Understanding buyer behaviours is a key aspect of real estate success - and yet so many agents still fail to catch the cues and recognise the signals that enable them to act appropriately in good time, securing a sale or a purchase. Marketing also needs to reflect the psychology of your customers - otherwise, you may find you lack the targeted promotion required to sell the type of homes on your books.
Different demographics require different approaches:
This may seem like a no-brainer - and yet so often agents forget to tailor their approach not only to each individual buyer or seller but also to the demographic they occupy. Research the way in which individuals within different target markets like to be approached. The language they engage with. The level of support and advice they need (and want). Tailoring your approach intelligently in this way considerably increases your chances of securing sales and bringing on board valuable new customers who are likely to recommend your services to others.
Mix emotional need with practical requirements:
Securing interest and attention requires a two-pronged approach - appealing to the emotional needs of customers whilst also addressing their practical requirements. Upon meeting buyers you should be able to assess both - to see where they may be emotionally motivated - torn, divided or perhaps in conflict with one another, if you're dealing with a couple. It's interesting and useful to ensure that you are continuously connecting with your customers on both levels - as property purchasing deals with the two symbiotically.
After you meet, it's useful to make a list of your clients' emotional needs (bright airy rooms with natural light, a cosy place to relax in, something that reminds them of their childhood home) alongside their practical requirements (three bedrooms, a secure garage, a garden area). This serves as a crib sheet of sorts for you to refer to when you are assessing and presenting properties for suitability, or need to persuade. It also ensures you can remain mindful of any differences in opinion couples and families may have so that you can combat or circumvent them before they arise.
Ignoring the internet could cost you dearly:
Over the last ten years, the way in which we interact with companies has changed beyond recognition. Every facet of our lives has been revolutionised - from how we buy our clothes to the way we order takeaway and the manner in which we interact with family, friends and companies. This has in time extended to the realm of real estate - where property hunters now prefer to start their search online rather than with an agent in person. Buyer behaviours have changed - so your approach also needs to adapt to move with them.
Despite this, many agencies still stop at listing their properties online - neglecting all other areas of their digital presence. There are now so many important strands to a real estate agencies marketing strategy - and many of them are online, including social media, directories and more. Investing in these as equally as you do your paper and print counterparts is now essential.
For more expert real estate marketing tips, browse our recent blog posts here - or get in touch to learn more about growth with our flexible franchising model.
"The 60 Second Entrepreneur"
"The 60 Second Entrepreneur" is an important book for any person who dreams of creating a successful business. Many of Manos's examples are taken from his Real Estate experience, but also draws upon over 30 years of being self employed and the lessons he teaches are fundamental business truths which anyone can profit from.