Answers - Real Estate

The National Association of Realtors reported that in 2005, a full 77% of all homebuyers utilized the Internet in some manner to access information while purchasing their home compared to 2% in 1995. With these dramatic innovations

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

changing the real estate landscape are published in major papers throughout the nation, many realtors are getting caught up in the media alarmist hype and seeing these events as intimidating rather than as positive changes that are g

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

ing to make their jobs easier as they represent this new wave of knowledgeable and efficient internet buyers.

What the survey didn’t clearly define, and had to be read between the lines, is that internet usage is higher amongst Gen

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

’ers (those born between 1963 and 1978) and now some Gen Ys (those born between 1979 – 1999) as opposed to traditional buyers. Since this age group is very familiar with the internet and other techno-gadgets they are more likely to

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

o most of their home searching and research BEFORE calling an agent, as a result they are more efficient buyers who won’t take up a lot of an agent’s time and resources.

Realtor studies show they are also more satisfied with their a

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

ents and an overwhelming number say they would use the same agent in the future. According to the report, internet buyers will come back: 97% of internet buyers would use the same agent on their next transaction versus only 50% of t

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

raditional buyers. Based on the amount of marketing and lead generation a realtor needs to do to gain a client in the first place those percentages are a great return for their investment.

Here are some interesting comparisons:

•

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

Internet Buyers spend 2.2 weeks, on average, with their agent before buying, while the non-internet buyer (referred to as the traditional buyer) spent 7.1 weeks with their agents.

• Internet Buyers previewed 6.7 homes while the trad

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

tional buyer previewed a whopping 15.4

• 81% of Internet Buyers stay with the first agent they choose to contact

• traditional buyers interview about 3 agents, Internet Buyers only 1

• distance between old and new home: 25 miles f

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

r traditional, 242 for Internet Buyer

• Internet Buyers have higher satisfaction rates with their agents: 4.3 vs 3.3, on a scale where 5 is “surpassed expectations”

• Most Internet Buyers are first time home buyers and Gen-Xrs vs.

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

aby Boomers (those born between 1946 and 1960) and repeat buyers. The average age for a first-time buyer is 32.

So, according to the findings above it appears that the internet buyer is the more resourceful, more efficient client, w

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

ho likes working with their agent, holds that agent in high regard and will use them again. It appears to me that these are the marks of the ideal client.

However, an agent shouldn't assume that they are gullible and naive, the stud

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

also suggests they have high expectations for their agents and expect that their agent will be as efficient as they are. Professional full-time agents who know their local real estate market and are excellent salespeople shouldn’t h

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

ve much to worry about.

Another finding was that Internet buyers expect prompt answers to their questions. Time response to inquiries is critical to the internet buyer, so an agent must have a slew of technology tools to meet their

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

communication needs

Furthermore, It comes as no surprise that a whopping 92% of internet buyers find their agents on the web, 63% via search engines. Therefore, an agent must be where the buyers are looking: online.

In addition, fu

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

ther findings in the study defined their expectations.

• Late closure of their escrow is a common complaint of traditional and internet buyers (so prepare your clients for this possibility)

First time home buyers have the highest e

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

xpectations of their agents

• Internet is valued as a source of information about the home buying process & not a substitute for using an agent. Nine out of 10 buyers hire an agent to buy a home.

• No group found internet informati

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

n more useful than that obtained from agents.

While many articles are proclaiming the demise of the real estate sales profession, it’s not a reality yet—however, with more real estate technology tools and online real estate informat

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

on proliferating everyday, it does strongly suggest that a realtor’s skill set has to change dramatically to stay competitive. That will depend on the ability and resourcefulness of the agent. With the average age of realtors at 55

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

the desire and willingness to make those changes will remain to be seen.

Sources: C.A.R. Highlights from 2006 Internet v. Traditonal Buyers Survey; Michael E. Parker, Online Marketing: Internet Buyers v. Traditional Home Buyer Stud

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.answers.org.ua/article/132113/answers-Survey-Shows-That-Gen-X-Buyers-Are-More-Efficient-Buyers.html">Survey Shows That Gen X Buyers Are More Efficient Buyers</a>

BB link (for phorums):
[url=http://www.answers.org.ua/article/132113/answers-Survey-Shows-That-Gen-X-Buyers-Are-More-Efficient-Buyers.html]Survey Shows That Gen X Buyers Are More Efficient Buyers[/url]

Ideas are the only assets which have no fixed values. It is equally well known that ideas are the beginning of all achievements. Ideas are the foundation of all fortunes, the starting point of all inventions.

Selling a product within a specific market niche can be a financially rewarding exercise. Niche marketing is on the rise, as savvy marketers recognize the lucrative opportunity presented by smaller, underserved markets. However, in order to successfully exploit its power, one must possess and understand the two keys to successful niche marketing.

There are over seven million on people that are un-insured in the state of California. Most of them have been declined by multiple insurance companies and gave up on their search in finding health insurance. It seems like it is unfair system if you do not know what is available to you.

Tags

Links

Answers - Survey Shows That Gen X Buyers Are More Efficient Buyers

Related Articles: