the eyes have it: understanding home buyer internet search behavior

The Eyes Have It:The Eyes Have It:Understanding Homebuyer Internet Search BehaviorUnderstanding Homebuyer Internet Search Behavior

Course ObjectivesCourse Objectives

• Examine the science behind homebuyers searching for homes on the Internet.

• The relevance of photos, property description, and agent remarks on websites.

• Discuss tthe “F & Z” pattern of he “F & Z” pattern of designesign.

Ocular (Eye) Tracking

Total Dwell Time Total time spent looking at each picture;

Fixation Duration Average time spent at each fixation point within each picture;

# of Fixations per Picture Number of points on the screen where the participant’s eye stopped; and

Saccade Count The number of times the participant’s eye jumped from one fixation point to the other.

Ocular or Eye trackingOcular or Eye tracking is is the process of measuring the process of measuring either the point of gaze either the point of gaze (where one is looking) or the (where one is looking) or the motion of an motion of an eyeeye relative to relative to the head.the head.

““F & Z” PatternsF & Z” Patterns

“F & Z” Patterns As Predictors

Myths & Truths About WebsitesMyths & Truths About Websites

“Faces Always & Instantly Draw Attention”

“Large Text Instantly Draws Lots of Attention”

The Words FREE & DISCOUNT Always Pop First

Tracking the Eyes

Tracking the Eyes

Tracking the Eyes

Study This Image for 5 Seconds.

Tracking the Eyes

Which Heat Map is the Men & Which is the Women?

Women pay more attention to his left hand; he is wearing a wedding ring. Women looked at her bikini; the men not so much!

Men were less interested in the marital status of the young lady and paid more attention to her face, breasts and stomach.

WW MM

Real Estate WebsitesReal Estate Websites

Real Estate Websites

So How Many Home Search Websites Are There?

Top 10 National Real Estate Websites

2013 NAR Profile2013 NAR Profileof Home Buyers and Sellersof Home Buyers and Sellers

2013 NAR Profileof Home Buyers and Sellers

48%

8%

33%

43%

Where Buyer Found the Home they Purchased

How A Website is Used

• Buyers used the Internet as a pre-screening device and then,

• Contacted a broker to physically inspect the most promising properties.

What They Want In a Website

• Home buyers & sellers want relevant messaging & pricing models that provide a seamless experience across all their devices.

• 8 in 10 buyers rated photos and detailed information about properties for sale the most useful website features.

4 in 10 buyers rated virtual video tours, interactive maps, and real estate agent contact information very useful among website features.

Realtor Technology Survey

Realtor Technology Survey

Realtor Technology Survey

Hmmmm???

The Results

• Buyers who used the Internet were more satisfied with their purchase than those who used real estate brokers, agents, auctions, or FSBO’s.

Site SamplesSite Samples

Zillow

Trulia

Realtor.com

Tips

• Keep your photos FRESH and PROFESSIONAL!

• Avoid excessive “text” on page;• Link to information that is relevant

to your audience;• Start a blog;• Keep the “ocular” patterns in mind

when laying out your website; and• Tie the website to various social

media portals.

References

• National Association of Realtors (NAR). (2014). 2013-2014 Realtor Technology Survey Report. Washington, DC: National Association of Realtors Research Division.

• National Association of Realtors (NAR). (2013). Homebuyer and Seller Profile 2013. Washington, DC: National Association of Realtors Research Division.

• National Association of Realtors (NAR). (2013). Member Profile 2013. Washington,DC: National Association of Realtors Research Division.

• Richardson, H., & Zumpano, L. V. (2012). Further assessment of the efficiency effects of internet use in home search. The Journal of Real Estate Research, 34(4), 515-548.

• Seiler, M. J., Madhavan, P., & Liechty, M. (2012). Ocular tracking and the behavioral effects of negative externalities on perceived property values. Journal of Housing Research, 21(2), 123-137.