Changing Consumer Trends

Any of you on this site are probably avid Internet users nonetheless the following information will no doubt be of interest. While recently attending the National Association of REALTORS® conference in Las Vegas, many of the sessions I participated in dealt with changing consumer trends. Most of these were focused to a degree on technology and how it continues to impact our lives and the habits of today's consumers. Recent studies reflect that computers have and will continue to replace televisions in the bedroom. It is estimated that on average, most households have 26 electronic devices of some sort in the home.
Traditionally, advertisers have spent on average 42% of their advertising budgets on TV ads and we've all heard reports of companies spending hundreds of millions of dollars to secure a 15 second ad during the Super Bowl. The second greatest advertising expenditure has been on newspaper or other print advertising and this represents 30% of all ad budgets. More and more whether buying everything from books to collectibles or cars to real estate, consumers are using the Internet not only as their primary source of information, but also to make a direct purchase. Personally, I am a semi-regular online buyer. I have purchased numerous items from online sources the largest of which was a boat on eBay.
To date, online advertisng accounts for only 6% of all advertising budgets versus over 70% for TV and print ads (combined) yet on average, 30% of consumers are using the Internet to satisfy their information and purchasing demands. With real esate that number is much higher as reports indicate that 75% to 80% of consumers contemplating a real estate transaction are using the Internet to find an agent, obtain meaningful real estate information or to look for property etc. This would suggest that a huge shift is forthcoming in how companies of all sizes allocate their ad budgets and this is where Google, Yahoo, eBay and the likes see huge potential for increased revenues in the future.
Hardly a day goes by that I do not receive email inquires about my listings. At the same time, I can not recall when I last had an inquiry as the result of a print ad for a property either in a local paper or from one of the area's many magazines all of which are excellent publications. The fact is, today's consumer wants information that is current, they want it 24/7, they want it personalized for them and they want it for FREE! No where can these demands be better met that online. Personally, I embraced the importance of having a strong online presence some time ago. Local real estate activity continues to be driven in a large part by consumers whose primary residence is outside the area. Again, reaching these buyers and sellers is best accomplsihed not via print media but online. This blog and my personal real estate website http://www.propertycollingwpood.com/ reflect my committment in this regard.