This is a guest post sent to us by Carl DeMusz of NORMLS – https://www.linkedin.com/pub/carl-demusz/4/749/249
Real estate markets are cyclical and change with the economy. They tend to be closely linked to employment which is also impacted by the economy. We have often observed times when the housing market can lead the economy out of recession. One thing that helps improve the housing market is a well-informed consumer who realizes that while housing markets are cyclical they always recover. They know that if they buy a home and hold on to it, the value will rise over time simply because people need homes to live in and buildable land is in short supply. Here, the laws of “supply and demand” eventually kick in. That is why for most Americans their home is their most valuable possession.
Did you know the most qualified buyers are usually the most impatient when it comes to finding their home? These are the buyers who web search a listing, find ones they are interested in and want facts on the property as quick as possible. How fast are you at responding to an Internet Inquiry?
Response time is so important that the WAV Group, a Professional Consulting Firm, did a study of real estate agents responsiveness. I’ve posted a few of their results below.
WAV Group evaluated agent responsiveness this year by becoming a homebuyer lead
across hundreds of brokerages in 11 states. Our findings may shock you.
• 48% of buyer inquiries were NEVER responded to
• Average number of call back attempts after the initial contact was 1.5
• Average number of email contact attempts was 2.07
• Average response time was 917 minutes (or 15.29 hours)
Agent Responsiveness Study Download Report: https://www.wavgroup.com/wp-content/uploads/2014/01/AgentResponsivenessStudy2013Final.pdf
The worldwide web is a great tool for advertising plus a whole lot more. We can help you increase your lead conversion rate by speeding up your response time to consumer inquiries.
Another valuable tool available to NORMLS members working with consumers is the Client Portal in the Matrix system. Each day hundreds of thousands of listings are viewed by consumers through our Client Portal right here in Northeast Ohio. If you are a NORMLS member and are not currently setup to use the Client Portal, I would be remising if I didn’t mention the “GoNEOHREX Mobile App”. This App is available for iPhones/iPads as well as android and tablets. If you haven’t begun using these powerful products please check out the tip sheets on www.NORMLS.com and get started right away.
I hope you enjoyed this edition of the NORMLS Connection and that you found it helpful. Here’s wishing you a productive and enjoyable summer.
Best
