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Home Buyers have Changed. Have you?

Over the period of time Home buying process has evolved and the home buyers have changed a lot. As a buyer’s agent you have to be in sync with the customers and know how and where they are searching for their new home. How many stages are there in a buying process and what are they thinking at each stage. This webinar will make you understand your customer's journey to buying a home. So Engage in Customer’s journey, not just the transaction. And Sell More Homes!

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Home Buyers have Changed. Have you?

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  1. Home buyers have changed. Have you? PranavPandya Franchise Development Manager RE/MAX Mumbai Gujarat Maharashtra Understand your customer's journey to buying a home.

  2. SELL MORE HOME Engage in Customer’s journey, not just the transaction

  3. Consideration Introduce yourself and allow the lead to browse. Build a foundation for a long term relationship Home buyers are thinking: • I want trends and high level information but I haven't even thought about talking to an agent. • Is now a good time to buy? • What areas should I consider? • What type of home do I want? • How far do I want to commute?

  4. Leads in this stage are: • Just thinking about buying • Probably not talking with other agents • Noticing real estate related news and info • Seeking information from friends, family, and online

  5. What you should do... • Contact them immediately, but don't sell • Let them know you're available for questions • Don't rush engagement, let them come to you • Get technology to track and engage over the long term

  6. Test your knowledge 1/4 Which is a sign that a lead might be in the consideration phase? • Complaining about their current living situation on Facebook • Getting married and/or expecting children • Relocating for a new job • All of the above

  7. Test your knowledge 1/4 • Answer: All of the above • 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.

  8. Test your knowledge 2/4 • 76% of home buyers found their agent via a referral • True • False

  9. Test your knowledge 2/4 • Answer - False • 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.

  10. Test your knowledge 3/4 • What percentage of home buyers are also sellers? • 23% • 43% • 78%

  11. Test your knowledge 3/4 • Answer: 43% • According to a recent study of home buyers and sellers, almost half (43%) of all buyers also had a home to sell.

  12. Test your knowledge 4/4 • What's the main reason people search online for homes? • Browse listings • Find an agent • Get preapproved for a loan • All of the above

  13. Test your knowledge 4/4 • Answer: Browse Listings • 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

  14. Fast Fact

  15. Online ResearchBe found where the leads are, online. Communicate on their terms and aid them in their quest for information. Home Buyers are thinking: • I’ve started browsing and researching online to get an idea of what I want and what's available. • What can we afford in our area(s) of interest? • What are the demographics, schools, crime rates like in this area? • What financing options are available?

  16. Leads in this stage are: • Browsing listings online, but still far from buying • Exploring what they want and what they can afford • More likely to communicate via web & email • Not ready to choose an agent, but need expertise

  17. What you should do... • Be found online • Ensure your website is a source for information, not a sales or marketing pitch • Reach out on their terms. Don't rush a meeting. • Email with relevant information to develop trust and stay front of mind

  18. Home Buyer Behaviour • 55% Searched online during the home buying process • 85% Who performed research online visited the website of an agent • 75% Registered on a website to receive listing alerts

  19. Information Consumers are Gathering Online • Details about homes on the market • Neighbourhood and school information • Specific market conditions • Tips on purchasing a home • What homes are worth in their area Bottom line Increase Your Online Presence

  20. 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. Home buyers are thinking: • We have a rough idea of what we want and want to start touring properties with an agent. • How many homes have you sold in the past year? • How well do you know the areas I'm interested in? • What do you recommend based on our budget and needs? • Do you have connections that can make this process easier?

  21. Leads in this stage are: • Ready to tour homes in-person with an agent • Aware what they want and what they can afford • Want specifics about the buying process • Need recommendations based on experience

  22. What you should do... • Be available to meet in person and tour homes • Offer recommendations based on their criteria • Provide specifics on the home buying process • Respond quickly

  23. Triggers that begin the buying process

  24. Fast Facts

  25. 1-2-3 Top three traits buyers look for when choosing an agent • Honesty and Trust • Knowledge of Local Area • Reputation Bottom line Buyers in this stage already have an agent in mind

  26. Transaction Provide exceptional service and guidance. Give customers a reason to promote your services. Home buyers are thinking: • We need an agent to negotiate contracts and advise and guide us through the process. • What's the process for buying a home? What are the milestones? • How much should we offer for this home? • What are the contingencies? Can I lose my earnest money? • Are we competing with other buyers? • How long after closing can we move in?

  27. Leads in this stage are: • Ready to buy a home • Curious about the process (appraisal, etc) • Wondering if they are getting a good deal • Concerned about timelines and logistics

  28. What you should do... • Display your expertise • Guide them through the process • Provide resources and referrals • Do what's best for your customer

  29. Buyers Need • Assistance finding a home • Suggestions for home inspectors and financing companies • Clarification of inspection reports and contract details • Help negotiating terms of sale

  30. Sellers Need • Assistance in pricing their home • Help marketing their property to buyers • A liaison between themselves and buyers • Support with contracts and negotiations Bottom line Give Them a Reason to work with You again

  31. Post-SaleKeep in touch with your customers to ensure repeat business and referrals. Home buyers are thinking: • I want to know if my property is going up in value or not and what is trending in the market place. • I want to know about changes in my home's value. • I would like to receive updates about my local real estate market. • My friend is looking to buy a home, who should I refer them to?

  32. Leads in this stage are: • Comfortable in their day-to-day • Not thinking about real estate • Appreciate information about their home's value • Likely to buy again in 5 to 7 years

  33. What you should do... • Use automation tools to stay in touch • Provide gentle reminders of their home's value and market conditions • Connect with them on Social Media • Ask for referrals

  34. Would you be one of them?

  35. 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

  36. Thank You

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