Do you target a specific buyer/seller demographic defined by shared life experiences (e.g., empty nesters, divorcees, death of a household member, etc.)?
- Yes. (50%, 6 Votes)
- No. (50%, 6 Votes)
Total Voters: 12
Real estate is a business: it depends on money,
buying, selling and bartering for the best deal for your client. Yet, any real estate agent will tell you that real estate practice is also highly personal. It’s a touchy-feely business.
The significance of personal motivations to buy and sell real estate was recently exposed by the New York Times. The report found residential real estate transactions are frequently driven by personal crises, such as death of a loved one, divorce or illness. People who have recently experienced a personal hardship often find it therapeutic to slough off their stigmatized environment and move to a new home.
Buyers may need a change of lifestyle or simply a change of scenery, free from painful associations. A person’s home represents that person’s identity. And when this identity changes, a person frequently wants to change their home too.
For example, a married woman may prefer living in a large house with several acres of open land with her husband. However, if her spouse dies or the couple divorces, the same woman may prefer a smaller space nearer a tight-knit community.
first tuesday insight
A deeper familiarity with buyer psychology is an essential foundation to any agent’s marketing campaign or other interactions with clients.
Common motivations for buying and selling homes include:
- relocating for a new job;
- relocating for health reasons;
- the need for more space;
- upgrading to a house with greater social prestige;
- upgrading to a more desirable neighborhood or school district;
- relocating closer to relatives;
- selling upon the death of a principal;
- consolidating households following a marriage;
- selling a residence due to divorce; and
- downsizing after retirement.
Increase response to your FARMing materials by targeting these buyer/seller demographics. Use every tool and strategy you possess to attract prospective clients and earn a fee.
Editor’s note — What needs to be added to our list of common reasons to buy and sell? List your own suggestions in the comments section below!
Re: “Relocation Therapy” from The New York Times