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February 17, 2006

Virtual Real Estate Boom

I read an article today in one of my favorite newsletters (ClickZ) about the fact that 77 percent of home buyers and sellers begin their purchase process online, yet fewer than 10 percent of $11 billion spent on real estate marketing every year is dedicated to interactive communications, according to the National Association of Realtors.

Talk about an underserved market.

I'm a perfect case in point. I'm buying (and therefore selling) a new home this year. I went to the sales office and toured a model home - spent a few hours doing so. But (through the beauty of the web) we can pour over floor plans that are available on our own time. And pour over them we do! Suddenly, planning a move - from buying furniture to doing my own comps when I sell - is made easier when you've got tools online to help you.

There's a very cool site from HGTV that let's me drool over a "Dream Home" they're giving away. No matter that it's in North Carolina - I want it!

Buying a home is one of the most significant purchases a person can make. It's a wonderful thing to have technology aid in the purchase. Clearly, there's a demand for it out there! How long before marketing folks catch up with the boom their clients are driving?

Posted by at February 17, 2006