The current housing market just hit a nine-year high of year-over-year percentage increases when the median price of a home skyrocketed to $299,000.
This consistent escalation is not much of a surprise but is worth examining further how it continues to trickle down into home buyer behavior. New buyer behavior is something that every housing professional needs to examine when evaluating their real estate marketing ideas.
Not many buyers are bidding on the largest mansions after being left with poor credit and low savings from the financial crisis. Instead of competing in the high-priced housing market, cash-scarce buyers are bidding on mortgages for lower value homes in the secondary market. The new interest in less expensive housing has realty and mortgage businesses seeking out more clients to make up for the losses incurred from commissions on lower priced home sales.
Here is the great news: You can break the trend by embracing new real estate marketing ideas to help your clients qualify for the home of their dreams. Your clients (and business) will thank you.
Reject the Trends
There is a high cost of riding the wave of decreased homebuyer spending. We are living in the age of personalization, and consumers want the process of home buying to feel approachable and affordable. There is nothing worse than seeing the home of your dreams and feeling like it is not even worth discussing because of the cost.
Here are some low-risk ways to market your real estate business and make sure you–and your clients–don’t settle for less than you’re worth. You can keep a steady stream of clients by learning what interests them most and becoming a trusted resource to fix financial woes.
Focus on the FeaturesReducing stress for the customer is your path to closing a deal and won’t cost you a dime. Take note of the properties a client invests their time researching and notice patterns like features, size, and designs. These factors can be a driving force when choosing a home, so use your expertise to make them the selling point, not the price.
The best new marketing strategies for realtors incorporate great visuals. Showcase a property’s beautiful features with new photos and clear, concise language to keep or focus on what matters most. Plan your shoots, staging daily activities like cups of coffee with breakfast at the table or a pet in the front yard to help the client imagine the property as their home.
According to Realtor Magazine, potential home buyers are looking for help in the following areas:
- Help finding the right home to purchase
- Help negotiating the price
- Help negotiating the terms of the sale
- Determining what comparable homes are selling for
- Assisting with paperwork
Notice that finding the least expensive home is not on the above list. Clients want your help finding the home they can fall in love with.
Find the Client's Driving Force
Shift your real estate marketing approach but don’t ask the client to explain what they are looking for. Instead, use your expertise and focus on discussing the real estate they appear to be naturally interested in.
It should be a true back and forth when you show photos and describe properties. Watch smiles, body language, and wandering eyes to drive the conversation along with the clients’ preferences.
If they trust your research and feel comfortable with your buyer centered approach, they are more likely to feel at ease when discussing their finances. Talking about personal finances can be the most nerve wracking part of home buying. Positioning yourself as a friend and trusted expert by using an open, honest approach will likely help clients decide what to spend their hard earned money on.
Remarket Current Listings
Instead of posting every home on your website and expecting clients to sift through it to find what suits their needs, only share and send the content that you feel is valuable to each individual client.
- Write personal emails to clients. For example, show the married couple with two children the three bedroom home with the playset in a spacious yard, not just the more affordable cramped three bedroom condo that fits their initial budget
- Show clients the homes they won’t easily forget. Help keep their dreams alive with detailed imagery of the features you know they love on multiple properties
- Stay in touch. Phone calls and emails will keep you top of mind. When a client knows you have their goals in mind, they are more likely to get in touch after deciding to move ahead on a home
Use Social Media
Another great way to keep clients engaged with any price home is to consistently post and engage on Instagram. It is the preferred platform for sharing images of properties. It also allows you to include candid shots of the next door neighbors’ gardening to give a real impression of what life will be like if it becomes a client’s home.
Tag clients in posts with your listings of homes that look like the home they’ve always wanted. Remember to use hashtags to expand your following and increase your client base. Be mindful of your privacy settings and watch out for other business stepping in. Let the prices remain on the back-burner and showcase the right homes for the right clients to help them begin to make their dreams a reality.
Get Free Leads
The real estate market is very competitive and to find more leads, you need to have something that sets you apart. If your unique skill is credit repair, your services benefit your existing clients and it’s only a matter of time before your credit repair clients need your help finding a home.
One of the factors that greatly impacts qualifying for a reasonable home loan is a client’s credit score. After training as a credit repair consultant, you will be able to help homebuyers by:
- Negotiating with creditors
- Removing errors on a credit report
- Raising credit scores
- Helping them qualify for a loan for a dream home
Credit repair is a unique real estate marketing solution to turn your business into the real winner during this housing market downswing. Not only can you help your current clients buy a dream home, but you will automatically nurture new leads as credit repair clients turn into new home buyers.
Helping your clients qualify for the loans they need is just the first step in running an innovative realty business that is ahead of the competition.
Read more about crafting the right realtor business model and how to reach dream clients!
