August 2010

Dear Friends,

“Syndication” – the new Real Estate Buzzword

With 90%* of homebuyers using the internet last year to find a home, it is no surprise that most of us have had some experience with the multitude of real estate search websites (some of the more popular ones are Realtor.com, Trulia and Zillow).

This process of distributing information is called “listing syndication” – a method for realtors to push information about your home for sale into the internet stratosphere through a data feed.

At Empire Realty, we have syndication processes in place that reach all major web sites and are implementing new processes to reach over 330+ real estate search websites!

Realtors vs. The Internet

The National Association of Realtors (NAR) found that 90% of buyers used the internet and 87% used real estate agents as information sources. Yet, only 77% felt the internet was very useful compared to 81% who found realtors to be very useful as an information source.

The challenge with the internet is that it’s not always updated immediately when a property goes pending or sells. Many homeowners are misled by out-of-date information.

The NAR also cited that approximately 1/3 of buyers found the home they purchased directly through a real estate agent – this number has remained steady for over six years. Similarly, 1/3 of buyers found their home through the internet – this number has steadily increased.

Yet, while buyers are using both realtors and the internet for search, 77% purchased their home through their agent.

What can ultimately make a difference for you in selling your home is the strong connections your realtor maintains to ensure your home is seen by as many eyes (both realtors and potential buyers) as possible – in addition to the added exposure online. When considering working with a realtor, be sure you ask the right questions so you know if your realtor has both a syndication strategy AND networking power.

Low-Tech Holds Steady

Surprisingly, 12% found their home by an open house or yard sign – so there is a lot to be said for low-tech approaches as well…

Data Source: The 2010 National Association of Realtors Profile of Home Buyers and Sellers

I hope you found this month’s information helpful. If you have any questions, or would like to hear more about a specific topic, please contact me.