Realtors Use Internet To Attract Young Buyers
YouTube, MySpace Profiles Considered Free Advertising, Realtors Say
LAS VEGAS — Home prices have drastically dropped in the Valley because of the foreclosure crisis, which — according to real estate agents — makes it a perfect time for younger homebuyers to take advantage of the price cuts.
But the downswing in the market also means real estate agents have to change their marketing strategies to stay on top.
Forget the fliers and print ads, agents who are looking for a new market of homebuyers are logging on. Real estate experts with the Prudential Americana Group predict at least 80 percent of homebuyers log online first to start their home search.
This is especially true for those people in Generation Y, meaning under the age of 28. Since this group has grown up with the Internet at their fingertips, real estate agents said they require information not only instantly but right at their fingertips 24 hours a day.
This need for information has spawned a new generation of Realtors, who blog, set up profiles on social networking sites and give buyers virtual tours on YouTube.
"(Realtors) are almost creating their own little talk show to educate the consumer about the great buys in the market and what’s happening in our market — all that can be done using the Internet," said Jan O’Brien with Prudential Americana Group.
With this information available to anyone, O’Brien said the Internet is practically free advertising. But she said the Generation Y buyer is not an easy sell, because they usually have a lot of debt and their credit may not be strong enough to qualify for a home loan.
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Realtors Use Internet To Attract Young Buyers…
According to the California Association of Realtors (one of the country’s largest realty trade organizations) in a recently released report, “Nearly 80% of all first-time homebuyers used the Internet as a significant part of the home buying process…..