Interesting characteristics of buyers.... Where are they? Can they find you? Can you find them? To target market you must first understand who the heck you are marketing.
Average age for home buyers is 41 years of age.
1st time home buyers median age is 32.
Repeat home buyers age 47.
30% of all home buyers are between 25 and 34.
First time home buyers account for 36% of the homes purchased.
1 in 5 homes were new construction
74% bought homes simply for homeownership
If the typical
home buyer is 41 years of age, ask yourself this simple question, does my
marketing appeal to the typical homebuyer? While the Internet is incredible and yes you get your info immediately, I still want good old fashioned customer service or
service with a smile, I want to click with the professional I choose and may start my search on-line but I would most likely ask a few of my close friends for a
Real Estate Professional's name. That's right a
referral.
- If 30% of all home buyers are between 25 and age 34, you can bet I would be Internet savvy for that age group. People coming out of college now have a different mentality and want it now!!!! Don't under-deliver, Don't over-promise, just get it done. This age group is not interested in details or challenges, they hired you so they expect you to do your job and do it well. This is what this group is looking for.
- If one in five homes sold is new construction, I would put some effort in connecting with home builders, marketing on-line and in publications regardless of how I personally felt, the consumer is still interested in new construction and I for one would work hard for a piece of that market.
- If 36% of all home buyers are first time home buyers, I would invest some time and money to market this group. These will be your customer's for life without a doubt. First time home buyers need real estate professionals. Provide value with city, county and state grant money or down payment assistance programs. Learn the different programs that benefit the first time home buyer. Remember the key words "First Time." Hopefully if you did it right, they will think of you when they outgrow their current home!
- 74% purchased a home for the sake of "homeownership!" What does that tell you? It gives people a sense of pride and accomplishment. That's right, "The American Dream!"
Real Estate usually makes for some very interesting conversation! Especially if you are a real estate professional.
Just because someone state's they are a buyer, Prequalify. The real pro's have it down to a science, I do!
Remember 100% of the college students utilize the Internet, if you are not so savvy, get hopping, I would pay for a class if I were a struggling computer illiterate.
Really target market and be a resource for buyers, you will become the "Go to Realtor" because you understand the speciality and people are aware of your special skills.
For many people buying a house is just a small part of the equation, even though real estate is vital to you! You have no idea what has prompted this person to relocate or move and buy a home. Another words for a moment stand in their shoes!
Now instead of complaining there are no buyers out there....Look for them....Market them....most of all when you get one, treasure them, if you do it right, you will have a customer for life! And if you don't......someone else will pick up where you left off.
Statistics are from the National Association of Realtors.
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Midori,
Thanks for this blog! I do a lot of market research in the real estate industry as well. When my company asks agents if they are interested in our text marketing services, they mention that they don't "think" their customers would use it... the largest group of text message users fall between the ages of 18 and 38. This qualifies more than one target market you mentioned. And the age groups are expanding. Parents and grandparents are using it to stay in touch with their younger generations!
Is it possible that these agents don't have the younger target marketsas clients because they aren't meeting their needs? It's important to use different medians of marketing to capture all audiences, just as if agents are using radio, tv and classified ads.
If agents are providing 24 hour mobile access to instant information about a listing, they are meeting the demand of some of today's busy lifestyles. The best part is, that once a consumer does request information by text message, they recieve the information they need to know right away (ex: 3 bd, 2 ba, large fenced backyard etc. and Agent Contact info) This way they walk away with the information stored on their mobile phone, no need to write anything down or pick up a flyer, assuming the box isn't empty! Should they want to go back and look at the information at the end of the day or week, all they have to do it pull it up on their phone!
Agents benefit from services like Goomzee Connect, becuase they capture the contact information from the consumer and can follow-up with them while they are still standing in front of the house, or when they get done with their current activities!
For more on this service, visit my profile or go to www.goomzee.com.
We also have some additional market statistics of mobile users on our site as well. http://goomzee.com/products-connect-market.htm
Thanks again and happy selling!