 17. Sources: 2015 CAR Buyer & Seller Study Top 5 Reasons Buyers & Sellers Selected Agent Previously Used Agent First to Respond Most Responsive Most Aggressive Most Knowledgable 0% 5% 10% 15% 20% 25% 30% 8% 18% 29% 12% 19% 3% 13% 22% 13% 29% Buyers Sellers
- 18. Minutes Matter. Response Time Critical to Success Chart shows answer rates when responding instantly and how that impacts overall lead conversion rates. Conversion Rate Improvement 0% 100% 200% 300% 400% Lead Answer Rates 0% 10% 20% 30% 40% 1 M in. 2 M ins. 3 M ins. 30 M ins. 1 Hr. 5 Hrs. 24 Hrs. Lead Answer Rates Lead Conversion Rate Improvement 16%24%36% 62% 98% 160% 391% 3%4%6%8% 12% 25% 40% 391% 160% 98% 62% 36% 24% 16% Sources: Velocify Speed to Lead Study, Zillow Premier Agent Frorum
- 19. How to Win in Mobile First World 1. Respond instantly (using systems, automation, assistants or a team) 2. Call and have long, meaningful conversations to build rapport and trust 3. Actively listen, ask questions to create opportunity to share your knowledge