Godzilla and ZMOT – They’ve Got a Lot in Common Look Out!

The “ZMOT” in question isn’t some 3-D cinematic monster that boils up from the sea to trample downtown Tokyo (though ZMOT and Godzilla do have a few similarities). “ZMOT” is what Google has decided is now happening to the real estate market —our own local real estate market definitely included! The concept headlines this year’s joint Google-National Association of RealtorsÒ study of the current real estate market. It’s focused on how digital media usage is affecting home shoppers. They find that ZMOT is trampling everything in sight. ZMOT stands for “Zero Moment of Truth” — the long-anticipated point in time when traditional modes of shopping and purchasing become eclipsed by the digital universe: web sites, search engines, social channels, online video, etc. etc. Nuggets from the publication:

• 9 out of 10 homebuyers today rely on the web as a primary research source (forget about asking around at the PTA meeting)…
• 52% turn to the Internet first (instead of the back page of Section 2 of the local newspaper)…
• One-fifth of real estate-related searches take place on mobile devices (that doesn’t mean driving around the neighbourhood, either)…

ZMOT is here, all right, and those of us whose profession is to spend full time in the local real estate market are not at all surprised. It’s unlike Raymond Burr’s famed opening line in Godzilla: What has happened here was caused by a force which up until a few days ago was entirely beyond the scope of Man’s imagination. What has now “happened here” is that homebuyers are performing an average 11 online searches before settling down to take action (‘take action’ is key — it’s a good way to separate out looky-loos). Does this mean you’re on your own in this digital age, wrestling with your iPad, smartphone and web search engine to figure out your next foray into our town’s real estate market? Fortunately, not at all. Of those 9 out of 10 who use the Internet, fully 89% also turn to someone like me — your local real estate agent — to help buy or sell. Please, give me a call!