I recently have had the privilege of getting to know Leslie Appleton-Young who is the Vice-President and Chief Economist for the California Association of REALTORS®. She has recently put together some of the best research I have seen that dramatically tells the story of the Internet Empowered Consumer (IEC™). She has graciously given me permission to present some of her more recent statistics. And believe me, you are going to want to see these for yourself!

Most of you may not know this, but I have a background in teaching statistics and I enjoy research tremendously. I am always looking for “fresh” indicators that can help us better understand the consumer of real estate, as well as help make the job of the real estate agent more proficient. I think some of the statistics presented here will certainly do that.

First, some background. 1,600 people were surveyed. 800 were Internet Buyers who were defined as those who used the internet as an important part of their home buying process. The other 800 people were defined as “Traditional Buyers” or those who did not use the internet as important part of their home buying process. Now here are some interesting results.

1. "First Time Home Buyers" in the "Internet Buyer" group increased from 10% in 2003 to 41% in 2006. What this means for you – The first time home buyer is doing a great deal of homework and they are very well prepared. It also means that the “first time home buyer” is becoming a significant target market for real estate websites, and this steady trend is likely to increase.

2. "Internet Buyers" spend more of their own time doing research on markets and neighborhoods before contacting an agent. What this means for you – If you get an internet lead from your website, be careful how you approach them. Chances are they have done their homework. They believe they have your knowledge, it will be a challenge for you to pay close attention to their wants and needs specifically and not use a canned response back at them, especially with email. They want to know that they are unique and you appreciate their research and preparation. The average “Internet Buyer" spends 5.8 weeks doing research before contacting an agent. The average “Traditional Buyer” only took 1.7 weeks before contacting an agent.

3. "Internet Buyers" on the average only took 2.2 weeks with an agent before they found the home they were to purchase. “Traditional Buyers” took an average of 5.7 weeks looking for homes with an agent before they purchased their home. What this means to you – Less time with an "Internet Buyer" in your car means more "Internet Buyers" to work with in the future. The average “Internet Buyer” looked at 6.6 homes, the average “Traditional Buyer” looked at an average of 21.7 homes. I think enough said here.

4. 63% of "Internet Buyers" found their agent using the search engines. What this means to you – If you are not found on the search engines you are not getting the best buyers! You need to pay attention to where you are on the search engines, and what it takes to get on the search engines. Guess what folks, your cool website with no content, isn't going to cut it, and if you don't have good content, they are just going to pass you by. You need a good professional to help you make sure your website is speaking to the IEC™ , not talking about you. By the way, 72% of "First Time Home Buyers" found their agent via the search engines.

5. "Internet Buyers" interviewed one agent prior to using the agent and the “Traditional Buyer” interviewed three (median used). What this means to you – if you are doing your job on the web, i.e. giving the IEC™ the kind of information they are looking for, more than likely you got the job. Hmmm.

Some other information:

• "Internet Buyers" felt using the internet put them more in CONTROL of the home buying process. (Mr. Internet® has preached this for years...now we have confirmation.)

• "Internet Buyers" felt using the internet helped them better understand the value of the home.

• "Internet Buyers" felt using the internet helped them better understand the home buying process. (I find most agents have very weak information on their websites when it comes to the home buying process. Every area is different, don't make assumptions!)

I could continue, but I think you are getting the picture. Friends, the web is the future, but there is a right way and a wrong way to building a website, writing its copy, and responding to email from the online consumer. If your website is not producing for you, then it may be time for a complete website analysis, and possibly a complete website make-over. If you choose to ignore it, the only thing I can tell you is to count on being ignored by the "Internet Buyer". If you continue to ignore it long enough you will be out of business.

So, what do you do from here. First of all find a professional like Mr. Internet® to help guide you through the website building process. Second, a great producing website is not built in a day nor even in a month, so you will have to be patient. Let me reassure you of one thing - It will all be worth it in the future.

Ciao for Now.

Jay Izso a,k.a. "Dr. Jay" has his Masters of Science degree in Psychology from Washington State University. He was a former instructor of Human Learning and Motivation, Experimental Psychology, and Statistics at Washington State and North Carolina State University. He has been part of the Linda Craft Top 50 Internationally Ranked RE/MAX Team located in Raleigh, NC, since 1996 where he developed Linda’s award winning Websites and cutting edge technologies.  He is also head coach for the Mr. Internet® Total Solutions Coaching program. Many of his articles and writings and observations can be read at www.realestatepsychologist.com.