hyperlocal survey

Results From Real Estate’s First HyperLocal Survey

by Kevin Hawkins on December 13, 2017

Hyperlocal

WAV Group and other consumer research have consistently shown that buyers want neighborhood expertise above all else. It’s more important to consumers than an agent’s ability to negotiate or communicate. It’s often even more important to consumers than trust. So you would think that the most common agent business model would be designed to exploit that opportunity, right? But you would be wrong. Yet if you ask agents, they will tell you they indeed have deep local expertise – often they see themselves as being the “top” local expert. But if you look at what they do in their day-to-day business, they certainly don’t market their business or themselves that way. That’s some of the findings of the first-ever Hyperlocal real estate study WAV Group recently conducted for Colorado based technology firm, zavvie. The headline for the survey could very well read: “Agents, teams and brokers say one thing, do another.” Importance of HyperLocalism WAV Group found that a stunning 95% of agents, teams and broker-owners and real estate exes say local market knowledge is either “Very Important” or “Extremely Important” to their consumer clients. Two-in-three say it is “Extremely Important.” Hornung, CEO and Co-founder of zavvie, points out that real estate pros by and large are just are not making HyperLocal marketing a priority, despite all the research that shows how important it is to the consumers. Hornung explains that HyperLocal agents and teams focus their marketing activities specifically on a neighborhood or group of neighborhoods, which Hornung says is generally 3,000 homes or about 10,000 people. But only about 1 in 8 agents actually say they specialize in neighborhoods. “In fact, the study found that most real estate professionals are doing the exact opposite of HyperLocal marketing: they are casting the largest net, trying to throw draw their marketing circle as broad as possible,” Hornung points out. Not Really Local The study found that more than 60% of individual agents and 65% of teams say they “specialize” in a large regional or metro area. That’s like saying you “specialize” in collecting transportation or cars, versus rare Ferraris. “You can’t even specialize in a city or a town – its just too big of an area, geographically to be a ‘go-to expert’ that knows every single home in that size of a market. Yet that’s what folks were claiming,” says Stefan Peterson, COO of zavvie. There really is “a […]

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