Broker's Corner: Know Who's Buying The Home
Do you want to scale up your brokerage business but not able to decide where to start from? Let us help you out. Selling property is an art as well as a science. If you want to grow your business with double-digit growth year on year, you have to first develop a very clear strategy that will help you do that. And for developing such a strategy you will have to have a sound understanding of the most important driver of your business. Any guesses here?
What is this most important driver of growth for your business? Real estate developer, projects, commissions or capital? Not really, it is the ‘customer’. Everything else comes later on.
Do you really understand your clients to whom you sell properties? Are you able to classify them and offer solutions that are best-suited to their profiles, requirements and aspirations? If not, read on.
Here we are going to speak about 3 types of property buyers whose requirements fall in similar buckets.
Homebuyers, the end-users
These are the ones contributing to the largest chunk of your client base. They require your assistance to buy a home for their own usage and most probably they will make only a single transaction with you in their entire life. However, they can provide you more referrals from their network, if at all they are satisfied with your services.
How to identify them? They come along with their family for a site visit. Their questions will be more about the immediate scenario and livability of the place.
They will expect you to provide answers to their every query about the properties you offer them. Be ready to provide information right from construction quality and Vastu to all the nearby facilities including educational institutes, healthcare centers, markets, public transportation, etc. After all, it is about the home they will be living in for their whole life. Their biggest concern would be project delivery and they will push you to show projects with shorter completion cycle.
These types of property buyers have a pre-defined agenda in their minds. They may be moved by mega infrastructure projects such as airport and metro rail, expecting great returns over a period of time.
As you know, such projects take anywhere from 3-8 years, the investors who have these developments in mind take a long term view. You will notice their interest in upcoming projects near these projects. As an investor, they would look for a deal where they have to pay less as upfront cost.
A new investor would provide you with an opportunity to sell a property but people who have been doing it for last several years may take you for a ride. They may tend to dig out all the necessary from you and later on try to strike a deal directly with the developer.
A number of people buy property in order to generate steady rental income. They can be your long-term clients. Once they are happy with your services, they will not only buy property through you but also engage you to rent it out at a later stage.
Such property buyers would prefer a property which will be low on maintenance cost and high on rental yield. They will be interested in knowing about the nearby commercial hubs from where employees would prefer to rent houses.
As you can see, all of these real estate buyers have different aspirations. Once you classify them in these categories, you will be able to offer them right solutions. This will also help you in winning the clients quickly and close more deals in a given period of time.