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Spencer Rascoff - Zillow.com

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Understanding the internet buyer.

Understanding the internet buyer.

Published in: Real Estate

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  • Omniscient, Omnipotent, and Insatiable
  • No such thing as “the internet buyer”. Everyone is an internet buyer.But there are still some subtle differences among people who use the internet a lot and those who use the internet less
  • No such thing as “the internet buyer”. Everyone is an internet buyer.But there are still some subtle differences among people who use the internet a lot and those who use the internet less
  • No such thing as “the internet buyer”. Everyone is an internet buyer.But there are still some subtle differences among people who use the internet a lot and those who use the internet less
  • No such thing as “the internet buyer”. Everyone is an internet buyer.But there are still some subtle differences among people who use the internet a lot and those who use the internet less
  • No such thing as “the internet buyer”. Everyone is an internet buyer.But there are still some subtle differences among people who use the internet a lot and those who use the internet less
  • Transcript

    • 1. Houston Association of REALTORSReal Estate Information Symposium:Understanding the Internet Buyer
      Spencer Rascoff, COO Zillow.com
      Twitter: @spencerrascoff
      March 30, 2010
    • 2. The Internet Consumer…
      Inhales information
      Does a lot on her own
      Demands timely responses
      Uses mobile devices
      2
    • 3.
    • 4.
    • 5. Information Overload? No such thing.
      Buyers routinely accessing information including:
      Historical asking prices
      Days on market
      AVMs
      Mortgage amount of seller
      Purchase price paid by seller
      Valuations on nearby homes
      Comps
      5
    • 6.
    • 7. The Internet Buyer
      84% of buyers.
      They’re using Realtor.com and Zillow, and top local brokerage sites (and yes Bob, sometimes MLS sites)
      looking for listings and agents.
      They do a lot for themselves,
      and expect a lot from agents, including
      instant responses.
      And they use mobile devices.
    • 8. What should agents & brokers do about it?
      Syndicate listings
      Meet internet clients’ needs
      Sharpen your game
      Fish (& spend) where the fish are
    • 9. Listings Syndication
      Agents & brokers need to cast their net far and wide, including mobile
      IDX is not enough
    • 10.
    • 11. Meet clients’ needs
      1/3 of online leads ignored
      Only 5% of online leads answered in their entirety
      Avg response time to email:
      10 hours, 16 minutes
      Consumers expectations:56% within 30 minutes!
      Source: WAV Group “The Consumer Online Real Estate Search Experience” March 2009
    • 12. Sharpen your game
      Arm yourself with information, because your clients already have it
    • 13. Fish where the fish are
      Linger at top of the sales funnel by providing free, useful advice
    • 14.
    • 15. Fishing is free, but bait’s not
      Spend smartly online for extra exposure
    • 16. Questions?
      Spencer Rascoff, COO Zillow.com
      Email: spencer@zillow.com
      Twitter: @spencerrascoff
      activerain.com/blogs/spencerrascoff