home buyers have changed. have you?
DESCRIPTION
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!TRANSCRIPT
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
RE/MAX Mumbai Gujarat Maharashtra
RE/MAX Mumbai Gujarat Maharashtra
RE/MAX Mumbai Gujarat Maharashtra
RE/MAX Mumbai Gujarat Maharashtra
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?
RE/MAX Mumbai Gujarat Maharashtra
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
RE/MAX Mumbai Gujarat Maharashtra
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
RE/MAX Mumbai Gujarat Maharashtra
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
RE/MAX Mumbai Gujarat Maharashtra
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.
RE/MAX Mumbai Gujarat Maharashtra
Test your knowledge 2/4
76% of home buyers found their agent via a referral
True
False
RE/MAX Mumbai Gujarat Maharashtra
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.
RE/MAX Mumbai Gujarat Maharashtra
Test your knowledge 3/4
What percentage of home buyers are also sellers?
23%
43%
78%
RE/MAX Mumbai Gujarat Maharashtra
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.
RE/MAX Mumbai Gujarat Maharashtra
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
RE/MAX Mumbai Gujarat Maharashtra
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
RE/MAX Mumbai Gujarat Maharashtra
Fast Fact
RE/MAX Mumbai Gujarat Maharashtra
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?
RE/MAX Mumbai Gujarat Maharashtra
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
RE/MAX Mumbai Gujarat Maharashtra
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
RE/MAX Mumbai Gujarat Maharashtra
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
RE/MAX Mumbai Gujarat Maharashtra
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
RE/MAX Mumbai Gujarat Maharashtra
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?
RE/MAX Mumbai Gujarat Maharashtra
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
RE/MAX Mumbai Gujarat Maharashtra
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
RE/MAX Mumbai Gujarat Maharashtra
Triggers that begin the buying process
Found a house they Liked
Family Reason Retirement/Downsizing Tired of Paying Rent Other reason
14.8
10.1
6.7
4.2
2.4
RE/MAX Mumbai Gujarat Maharashtra
Fast Facts
RE/MAX Mumbai Gujarat Maharashtra
1-2-3
Top 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
RE/MAX Mumbai Gujarat Maharashtra
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?
RE/MAX Mumbai Gujarat Maharashtra
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
RE/MAX Mumbai Gujarat Maharashtra
What you should do...
Display your expertise
Guide them through the process
Provide resources and referrals
Do what's best for your customer
RE/MAX Mumbai Gujarat Maharashtra
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
RE/MAX Mumbai Gujarat Maharashtra
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
RE/MAX Mumbai Gujarat Maharashtra
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?
RE/MAX Mumbai Gujarat Maharashtra
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
RE/MAX Mumbai Gujarat Maharashtra
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
RE/MAX Mumbai Gujarat Maharashtra
Would you be one of them?
RE/MAX Mumbai Gujarat Maharashtra
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
RE/MAX Mumbai Gujarat Maharashtra
Thank You