[saucetenuto]

So they get all the business they want from word of mouth and referrals? Good for them, but doesn't that imply that there's a lot of unmet demand?

[hawkice]

Many big-ticket items are not transacted through a sales funnel beginning in google ads, even for individuals (businesses tend to have more formal processes). Houses, cars, etc. are largely purchased by going to a specific place (digital or otherwise) where such things are bought and sold. Not just googling "3 bedroom 2 bath house close to Redmond". I do not think this process involves a lot of unmet demand.

[tptacek]

It's very much a supply-constrained market, which is why firms tend not to advertise much, and why it's hard to understand the premise behind this market.

[kenbaylor]

Since this posting, I've had 3 boutique firms sign up. It is a supply constrained market, but a highly inefficient one.