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CONSUMERRESEARCH PANEL
Helping shape the future of real estate in Houston.
April 2019
Millennial Survey
Provided by the Houston Association of REALTORS®
CONSUMER RESEARCH PANELHelping shape the future of real estate in Houston. May 2019
Houston Associationof REALTORS®
Millennial Survey
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Understand unique characteristics of Millennial consumers (age 23-38) in the process of home
buying/selling to identify what types of help and services Millennial consumers require in the process.
Survey Objective
CONSUMER RESEARCH PANELHelping shape the future of real estate in Houston. May 2019
Houston Associationof REALTORS®
Millennial Survey
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Methodology
Consumer Panel Size - 9,823Number of Respondents - 2,432
Response Rate - 25%
***All of the following survey questions were answered only by Millennial respondents who are homebuyers, sellers, renters or owners.
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2/3 use online ratings
43% used REALTOR® performance ratings when choosing an agent
2/3 say REALTOR® performance ratings are important in choosing agent
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34% are aware of the HAR.com feedback page2/3 of those who are aware of Client Experience Ratings looked at the ratings
34% are aware of the HAR.com feedback page
2/3 of those who are aware of Client Experience Ratings looked at the ratings
No59%
Not sure7%
Yes34%
Are you aware that there is feedback from past clients on HAR.com?
CONSUMER RESEARCH PANELHelping shape the future of real estate in Houston. May 2019
Houston Associationof REALTORS®
Millennial Survey
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Recommendations from friends andfamily
HAR’s Client Experience Ratings on HAR.com
Online ratings on property search sitese.g. Zillow
Social Media Content
Online Video Customer Reviews
91%
37%
36%
21%
6%
What are the most valuable methods for looking for an agent? (Choose all that apply)
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Email and Phone communications are STILL viable
92% prefer text
86% prefer email
78% prefer phone
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Millennials EXPECT real-time response
Nearly half expect a responsein AN HOUR or less
85% satisfied with response time of their agent
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Millennials work with younger than average agents
45% of their agents are 30’s and younger
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Renterstransitioning to homeownership
15% of respondents
Provided by the Houston Association of REALTORS®
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32% of renter respondents have been renting for over
10 years
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47% spend $1500 or MORE per month
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Homebuyers31% of respondents
Provided by the Houston Association of REALTORS®
CONSUMER RESEARCH PANELHelping shape the future of real estate in Houston. May 2019
Houston Associationof REALTORS®
Millennial Survey
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73% of Millennials want
to own their own home
and build equity
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68% of Millennial homebuyers prefer to search for homes through combination of online search and asking for agents’ help
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Millennials are confident in their home search;
STILL need agents, but to a lesser degree than others
CONSUMER RESEARCH PANELHelping shape the future of real estate in Houston. May 2019
Houston Associationof REALTORS®
Millennial Survey
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A lot Some Not much None
38%45%
17%1%
How much help do you need from a real estate agent to buy a home?
Nearly 2/3 do not need much help from agents
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86% of millennials want down payment assistance support from real estate
agents
81% believe they can afford to buy
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Lack of Savings, College Debt slowing down purchase for 19% who cannot afford to buy
CONSUMER RESEARCH PANELHelping shape the future of real estate in Houston. May 2019
Houston Associationof REALTORS®
Millennial Survey
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11% 89%
Are you aware that you can find down payment assistance programs on HAR.com?
Yes No
89% are unaware of the down payment assistance page on HAR.com
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71% of Millennials want a dog-friendly property
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Millennials like properties that do not require a ton of work
CONSUMER RESEARCH PANELHelping shape the future of real estate in Houston. May 2019
Houston Associationof REALTORS®
Millennial Survey
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97%
50%36%
23% 16% 12% 6% 2%
Where do you prefer to search for properties? (Choose all that apply)
97% prefer to search properties on HAR.com
CONSUMER RESEARCH PANELHelping shape the future of real estate in Houston. May 2019
Houston Associationof REALTORS®
Millennial Survey
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2/3 of homebuyers are interested in receiving education
Pre-recorded webinar
Educational articles about buying and…
Tips and tricks shared by my agent during…
Live webinar/ Livestream
One on one discussion with my agent
Overview of entire process delivered by my…
Brochures
Live class/seminar
Podcast
Other (Please specify)
61%
60%
48%
42%
42%
39%
34%
30%
26%
1%
Please tell us the most important factors when purchasing a home (Choose all that apply)
CONSUMER RESEARCH PANELHelping shape the future of real estate in Houston. May 2019
Houston Associationof REALTORS®
Millennial Survey
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Long-term family home - Planning to stay here as long aspossible
Investment - Will live in the house for a couple of years andthen sell/rent it
Not sure/Don't know
Investment - Will not be living in the house
Other (Please specify)
58%
28%
10%
4%
2%
What is your purpose for buying a home/owning a home?
28% of Millennials want to buy a home for investment
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Homeowner/Sellers43% of respondents
Provided by the Houston Association of REALTORS®
CONSUMER RESEARCH PANELHelping shape the future of real estate in Houston. May 2019
Houston Associationof REALTORS®
Millennial Survey
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57% of the homeowner/seller respondents bought houses for investment purposes
Investment – Not living in the house
Long-term family home - Planning to stay here as long aspossible
Investment – Wanted to live in the house for a couple ofyears and then sell/rent it
Other (Please specify)
57%
38%
4%
1%
What is your purpose for buying a home/owning a home?
CONSUMER RESEARCH PANELHelping shape the future of real estate in Houston. May 2019
Houston Associationof REALTORS®
Millennial Survey
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HAR.com
Zillow.com
Open House
Yard signs
Social media
Realtor.com
Word of mouth
Trulia.com
My community website e.g. Next…
Broker/Agent websites
Facebook Ads
Instagram/Facebook videos
Advertising on Realtor.com
Mobile Apps. e.g. Homesnap
Direct Mail piece in neighborhood
95%
66%
55%
45%
43%
43%
38%
30%
27%
25%
22%
14%
11%
10%
8%
What are the best ways to promote a home for sale? (Choose all that apply)
95% of homebuyers/sellers say HAR.com is best way to promote a home for sale
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Most important needs for listing presentations
1. Active listening
2. Show realistic home price
3. Prepare for highest sales price
4. Plan for smooth, stress-free transaction
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For All Groups(Buyers/Renters/
Homeowners/Sellers)
Provided by the Houston Association of REALTORS®
CONSUMER RESEARCH PANELHelping shape the future of real estate in Houston. May 2019
Houston Associationof REALTORS®
Millennial Survey
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Transparency, comprehensive/accurate information, and ability to listen to what the client wants are important to homebuyers/sellers
“Be more transparent about pros and cons of properties.”
“Be upfront and honest, and don't give into speculation.”
What advice would you give to REALTORS® trying to improve the way they service and support home buyers and sellers?
“High-quality, professional photos for properties really pay off. Accurate room dimensions.”
Continue to add features to site in order to make it a one-stop-shop for buyers and sellers, providing
everything they need in one place so that they don't need to go to any other sites for information.”
“I need a realtor that listens to my desires and does their best to make those happen.”
“Don't try to talk me into something I don't want. Either buying or selling.”
“Don't try to push the boundaries when someone gives you a firm budget .”
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Top 5 Recommendations
Provided by the Houston Association of REALTORS®
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Continue to increase REALTOR® engagement in Client Experience Ratings Program
More aggressively promote Client Experience Ratings to consumers on HAR.com and town-specific Facebook pages
Create Training class on using Client Experience Ratings as a lead gen and listing presentation tool.
1. Agent Ratings
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2. You CAN afford to buy campaign
CONSUMER RESEARCH PANELHelping shape the future of real estate in Houston. May 2019
Houston Associationof REALTORS®
Millennial Survey
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PR campaign to promote Consumer’s Preference to search and sell their home on HAR.com
3. Promote power of HAR.com
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4. Training Curriculum:Serving the Needs of Millennials
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