|
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.
|