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Buyer Behaviour in today’s Market
The world has changed and they behave differently. TO FIND A PROPERTY IN THE PAST:- Buyers used to do this;
Let the agent know up front they are looking
Buy the West Newspaper on a Saturday morning and make a list of everything open and drive around viewing home opens.
Drive an area scouting For Sale signs
Register their details with Real Estate agents with their wish list
Get in Agents cars who drove Buyers around to view listings.
Look at lots of homes until they find what they want
These days the internet has changed forever how property is viewed.
Instant 24 hours access
Social media means massive leverage and potential momentum
Google aerial maps
Eliminate 80% of properties without ever viewing…We are all time poor
Do most of the work BEFORE they look at anything
Basically from home or office (covertly/ anonymously)
They drive past and see the home at different times of the day “under cover” as well as checking out neighbours, noise, traffic etc.
Might knock on neighbours doors
Will almost certainly know the price and sales history of any property including if it were on the market before
Will look at your home from Google Earth and Maps (aerially)
Buyers will easily be able to find out days on market and the history
So what is my point?
When we finally see a BUYER in person at a home, they are pretty educated, and probably self qualified to some extent.
NOW MORE THAN EVER!- Good follow up of all Buyers from enquiry or home opens is essential.
The home needs to look sharp all the time- some Sellers even leave the front lights on until they go to bed to make it look its best. The marketing has to be “WOW” as we have a few seconds to be on the Buyers radar and shopping list. (The 20% of properties short listed)
The price has to be about right
All offers and Buyer feedback should be looked at on merit and a pragmatic approach taken
Properties perceived to be “a little optimistic/ or more”, could be sidelined and never even viewed.
The good news is that there are plenty of opportunities and Buyers do exist.
We just need to find the right one AND we are working hard to do just that.