The search for a dream home extends well beyond the walls of the property. A 2018 NAR report found that the quality of the neighbourhood is the factor most influencing buyers of all ages, followed closely by “convenience to a job”. Buyers want to feel at home both in their house and in their neighbourhood.
As we approach 2019, Real Estate websites must bring lifestyle search into the consumer search experience. A key question to consider is: which lifestyle data matters most and how can a brokerage apply lifestyle search to help a consumer arrive at a decision?
To answer this question, we analyzed billions of data points collected from searches in North America to determine what buyers value most when choosing a new home. This research allowed us to identify the most popular searches for amenities across a diverse scale, and how heavily these attributes weighed in the decision-making process.
Let’s take a quick look at how this data affects both the buyer and the agent.
Know what's really important to your buyers
Our data found that certain criteria (such as school districts and proximity to grocery stores, restaurants and public transit) are of particular importance to buyers when deciding on a suitable location.
That being said, not all criteria carry the same weight.
A coffee lover may want to live near a café, but it’s probably not a deal-breaker which one or how many are nearby.
A family with young children is likely to consider an area within a particular school district they have in mind.
A car owner is probably looking for garage parking.
A public transit user must know the proximity and frequency of available options.
As you can see, the wants and needs of a person vary depending on their lifestyle, and so do the weights. Therefore your lifestyle search needs to allow for customization per user and market.
This is no different than the need for a real estate professional to be well-versed on a given neighbourhood. Combine that with a deep understanding of who you’re working with to deliver an amazing, efficient and personalized experience.
By understanding their clients’ wants, needs and pain points, real estate professionals are able to target the deciding factors to close the sale.
Know how to show it to them
So the question becomes not which factors are important, but how to present them in a way that reflects the decision-making process associated with buying a home. Which amenities are most important? When does quantity trump quality? When is distance more substantial than abundance?
To better personalize results, Local Logic implemented a very specific algorithm – one designed to meet buyers’ needs while keeping their most influential factors in mind. These questions (among others) are what we strive to answer with our user-friendly algorithm.
For Royal LePage, the results were crystal clear
An initial Royal LePage test run in three major Canadian cities, showed increased engagement among consumers. Ensuring that buyers’ choices and behaviours aligned with their future home yielded positive results. Lead volumes increased by a whopping 36 percent, while consumers submitted leads at a rate three times faster than before.
Local Logic’s highly customized experience expedites the home buying process for both parties – showing buyers the homes they’re most likely to want and realtors the information they’re most likely to need.
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