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MarketingRedfinStatisticsStats

Redfin: 20% of Homebuyers Make Offers on Houses They Never Visit8849

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DanSmigrod private msg quote post Address this user


Source: The Wall Street Tour, Tuesday, 6 March 2019, page B1 | "Property Listings Get Virtual Fix-Ups

Hi All,

"Redfin Corp., the discount online real-estate broker, said that 20% of 1,463 recent home buyers it surveyed in May [2018] said they had made offers on houses they had never visited. In 2017, when the market was hotter, as many as 35% of the individuals who responded to a similar study said they had made offers sight unseen, Redfin says."

-- Source: The Wall Street Tour, Tuesday, 6 March 2019, page B1 | "Property Listings Get Virtual Fix-Ups

This is an powerful statement on the power of Service Providers visual storytelling services.

How will you leverage this Redfin study to help your real estate agent clients get more business (resulting in you getting more business)?

(Tip: Consider buying The Wall Street Journal today so that you can bring a copy with you on new business development meetings.)

Best,

Dan
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angusnorriss private msg quote post Address this user
Posting to LinkedIn definitely!
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hometakes private msg quote post Address this user
I think these stats maybe fudged somewhere along the line. In the 10 years I was in the biz as an agent (who sold 100's of homes), I only ever sold 1 home where the buyer didn't physically visit the home prior to making an offer. I just cant see that number being that high. Why aren't the other RE offices reporting numbers like that? Yeah, Matterport helps a little, but if it were helping that much, others would follow suit and would all be doing 'Matterports' on all of their listings like Redfin and we know that ain't the case.
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Home3D private msg quote post Address this user
If I'm not mistaken, Redfin is the only online brokerage which includes MP with every listing, that is, every home on their site which is an actual Redfin-listed home, has MP. I contacted them once to inquire how a listing on their site (pulled from MLS, not a Redfin home) could add a MP model, and was told it's not possible. Only Redfin listings on their site can display MP. Hmm.
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CarlosFHdz private msg quote post Address this user
I can see that, I submitted offers and purchased 2 of my last 3 primary residences without stepping in them until we were in escrow.

Great data!
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DanSmigrod private msg quote post Address this user



@angusnorriss

Saw your LinkedIn post I re-shared

Dan
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VTLV private msg quote post Address this user
I would like to know a bit more about the "20% of 1,463 recent home buyers" demographic. Obviously Redfin wants to show numbers to support their reason to use their brokerage over others.

Matterport says 5% of listing use Matterport and the story behind the statistics is nowhere to be found.

If there's any weight to this of 2 years ago having a higher percent was due to having more flippers in the market. Every time we listed a house the past few years, we always get half ass "BID" from a flipper agent with a 40% discount off the list price.

If we could shave out those bids and see the demographic area where the study was conducted, we could have something more realistic to play with.
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angusnorriss private msg quote post Address this user
Well, i’m trying to encourage U.K. estate agents to be more digital no matter what. Just try it! It’s a tougher market to crack what with Matterport heavily canvassing them. Foxtons have 1 camera and do it in-house. Why outsource it? Adoption is slow.

They are very tribal and could with learning from US lead.
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Wingman private msg quote post Address this user
Quote:
Originally Posted by Home3D
If I'm not mistaken, Redfin is the only online brokerage which includes MP with every listing, that is, every home on their site which is an actual Redfin-listed home, has MP.


You are not. It is even on their website at https://www.redfin.com/why-sell

Posted the statement on my facebook page. Hope my fellows Australians can learn something from how to sell their property in a modern way.
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Wingman private msg quote post Address this user
Quote:
Originally Posted by angusnorriss
Well, i’m trying to encourage U.K. estate agents to be more digital no matter what. Just try it! It’s a tougher market to crack what with Matterport heavily canvassing them. Foxtons have 1 camera and do it in-house. Why outsource it? Adoption is slow.


Look we probably all get some "no" from real estate agents. I even wrote a message to Dan passing some feedback from the agent I know that he does not want virtual tours because he wants to collect details from people coming to an actual inspection for future leads.

It sounded silly as for me his job first is to sell a property and only second to find some new leads. Doing both at the same time and not exposing a property to online audience is not doing anything good to a property vendor. He would not be so honest if I was a vendor and he did not know me.

However when I spoke with some local support guy from Matterport and told him that Matterport really does nothing in brand and product awareness to let people in other countries know how great this technology is and also passed that agent feedback I got much better explanation why agents at least in Australia do not want virtual tours. They just feel insecure about this technology because at the end of the day it is doing their job(showing a property without any need to have a scheduled property inspection). And if that's true and it is kind of is people will start selling their houses themselves making a lot of agents losing their jobs.

Personally that is what I am going to do when I am ready to sell my current house. A need to organise and run an actual property inspection is the thing that I do not know how to do but with a virtual tour this problem is fixed for me. There are plenty of "selling by owners" type of companies that can get you on major listing websites for a reasonable fee. Now I cannot see any need in using a real estate agent.
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VTLV private msg quote post Address this user
Not seeing any need to use an agent? Why not sell to flip company then, such as Opendoor or Zillow offers.

Perhaps this discussion belongs on a new thread.
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Wingman private msg quote post Address this user
Quote:
Originally Posted by VTLV
Not seeing any need to use an agent? Why not sell to flip company then, such as Opendoor or Zillow offers.

Perhaps this discussion belongs on a new thread.


I am in Australia so we do not have Opendoor or Zillow. I was talking about selling myself for a market price so I am not sure why I want to sell it to some flip company for less.
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VTLV private msg quote post Address this user
Okay, one of these guys.
FastHomeOffer
WEBuyHouseCash

Or are the Street Auctions still the way to do it?
Street Auction
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DanSmigrod private msg quote post Address this user



@Wingman πŸ‘πŸ˜ŽπŸŽˆ
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Wingman private msg quote post Address this user
Quote:
Originally Posted by VTLV
Okay, one of these guys.
FastHomeOffer
WEBuyHouseCash

Or are the Street Auctions still the way to do it?
Street Auction


It is for owners who have no idea how much their property costs. They will just offer them 10-20% less that it is really worth. Their cheap cardboard signs witten with markers are hung on street light poles.

I cannot even imagine a situation when someone goes to a company like this and sell them their property. But the most important I cannot find any reason why an owner wants to sell it that way.

I guess yours like Zillow probably is using the same strategy, otherwise I just cannot see where there is a profit for Zillow.

Property auctions is a normal way to sell a property in Australia and they are usually run by Real Estate agency. They all or at least almost all I have seen is run on a street next to a property. Owners are still paying the same commision and marketing cost that you have to pay to REA without an auction.

The only auction that I saw inside a property was for the property standing on a very busy road. They just could not do it outside due to noise coming from that road.
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Wingman private msg quote post Address this user
Quote:
Originally Posted by DanSmigrod


@Wingman πŸ‘πŸ˜ŽπŸŽˆ


Thank you Dan for publishing that statement in the first place. It looks like with a very little awareness for their product in my area publishing statements like this in a Facebook post boosting format is the only way to tell potential customers why this product is so good. Short google and bing ad formats cannot do it.
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