Real Estate Consumer Evolution: The Times They Are A Changing!

By
Real Estate Broker with The Corcoran Group

In 1981 The Corcoran Report started covering New York City real estate market trends. The market reports became widely quoted in the media and established Corcoran as the residential experts. The quarterly reports are considered the "bible" of market statistics and trends in the city.

In 1995 Corcoran.com was the first Manhattan real estate firm on the web.

In 2008 Corcoran began annual Consumer Reports from a series of survey questions on corcoran.com - a kind of window into the psychology of the market. Results of consumers thoughts on a variety of real estate and lifestyle-related topics are compiled in the report.

In 2010 Corcoran launched an iPhone app

The consumer reports can be dowloaded at http://www.corcoran.com/guides/index.aspx?page=ConsumerReport.

Many of the questions in the report are specific to Manhattan, I excluded them from this post and only included the #1 answer for each question. The information is useful for real estate agents to know what real estate consumer's are thinking.

I was suprised that only 9% of those polled communicate with their real estate agents face-to-face and to learn that the majority of respondents not only use an iPhone as their main mobile device, but that they have over 40 apps on them!  While over 60% of those polled said they were engaged in social media on some level, it still hasn’t caught on as a way to engage a real estate agent or find out about available properties.

Below are some of the results from the latest Consumer Report:

How do you primarily communicate with your real estate agent? Email 65%

How do you prefer to communicate with your real estate agent? By Email 52%

Have you ever contacted an agent to buy or sell an apartment based on an article you read? No 71%

Do you use social networking sites? 60% Yes

Would you hire a real estate agent you met through Facebook or Twitter?
76% No

How did you find your real estate agent? On the Web 40%

Did you ever refer your real estate broker to anyone else? Yes 59%

How many agents did/would you consider before hiring one to sell your property? Two 34%

When hiring an agent to list your property what is MOST important? Experience 40%

Have you ever worked with more than one real estate agent at a time when looking to buy? Yes 60%

When choosing a real estate firm to work with, is it important that it has a good website? Yes 92%

Do you look at real estate market research before deciding to buy or sell? Yes 77%

Do you prefer to see photos of a property you are interested in furnished or unfurnished? Unfurnished 51%

Do you surf real estate websites for fun Yes 70%

Are you actively looking to buy or rent? 85% Yes

Do you plan to move this year? 75% Yes

What is the #1 reason you would consider a new development? 48% Toatally New

Which of these design features is most important to you when buying in new development? Modern layout 24% Large windows 36% New kitchen 28% Latest tech 12%

Are you happy with your current home? No 58%

What age were you when you bought your first home? 20-30 50%

How long have you lived in your current home? 1-5 years 51%

Does a rainy day prevent you from going to an open house? Yes 54%

Do you go to fewer open houses in the winter months? Yes 58%

What’s more important for you in choosing a home? Neighborhood 72% (location, location, location)

Do you read the classifieds when looking for a new apartment or home? No 51%

How do you get your daily news? Online 78%

What type of mobile device do you have? iPhone 44%

Do you have a land line in your home? Yes 52%


Results aggregated from information gathered from corcoran.com’s interactive homepage poll, between April 2009 and March 2010. Average survey duration 7 days. All information copyright The Corcoran Group 2010.

Courtesy of:

Mitchell Hall, Associate Broker, The Corcoran Group

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Re-Bloggged 4 times:

Re-Blogged By Re-Blogged At
  1. Lenn Harley 06/23/2010 06:58 AM
  2. Donald Bradbury 06/23/2010 07:30 AM
  3. Marty Remo 06/23/2010 02:07 PM
  4. Josette Skilling 06/28/2010 05:57 PM
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Topic:
Home Buying
Location:
New York New York County Manhattan
Groups:
Local Expert
Luxury Home Agents
Posts to Localism
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Tags:
corcoran report
consumer reports
trends
real estate
lifestyles

Comments 35 New Comment

Rainmaker
793,149
Lyn Sims
Schaumburg Homes
RE/MAX Suburban - Schaumburg IL Real Estate - Northwest Suburbs of Chicago

Excellent questions & results.  I was surprised by the Facebook/Twitter answer - anyone out there disagree?  We keep hoping they will find us there but the buyers just aren't doing it.

June 24, 2010 03:37 PM
Rainmaker
1,166,425
Gene Riemenschneider
Turning Houses into Homes
Home Point Real Estate

Well things have really changed sense the first report.  I suspect the consumer responses vary by area and the Manhattan is more wired than other parts of the country.

June 24, 2010 03:38 PM
Rainmaker
415,638
Jan Green
RE/MAX Excalibur Scottsdale Green REALTOR
Scottsdale, Phoenix, Cave Creek, Carefree, Fountain Hills

Thank you for that valuable information.  Pretty neat to hear from such an elite realtor/group on AR.  Thanks for your input!!

June 24, 2010 03:39 PM
Rainmaker
499,618
Mitchell J Hall
Lic Associate RE Broker - Manhattan, NYC
The Corcoran Group

Hi Everyone, Thanks for the comments. I just realized I don't have a landline anymore. I thought if you didn't have a landline all you had was a cell phone and not a home phone. I still have my home phone number but it's not with the phone company. A couple of years ago a client convinced me to get Vonage. When I signed up they got 2 free months. It's hooked into my cable modem. The cable company Time Warner also has digital phone. They have a package cable TV, high speed road runner internet and digital phone. A lot of people probably have that at home.

Lyn, Our CEO Pam Liebman talks about Facebook.



Facebook vs. Google

 

June 24, 2010 05:56 PM
Rainmaker
260,368
Wayne B. Pruner
Tigard Oregon Homes for Sale, Realtor, GRI
Oregon First
Good post. Interesting statistics. I also think you have some very good comments.
August 20, 2010 12:04 AM
Rainmaker
499,618

Mitchell J Hall

Lic Associate RE Broker - Manhattan, NYC
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