home buyers have changed. have you?

Home buyers have changed. Have you?

Understand your customer's journey to buying a home.

Pranav PandyaFranchise Development ManagerRE/MAX Mumbai Gujarat Maharashtra

RE/MAX Mumbai Gujarat Maharashtra

SELL MORE HOME

Engage in Customer’s journey, not just the transaction


Consideration Introduce yourself and allow the lead to browse. Build a foundation for a long term relationship

Home buyers are thinking:

鐾I want trends and high level information but I haven't even thought about talking to an agent.

鐾Is now a good time to buy?

鐾What areas should I consider?

鐾What type of home do I want?

鐾How far do I want to commute?


Leads in this stage are:

鐾 Just thinking about buying

鐾 Probably not talking with other agents

鐾 Noticing real estate related news and info

鐾 Seeking information from friends, family, and online


What you should do...

鐾 Contact them immediately, but don't sell

鐾 Let them know you're available for questions

鐾 Don't rush engagement, let them come to you

鐾 Get technology to track and engage over the long term


Test your knowledge 1/4

Which is a sign that a lead might be in the consideration phase?

鐾Complaining about their current living situation on Facebook

鐾Getting married and/or expecting children

鐾Relocating for a new job

鐾All of the above



鐾 Answer: All of the above

鐾 There are several small signals consumers give to show that they are in the consideration phase. Listen to your friends, family, and follow comments on social media.



鐾 76% of home buyers found their agent via a referral

鐾 True

鐾 False



鐾 Answer - False

鐾 According to a recent survey, only 40% of buyers found their agent via a referral and only 10% used an agent they worked with in the past. Nearly 1 in 3 found their agent online.



鐾 What percentage of home buyers are also sellers?

鐾 23%

鐾 43%

鐾 78%



鐾 Answer: 43%

鐾 According to a recent study of home buyers and sellers, almost half (43%) of all buyers also had a home to sell.



鐾 What's the main reason people search online for homes?

鐾 Browse listings

鐾 Find an agent

鐾 Get preapproved for a loan

鐾 All of the above



鐾Answer: Browse Listings

鐾The primary reason buyers go online is to browse listings. If you want buyers to visit your website, make sure it has listings, and lots of them!

Bottom line

Be known, but let them browse


Fast Fact


Online ResearchBe found where the leads are, online. Communicate on their terms and aid them in

their quest for information.

Home Buyers are thinking:

鐾I’ve started browsing and researching online to get an idea

of what I want and what's available.

鐾What can we afford in our area(s) of interest?

鐾What are the demographics, schools, crime rates like in this area?

鐾What financing options are available?



鐾 Browsing listings online, but still far from buying

鐾 Exploring what they want and what they can afford

鐾 More likely to communicate via web & email

鐾 Not ready to choose an agent, but need expertise



鐾 Be found online

鐾 Ensure your website is a source for information, not a sales or marketing pitch

鐾 Reach out on their terms. Don't rush a meeting.

鐾 Email with relevant information to develop trust and stay front of mind


Home Buyer Behaviour

鐾 55% Searched online during the home buying process

鐾 85% Who performed research online visited the website of an agent

鐾 75% Registered on a website to receive listing alerts


Information Consumers are Gathering Online

鐾 Details about homes on the market

鐾 Neighbourhood and school information

鐾 Specific market conditions

鐾 Tips on purchasing a home

鐾 What homes are worth in their area

Bottom line

Increase Your Online Presence


Active SearchTime to meet leads face-to-face and show them why you're the best agent in town. But, don't lose them before you get here.


鐾We have a rough idea of what we want and want to start touring properties with an agent.

鐾How many homes have you sold in the past year?

鐾How well do you know the areas I'm interested in?

鐾What do you recommend based on our budget and needs?

鐾Do you have connections that can make this process easier?



鐾 Ready to tour homes in-person with an agent

鐾 Aware what they want and what they can afford

鐾 Want specifics about the buying process

鐾 Need recommendations based on experience



鐾 Be available to meet in person and tour homes

鐾 Offer recommendations based on their criteria

鐾 Provide specifics on the home buying process

鐾 Respond quickly


Triggers that begin the buying process

27


Fast Facts


1-2-3Top three traits buyers look for when choosing an agent

1. Honesty and Trust

2. Knowledge of Local Area

3. Reputation

Bottom line

Buyers in this stage already have an agent in mind


Transaction Provide exceptional service and guidance. Give customers a reason to promote your services.


鐾We need an agent to negotiate contracts and advise and guide us through the process.

鐾What's the process for buying a home? What are the milestones?

鐾How much should we offer for this home?

鐾What are the contingencies? Can I lose my earnest money?

鐾Are we competing with other buyers?

鐾How long after closing can we move in?



鐾 Ready to buy a home

鐾 Curious about the process (appraisal, etc)

鐾 Wondering if they are getting a good deal

鐾 Concerned about timelines and logistics



鐾 Display your expertise

鐾 Guide them through the process

鐾 Provide resources and referrals

鐾 Do what's best for your customer


Buyers Need

鐾 Assistance finding a home

鐾 Suggestions for home inspectors and financing companies

鐾 Clarification of inspection reports and contract details

鐾 Help negotiating terms of sale


Sellers Need

鐾Assistance in pricing their home

鐾Help marketing their property to buyers

鐾A liaison between themselves and buyers

鐾Support with contracts and negotiations

Bottom line

Give Them a Reason to work with You again


Post-SaleKeep in touch with your customers to ensure repeat business and referrals.


鐾I want to know if my property is going up in value or not and what is trending in the market place.

鐾I want to know about changes in my home's value.

鐾I would like to receive updates about my local real estate market.

鐾My friend is looking to buy a home, who should I refer them to?



鐾 Comfortable in their day-to-day

鐾 Not thinking about real estate

鐾 Appreciate information about their home's value

鐾 Likely to buy again in 5 to 7 years



鐾Use automation tools to stay in touch

鐾Provide gentle reminders of their home's value and market conditions

鐾Connect with them on Social Media

鐾Ask for referrals


Would you be one of them?


Stay in Touch

Simple gestures are a great way to show a customer you care.

Here are several ways to continue your relationship and increase the likelihood of referrals and future business with your customers.

Bottom line

Generate repeat Business

Thank You

home buyers have changed. have you?

Documents

percentage of home buyers

recent study of home

type of home

answer false

whats available

customers journey

consideration phase

high level information