Most Boston Beacon Hill real estate agents talk a good game. Their marketing plan could include 100 different activities to try to help your Beacon Hill condo to sell. But what actually makes a home sell? What actually works? There is a definitive answer to that question! NAR, National Association of Realtors puts out a report each year that analyzes exactly how all residential homes are sold across the country.
As Beacon Hill real estate agents, we do not have to market in the “blind”. But many still do. For those agents who pay attention to the available research, it can make all the difference in your home sale.
I know that some Beacon Hill homeowners look around at their hot neighborhood and tell me, “anyone can sell this home.” Hey, that’s true, but here is an important question, “how much will it sell for?” By following analyzed research, we can get more approved buyers in the door faster and if it is a multiple offer neighborhood, we can get more multiple offers than the condominium down the street. Bottom line, following what actually makes homes sell will enable us to help our client’s home sell faster and / or for more money.
Here are some highlights from the 144 page NAR Report:
95% of buyers search for their next home online.
Considering that around 3% of home sales could be in-family, or they already knew the seller and didn’t have to search for a home, that leaves a small 2% outlyer that may be using a different method to find their next home. That 2% figure is so small it can be accidental, they “stumbled” across a yard sign or print ad somewhere that led to a sale. (In the below breakdown I removed the 2% of buyers who purchased a brand new home by visiting with a home builder from the equation, I did this in order to focus on residential resale homes.)
What makes a home sell? The Breakdown:
88% of home sales = Internet + Real Estate Agent
8% of home sales = Yard Sign + Open Houses + Real Estate Agent
3% of home sales = Direct from Seller
1% of home sales = Print + Radio + TV + Misc.
88% of home buyers (looking for Boston condos for sale) find the next home they are going to buy through using the internet and a real estate agent. Often they find the home online and then tell the agent what they want to see. Less and less often, the buyer’s agent finds the home for them. Most buyers are directing the search effort themselves.
8% of home sales occur because of an open house or yard sign. Typically if they are visiting the open house there is a real estate agent hosting it, or if they are calling the sign, they are contacting a real estate agent.
3% of home sales are direct from the seller. This means they could be a friend, relative, or neighbor of the seller helping make a connection with the seller or someone the seller knows themselves.
1% of home sales are due to print, radio, TV ads, and everything else! If the real estate agent you’re talking to is focusing on the 1% misc. category, you know they are likely wasting your time! Really, if the real estate agent is focusing on anything other than online marketing for your home – they are wasting your time.
We hold open houses (and plenty of them) and we have nice signs. We want to cover that 8% of sales well. But our focus is where the vast majority of home sales occurs – online. We do not simply get your home on all the tens of thousands of real estate websites it needs to be on. We take an extra step. We pay extra money to feature our listings on the top real estate websites, obtaining more views than other companies and agents. It is like a giant sales funnel.