Over the period of time Home buying process have 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 video 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...?
1. HOME BUYERS HAVE CHANGED.
HAVE YOU?
Pranav Pandya
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
RE/MAX Mumbai Gujarat Maharashtra
6. 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
7. 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
8. 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
9. 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
10. 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
11. Test your knowledge 2/4
76% of home buyers found their agent via a referral
True
False
RE/MAX Mumbai Gujarat Maharashtra
12. 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
13. Test your knowledge 3/4
What percentage of home buyers are also sellers?
23%
43%
78%
RE/MAX Mumbai Gujarat Maharashtra
14. 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
15. 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
16. 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!
RE/MAX Mumbai Gujarat Maharashtra
Bottom line
Be known, but let them browse
18. Online Research
Be 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
19. 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
20. 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
21. 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
22. 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
RE/MAX Mumbai Gujarat Maharashtra
Bottom line
Increase Your Online Presence
23. Active Search
Time 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
24. 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
25. 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
26. Triggers that begin the buying process
14.8
10.1
RE/MAX Mumbai Gujarat Maharashtra
6.7
4.2
2.4
Found a house they Liked Family Reason Retirement/Downsizing Tired of Paying Rent Other reason
28. 1-2-3
Top three traits buyers look for when choosing an agent
1. Honesty and Trust
2. Knowledge of Local Area
3. Reputation
RE/MAX Mumbai Gujarat Maharashtra
Bottom line
Buyers in this stage already have an agent in mind
29. 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
30. 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
31. 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
32. 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
33. Sellers Need
Assistance in pricing their home
Help marketing their property to buyers
A liaison between themselves and buyers
Support with contracts and negotiations
RE/MAX Mumbai Gujarat Maharashtra
Bottom line
Give Them a Reason to work with You again
34. Post-Sale
Keep 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
35. 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
36. 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
38. 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.
RE/MAX Mumbai Gujarat Maharashtra
Bottom line
Generate repeat Business