The Bold Buyer - Jeremy Wacksman
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Jeremy Wacksman presents on the bold buyer at the Premier Agent Forum 2017. Check out the live presentation on Youtube: https://youtu.be/m3I-LqVSczQ
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The Bold Buyer - Jeremy Wacksman
- 1. THE BOLD BUYER Jeremy Wacksman Chief Marketing Officer Zillow Group
- 2. THE BACKDROP
- 4. Visual: JMK with quote, or maybe a plow also. Overlay JMK headshot and quote “…For the first time in his creation, man will be faced with his real, his permanent problem… how to occupy leisure which science and compound interest have won.” JOHN MAYNARD KEYNES, 1930
- 5. Visual: JMK with quote, or maybe a plow also. Overlay JMK headshot and quote That was before the iPhone.
- 6. WE UNLOCK OUR IPHONES 80 TIMES A DAY SOURCE: APPLE VIA BUSINESS INSIDER, JULY 2016.
- 8. STRESSED OUT
- 9. SOURCE: AMERICAN PSYCHOLOGICAL ASSOCIATION 31% OF AMERICANS SAY THEIR STRESS HAS INCREASED IN THE PAST YEAR 3.2 2.5 2.4 2 MILLENNIALS GEN X BOOMERS SILENT STRESS FROM TECHNOLOGY 10-PT. SCALE
- 10. DISTRUSTING
- 11. 2IN 3 PEOPLE GLOBALLY ARE “DISTRUSTERS” 82% 59% 48% MEDIA GOVERNMENT BUSINESS DISTRUST IN KEY INSTITUTIONS % PEOPLE SURVEYED SOURCE: 2017 EDELMAN TRUST BAROMETER
- 12. 0 1 2 3 4 5 6 Category 1 Category 2 Category 3 Category 4 Chart Title Series 1 Series 14 Series 13 Series 12 Series 2 Series 3 Show comparison of who we trust 63% 65% 67% 35% 49% 60% 60% 60% 29% 37% PEER ACADEMIC EXPERT TECHNICAL EXPERT GOVERNMENT OFFICIAL CEO PEERS ARE NOW AS CREDIBLE AS EXPERTS % WHO RATE EACH SPOKESPERSON AS EXTREMELY/VERY CREDIBLE 2016 2017 SOURCE: 2017 EDELMAN TRUST BAROMETER
- 13. WE ARE WORKED UP.
- 14. AND WE’RE TAKING THESE ATTITUDES INTO THE HOME SEARCH.
- 15. TREND #1: THE BUYER IS GETTING BOLD.
- 16. TOUGH MARKET CONDITIONS 65 75 85 95 105 115 125 135 145 72 MEDIAN DAYS ON ZILLOW SOURCE: ZILLOW DAYS ON ZILLOW, INCLUDING REOS (JUNE 2017)
- 17. 46% OF BUYERS PUT DOWN TWO OR MORE OFFERS TOUGH MARKET CONDITIONS SOURCE: 2017 ZILLOW GROUP CONSUMER HOUSING TRENDS REPORT
- 18. RISKIER MOVES 12% OF BUYERS FORGO INSPECTIONS SOURCE: 2017 ZILLOW GROUP CONSUMER HOUSING TRENDS REPORT
- 19. 45% OF BUYERS PUT 20% OR MORE DOWN OF FIRST-TIME BUYERS PUT DOWN JUST 3-9% CREATIVE FINANCING 29% SOURCE: 2017 ZILLOW GROUP CONSUMER HOUSING TRENDS REPORT
- 20. OUT OF THE COMFORT ZONE 29% 37% 42% ALL BUYERS MILLENNIALS URBAN BUYERS BUYERS WHO GO OVER BUDGET SOURCE: 2017 ZILLOW GROUP CONSUMER HOUSING TRENDS REPORT
- 21. TREND #2: THE BUYER HAS REALLY, REALLY HIGH EXPECTATIONS
- 22. RESPONSE TIME 44% OF BUYERS EXPECT A RESPONSE WITHIN A FEW HOURS OR LESS SOURCE: 2017 ZILLOW GROUP CONSUMER HOUSING TRENDS REPORT
- 23. WANTING IT ALL: MILLENNIAL BUYERS DREAM REALITY
- 24. SOURCE: 2017 ZILLOW GROUP CONSUMER HOUSING TRENDS REPORT WANTING IT ALL: MILLENNIAL BUYERS 49% PRICE RANGE ALL BUYERS: 41% WHERE THEY STRUGGLE 43% TIME FRAME ALL BUYERS: 34% 45% LOCATION ALL BUYERS: 39% 38% RIGHT AGENT ALL BUYERS: 28%
- 25. TREND #3: THE BUYER IS GETTING REALLY INDEPENDENT
- 26. SEEING IT IN PERSON STILL CAN’T BE BEAT 78% OF BUYERS SAY PRIVATE TOURS HELP THEM DECIDE ON A HOME SOURCE: 2017 ZILLOW GROUP CONSUMER HOUSING TRENDS REPORT
- 27. BUT 3D TOURS CAN BE A GOOD SUBSTITUTE 42% OF MILLENNIAL BUYERS SAY 3D TOURS HELP THEM DECIDE ON A HOME SOURCE: 2017 ZILLOW GROUP CONSUMER HOUSING TRENDS REPORT
- 28. WE WANT TO BE INDEPENDENT. BUT WE STILL NEED HELP.
- 29. BEING BOLD, NOT BRASH: ENTER THE AGENT
- 30. AGENTS ARE TRUSTED ADVISORS WHERE BUYERS FIND AGENTS MOST VALUABLE 82% 82% 76% GUIDANCE THROUGH PROCESS CONTRACT NEGOTIATION LEGAL ADVICE SOURCE: 2017 ZILLOW GROUP CONSUMER HOUSING TRENDS REPORT
- 31. YOU ARE VITAL.
- 32. You are busier than ever.
Notas do Editor
- [intro report, hold it up]
- Busier than ever We are empowered with information and connectivity. Because of that, we are busy. Why?
- We can do things faster… which means we just do more in general. In 1930, John Maynard Keynes – one of the most influential economists of modern history – predicted we would work around “three hours a day”—and probably only by choice. He thought technological advancements would make our lives much simpler, giving us tons of free time: “In quite a few years…we may be able to perform all the operations of agriculture, mining, and manufacture with a quarter of the human effort to which we have been accustomed… For the first time in his creation, man will be faced with his real, his permanent problem… how to use his freedom from pressing economic cares, how to occupy leisure which science and compound interest have won.” (from “Economic Possibilities for our Grandchildren,” 1930) He thought we’d lean into leisure, that the working class would live the lives of the rich. But that was before the internet, before the iPhone.
- But that was before the internet, before the iPhone.
- Information at our fingertips is growing A 2016 Business Insider study estimates that 34 billion devices will be connected to the internet by 2020 — all generating data. These include 10 billion computing devices, such as notebooks, tablets and smartphones, as well as 24 billion devices connected via the Internet of Things.
- Busy has become a way of life as we can fill our days with more stuff. Beyond that, busy has become a status symbol; advertisements no longer show people yachting and relaxing; instead, they show a business traveler with a laptop in first class. Busy is now aspirational. The free time that we do have, we fill with activities.
- Stressed out So we’re busy, and we’re also stressed. (Source: American Psychological Association)
- Three in 10 Americans (31%) say that their stress has increased in the past year and a sizeable proportion (20%) reported experiencing extreme stress (a rating of 8, 9 or 10 on the 10-point scale). Younger Americans (Millennials and Gen Xers) report higher average stress levels – on a 10-point scale, where 1 is “little or no stress” and 10 is “a great deal of stress,” – (5.6 Millennials, 5.4 Gen Xers, 4.1 Boomers and 2.7 Silent) Technology is a major culprit in our stress. 86% of Americans say they constantly or often check their emails, texts and social media accounts. Millennials report the highest stress level related to technology (3.2, compared to 2.5 for Gen Xers, 2.4 for Boomers and 2.0 for Silent).
- Distrusting These stress drivers not-so-subtly hint at another key trend: a trust crisis. (source: Edelman Trust Barometer)
- Globally, people are more distrustful than ever of our institutions. Two-thirds of countries surveyed are now distrusters, which means below 50% trust in mainstream institutions overall (business, government, media and NGOs) to do what is right. Media is distrusted by 82% of countries. Government is distrusted by 59%. Business is distrusted by 48%.
- As our suspicion and distrust in the systems intensifies, we turn to our peers. Trust has dropped across the board, but it’s dropped the least with our peers: 3 percentage points versus 5 and 7 for academic and technical experts, respectively: A person like you: 63 to 60% An academic expert: 65 to 60% A technical expert: 67 to 60% A government official: 35 to 29% A CEO: 49 to 37%
- Transition: As consumers, we are worked up.
- And, as we see in our 2017 ZG Report, we are taking all of these dispositions into the home shopping process. We’re looking for ways to take control and look out for ourselves as we encounter more uphill battles caused by the market.
- Tough market conditions Market conditions are giving rise to bold buyer behavior. Low supply, with a 11.4% drop YoY in for-sale inventory Lowest time on market since 2006; average days on Zillow is just 71 (Q2 2017). Because there are so few homes for sale, nearly half of buyers (46%) put down two or more offers; 10% of millennials put down 3 offers.
- Tough market conditions Because there are so few homes for sale, nearly half of buyers (46%) put down two or more offers; 22% of millennials made 3 or more offers.
- You take greater risk. Some home buyers are even willing to forgo inspections and other contingencies to make their offer the most desirable to a seller. 12% of buyers overall forgo inspections
- You get creative with the down payment Fewer buyers are putting the classic 20% down Only one-quarter of buyers put 20% down First-time buyers are more likely to put down 3-9% (29%) than repeat buyers (17%) Nearly one-quarter of buyers are combining two or more sources to finance a down payment. The more competitive the market, the more likely buyers are to need to leverage multiple sources to come up with a high enough down payment, not to mention have a harder time staying within budget and finding a home within desired timeframe.
- You get out of your comfort zone. 29% of all buyers go over budget. 37% of millennials overall go over budget 42% of urban buyers go over, vs. 25% for suburban buyers
- Response time 44% of buyers expect a response within a few hours or less (VISUAL TIE: You better call back by the time the baby is up from the nap)
- Wanting it all: Realistic v. aspirational Millennials in particular struggle to make their dreams a reality. Millennial buyers are significantly more likely than older generations to indicate they have experienced issues during the buying process, and they cite facing each unique challenge and problem more frequently than older generations.
- Millennial buyers report experiencing the most struggles of any generation when buying a home, including the most difficulty just finding a home that meets their needs. Almost half express difficulty finding a home within their desired price range (49% vs. 41% all buyers) 43% have difficulty finding a home within their desired time frame (compared to 34 % of all buyers) 45% have difficulty finding a home in their desired location (compared to 39% of all buyers) finding the right agent (38%) is more difficult for Millennial buyers as well (versus 28% of all buyers)
- An interactive look at houses Seeing the home in person still can’t be beat: 78% of buyers say private tours are important to decide if the home is right for them. But that takes up a lot of time.
- 3D tours or panoramas can be a good substitute: For millennials, this type of media is about equal with open houses for all buyers (both measure at 42%). Note: Millennials value open houses even more than (52%) all buyers, and all buyers value 3D less (29%) than millennials. Why? Because 3D technology can help home shoppers get a sense of a home from afar – wherever that may be: on the bus, at work, at home. And 3D simulates a tour much more accurately than static photos and gives the shopper control, which isn’t the case with a pre-recorded video. 3D hasn’t been widely adopted across the industry because it’s expensive to produce. But we built the first app that allows you to capture a 3D rendering a home from your phone and put this on your listings. Here’s how it looks to a buyer… [demo 3D on an HDP or in test environment]
- Transition: Consumer trends and buyer behavior intersect at the agent: We are simultaneously wary of authority but eager to tangibly connect with someone who gets us, our values and our priorities; we are stressed out and in need of assistance but still want to do it ourselves and drive the process. There’s this dichotomy of self-sufficiency and the need for someone to help. And that help is the agent.
- Majority of buyers (74%) are working with a real estate agent. Especially in the increasingly fast-paced and competitive housing market, buyers view agents as trusted advisors who: help guide them through the buying process (82%) take the lead on contract negotiations (82%) counsel with legal advice (76%) Higher satisfaction when work with an agent Home buyers who use agents report higher levels of satisfaction with the buying process overall. In all, 74% of buyers using an agent are satisfied with the buying process compared to 67% for those not using an agent. People want what you have to offer. BUT they need it to be on their terms, accessible, and plugging into what they are already doing. We need to meet the consumer where they are, not where we are, on their terms and through technology.
- [video]
- In the same essay Keynes predicted the 15-hour work week, he also predicted something called “technological unemployment” – a “disease” of unemployment due to our ability to economize labor outrunning our ability to find new uses for it. I want you all to stop and think about all the technological advancements throughout your career as a real estate agent. We’ve economized a lot of what agents did 10 years ago by empowering consumers with information and you with productivity tools. But… you’ve always been busy. Why? Our data shows that, despite all the technology that people have at their fingertips and everything we’re building for them on our platform, they still need you. Your use to the buyer – as a strategic advisor – can’t be outrun by technology.
- VOG transition – will intro Greg and Spencer to come up together