Nov
06

Marketing to Home Buyers

By
Roger V asked: One of the most common mistakes agents make when marketing to home buyers is marketing only to the “aware”. The problem is this: anyone who knows they want to buy a house and is serious enough to go to a home-buyer’s seminar probably already has an agent. Let’s face it, everyone in the united states has a dog’s-former-owner’s roomate’s neighbor who practices real estate on the side. By marketing to the unaware, people who have not yet taken any steps toward actually buy a home you stand to gather a far larger pool. While these leads take longer to incubate into closings, this can be tracked in your CRM program (Top Producer, ACT, etc.). Pre-sale leads who are sold on working with you should be “milked for referrals” simply by keeping in touch once every 21 days (three week contacts statistically produced the highest number of referral leads). A more appealing seminar title to “fish upstream” in your marketing to home buyers by marketing a “Credit Score Seminar”. As a professional marketer, we’ve done several tests for marketing to home buyers. When offering a “First time home buyer seminar” or even just a “Home buyer seminar”, we had about 15 attendees, out of which only 2-3 leads on average were produced. When we ran the same advertising for a “Credit Score Seminar” we had over 20 attendees, out of which, on average sixteen people took the next step to get preapproved for a mortgage or start looking at property. This is, of course, an excellent reason to partner with a car dealer, who may represent a great source of referrals. Another common problem we see with agents or brokers marketing to home buyers is delivery of the message. All marketing comes down to message, media, and call to action. Generally, direct mail is too expensive to realize a positive ROI, while small classifieds in the rental section (tip: the rental section reaches the “unaware” with headlines like “$2k/mo 2bed foreclosure to own”). Another great option is flyers posted in apartment buildings. The simple fact is almost everyone wants a new home, smaller home, or larger home than what they have. Our job as professionals in a less active market is to make these people realize how affordable it can be, or in the case of moving down, how much they can save. The National Association of Realtors did a study in which they looked at the top 10 reasons men and women buy homes. They were: (Men) 10. They want an investment that’s likely to increase in value. 9. They want a tax write-off to put their family financially ahead. 8. They want as short a commute to work as possible. 7. They want a garage for toys and tools. 6. They want space that can work as a home office/den. 5. They want a “safe” neighborhood for their family to live in. 4. They want to make their partner or spouse happy. 3. They want a yard that requires minimal upkeep. 2. They want other men to be envious and/or convey status. 1. They want a place to call their own. …and for women… 10. They want to live in a “good” school district. 9. They want a safe neighborhood with similar-aged children 8. They want a certain number of bedrooms and square feet. 7. They want a home with a functional, modern kitchen. 6. They want as much closet space as possible. 5. Proximity to stores, entertainment, restaurants, and a park 4. They want a large yard for a growing family and a garden. 3. They want to redecorate to express their own personal style 2. They want a home that their mother will approve of. 1. They want a place to call their own. As you develop your marketing to home buyers, remember you have the power position: The perception that you provide a path to what the home-buyer wants. As you “set the bait” on the internet, via your flyers, via referral marketing and via rental-section advertising you then want to setup some filtering systems so that the “cream rises to the top”. This means the most qualified, most interested buyers are the only ones who actually get any of your real time, while the others stay in a “holding pattern” until they are ready to write an offer and close. Easy ways to produce this are with automatic sequential followup autoresponders such as our kits have, use of call-capture systems, and having your mortgage lender pre-qualify the leads. He or she will appreciate the stream of leads, while allowing him or her to filter them will have you writing offers instead of answering basic questions. Marketing to Home Buyers should be one of the pillars of any real estate business. These days, a solid buyer is a greater guarantee than a listing, and can lead to double-ended transactions. Even the most seasoned agents who focus on listings can use marketing to home buyers as a means to increase market visibility, listings, while delegating incoming leads to a buyer’s agent o their team. If you’ve found this useful, be sure to check out http://www.MarketingToHomeBuyers.INFO for free resources and downloads, and information about our complete turn-key system including customizable videos, articles, e-books, followup email campaigns, flyers with print graphics, and more, all branded to make you look great. home buyer

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