The Zero Moments Of Truth

In 2005 P & G coined the phrase "The First Moment of Truth." Basically, the "The First Moment of Truth" says you've got 3 to 5 seconds to grasp the shopper in the first interaction between a shopper and a product on a store's shelf — any longer and you've lost them.

Google has now coined a new phrase "The Zero Moment of Truth." What this means is that you have zero seconds to make a first impression on potential home buyers and sellers. You don't get called. They don't visit. They already know all about you. They know a lot about the market and specific homes.

For REALTORS� why has the "The Zero Moment of Truth" come about?

  • 72% of all Americans have a smart phone.
  • According to Google: 35% of homebuyers are using their smart phone as an important part of the home buying process.
  • In a similar regard 25% of all Google searches for real estate buyers and sellers are from a mobile device.
  • 25% all buyers and sellers use a mobile device to do neighborhood profiles. (Google)
  • Over 60% homebuyers and sellers Googled one or more REALTORS�.
  • About 90% of all buyers and sellers start the home buying/selling process on the Internet.
  • They spend weeks researching the market before ever contacting a REALTOR.
  • Over half used social media as an important component in the home buying/selling� for Gen X and especially Gen Y the percentages are dramatically higher.
  • Over half all buyers and sellers found their agent on the Internet.
  • Approximately 40% found their home on the Internet.
  • For most homebuyers and sellers agent response time does not meet their expectations. For Gen X and Gen Y the gap between expected and actual response times is even worse. Especially Gen Y homebuyers and sellers, they expect an immediate response.

Are the Internet and social media going to take over the REALTOR's� role � NO!

What does "The Zero Moment of Truth" mean for REALTORS�?

  • Your first opportunity to manage the customer encounter has been trumped by the "Zero Moment of Truth."
  • By the time they get to you they are highly informed.
    • They know all about you.
    • They've researched schools, neighborhoods, life styles, where they can shop, etc.
    • They've tweeted "friends" to find out what neighborhoods and maybe even what you are like.
    • They have marched through realtor.com, Yahoo Real Estate, Zillow/Trulia, RedFin, and a host of other sites.

The bottom-line: if you are not making maximum use of the Internet and social media � you are rapidly going the way of the dinosaur and buggy whip.

   

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