What are your buyers really looking for?
Homebuyers can be complicated. They change their minds; they say they want one thing then fall in love with the complete opposite. Don’t you wish you could get inside your buyers’ heads to determine what it is they truly want?
We can’t perform that kind of magic, but a recent joint Chase/Google study provides a bit of insight that can help you tailor your marketing messages and client contact to take your success to the next level.
It’s important to know the price range your home shoppers are comfortable with so you’re not wasting your time showing them property they can’t afford. It’s also important to them that they know what’s affordable: in 2016, home shoppers were extremely concerned about affordability, with top Google searches related to determine how much home they could afford. Be sure your home shoppers are preapproved for a mortgage! I can work with you to make sure you and your clients know what they can afford and help them stick to their budget. A preapproval letter will also give them a jump on the competition in a competitive housing market.
If you’re not using your smartphone to connect with clients, you are missing the boat in a big way. More and more potential homebuyers are shopping for information, real estate professionals, and properties using their mobile phones every year. Your online presence must be robust, and you need to be sure all of your online outlets are compatible with mobile technology. In addition, technology is helping us to streamline many of the homebuying processes, from sending documents to ordering appraisals to viewing homes your clients send you so you can get a jump on what they like and search for properties accordingly.
Despite the doom and gloom forecasts around the Millennial generation — they’ll never get good jobs! They’ll live in their parents’ basements forever! — the numbers show that they and other first-time buyers are increasingly searching for homebuying information: nearly half of all Google searches related to mortgages so far this year were related to first-time buyer programs and benefits, and more than twice as many applicants for mortgages in 2016 were under 35, compared to 2015. This indicates they’re actually getting ready to buy — and now’s the time for you to hone your pitch to younger buyers and brush up on what Millennials and other first-timers are looking for in today’s market.
The types of houses people want have also changed. The top recent home searches were:
- Mansion — large, imposing residence
- Yurt — originally a round, semi-permanent tent; now a high-tech round home that can be built by the owner
- Bungalow — a one-story home
- Brownstone — attached townhomes covered in a red-brown sandstone
- Minka — houses constructed in any one of several traditional Japanese building styles.
Luckily, you can search online for more information about these types of homes and to see if there are any in your area.
Digital technology can seem like an overwhelming tidal wave of change. But the kinds of information we can now glean about our clients and the market is invaluable, allowing us to target our marketing with knifelike precision and more quickly and effectively provide our clients with what they want and need. Embrace these new sources of data and reap the rewards!