Nearly one in eight higher income consumers said social media influenced their choice of real estate services, the highest of all media types, according to the Summer 2009 Ad-ology Media Influence on Consumer Choice survey.

Of online, social, and traditional media, online media had the most influence across all demographics.  Real estate agency Web sites were the most influential online media. The lucrative 25-to-34 age group was noticeably more influenced by video than other age groups.

Fees are the most important factor for consumers selecting real estate services, followed by real estate office and real estate agent reputation.

“Relationships and reputations – both online and offline – are so crucial in real estate,” said C. Lee Smith, president and CEO of Ad-ology Research.  “Agents who may be ignoring social media need to realize it’s a great way to establish their name and build relationships in the marketplace, and especially with these higher income consumers,” Smith said.

Other key findings:

• Newspapers and television were the most influential traditional media
• Convenience was important for 18-to-24 year olds: online listings and office location were the top factors
• Positive comments influenced 12.2% of 25 to 34 year olds

The Media Influence on Consumer Choice survey is conducted throughout the year by Ad-ology Research to study online, traditional, and social media influence on buying decisions.

“Media Influence on Consumer Choice: Real Estate,” conducted by Ad-ology Research, November 4, 2009.  Website: www.ad-ology.com.

Traditional retailers have plenty of reason to be nervous about renewing leases. There’s the slow but steady climb of e-commerce which continues to increase market share and is predicted to account for 8% of all retail sales by 2013. And then there’s the projected long-term leveling off  U.S. consumer spending. All of these changes have experts looking for continued store closings through at least the first half of 2010.

Analysts at the International Council of Shopping Centers foresee the following:

• Total 2009 store closings:  4,730
• First half 2010 store closings:  6,000-8,000

Industry experts also point to several key factors that will result in long-term ‘adjustment’ to the number of bricks and mortar establishments. These factors include:

• Continued bankruptcies and liquidations will reduce the number of existing businesses
• Potential new businesses will be unable to secure financing

The general economic state of the retail industry means potential new business owners have increasing power to negotiate price and other amenities. In return, commercial landlords will be marketing concessions and features to lure new tenants into rental space.

[Sources: Tode, Chantal, E-commerce is flat as a percentage of total retail sales, DMNews 2.2.09;  Misonzhnik, Elaine. Store Closings Likely to Peak in First Half of 2010, Retail Traffice, 10.13.09]

Ad-ology Research recently updated their Industry Marketing Insights report for Real Estate Agents/Agencies. The following are the predicted Top 5 Opportunities/Challenges from the report for this industry for the upcoming year:

• Baby Boomers are a key group. Approximately 26% of Baby Boomers plan to move to a new home.
• Buyers who used the Internet to search for a home were more likely to purchase from a real estate agent than non-Internet users in 2008.
• The National Association of Realtors notes that location/neighborhood continues to be an important factor when choosing a home (79% of home buyers say it is important).
• The housing market is experiencing high foreclosure rates.
• Many homes are not selling, creating a glut of empty homes.

The Industry Marketing Insights report for Real Estate Agents/Agencies is available on Ad-ology.com (Research Store) for $295 USD with local market data for any U.S. market.

[Source: Ad-ology Research. September 23, 2009.]

Ad-ology Research recently updated their Industry Marketing Insights report for Awning and Canopy Dealers. The following are the predicted Top 5 Opportunities/Challenges from the report for this industry for the upcoming year:

• This industry is predicted to experience a boost in demand, due to many homeowners choosing to stay in their current homes and remodel, as opposed to entering the embattled real estate market.
• Energy-saving concerns are helping to boost demand for these products.
• Consumers are increasingly interested in motorized awnings and canopies.
• To boost revenue, businesses should offer removal and storage services for awnings and canopies during colder seasons.
• Small independent businesses in this industry face competition from big box stores, such as Home Depot and Lowe’s.

The Industry Marketing Insights report for Awning and Canopy Dealers is available on Ad-ology.com (Research Store) for $295 USD with local market data for any U.S. market.

[Source: Ad-ology Research. September 17, 2009.]