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Spencer Rascoff - Zillow.com

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Understanding the internet buyer.

Understanding the internet buyer.

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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

Spencer Rascoff - Zillow.com Spencer Rascoff - Zillow.com Presentation Transcript

  • Houston Association of REALTORSReal Estate Information Symposium:Understanding the Internet Buyer
    Spencer Rascoff, COO Zillow.com
    Twitter: @spencerrascoff
    March 30, 2010
  • The Internet Consumer…
    Inhales information
    Does a lot on her own
    Demands timely responses
    Uses mobile devices
    2
  • 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
  • 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.
  • What should agents & brokers do about it?
    Syndicate listings
    Meet internet clients’ needs
    Sharpen your game
    Fish (& spend) where the fish are
  • Listings Syndication
    Agents & brokers need to cast their net far and wide, including mobile
    IDX is not enough
  • 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
  • Sharpen your game
    Arm yourself with information, because your clients already have it
  • Fish where the fish are
    Linger at top of the sales funnel by providing free, useful advice
  • Fishing is free, but bait’s not
    Spend smartly online for extra exposure
  • Questions?
    Spencer Rascoff, COO Zillow.com
    Email: spencer@zillow.com
    Twitter: @spencerrascoff
    activerain.com/blogs/spencerrascoff