Even during fewer home sales buyers are always looking. Some are relocating to a new job. Others are experiencing new lifestyles. Learn how Realtors find home buyers in a competitive market.
KEY TAKEAWAYS
- Find out how Realtors use Target Audience Marketing to find home buyers in any market.
- Learn how to target your home buyers’ market.
- How to create a Target Market for Buyers in your real estate business.
- Learn how to do your own market research.
- How to pinpoint your Home Buyers’ Target Audience.
- Learn how to Find Your Target Audience.
- Learn about our unique RealScout program to Attract Buyers.
What is a Competitive Market?
You need to look at the two major real estate markets, buyers and sellers. Let’s check out the difference.
Buyer’s Market: According to Rocket Mortgage, it occurs when “real estate inventory is high, with plenty of homes to sell”.
Seller’s Market: Too many buyers looking for too few homes. “This gives sellers the upper hand”.
How Realtors Find Home Buyers in a Competitive Market
The key to finding home buyers in a competitive market is to focus your marketing efforts on buyer lead generation.
Too many real estate agents try to promote their business to everyone at the same time. The “Jack/Jackie of all Trades” and expert at none syndrome. Yet, you don’t need to choose between a listing agent or a buyer’s agent. You can do both separately.
Nothing wrong with promoting yourself as both a listing and buyer’s agent. Just not during the same promotions.
Now, let’s discuss generating buyer leads since this is the focus of our post.
Create a Target Market for Buyers in Your Real Estate Business
Put aside Brand Marketing strategies. As mentioned above, creating a brand appealing to everyone is not feasible because you will end up with an unfocused marketing campaign.
Instead, let’s focus on selling your services to buyers. How do you do this? Here are the steps you need.
First, you must know your customer. As a buyer’s agent, you know you want home buyers. Yet, who are your buyers?
According to Forbes, “Data is King”.
Demographics is the key to learning about your target market. I know, it looks boring pouring over facts and figures. Don’t worry, the process is streamlined as you will learn later.
How to Define Your Target Home Buyers’ Market
Marketing experts often emphasize using economic, geographical, and social criteria to define your target market. Yet, that is too general unless you sell something everyone needs.
For example, the National Association of Realtors (NAR) publishes annual home buyer statistics. For 2021, they compared First-Time vs, Repeat Buyers and found nationwide:
- “First-time buyers: 34%;
- The median age of first-time buyers: is 33;
- Median age of repeat buyers: is 56;
- Median household income of first-time buyers: $86,500; and
- The Median household income of repeat buyers: $112,500.” Source
While this is interesting, it’s nationwide, not your farm area.
Here’s how to do your own research
Forget about creating a “wish list” of your ideal buyer. Instead, research what types of homes (condos, single-family, townhouses, etc.) people are buying in your farm area.
If your research shows mostly single-family homes with condos second, you know what to focus on. If you can’t find an affordable home for your buyer suggest condos.
You Must Pinpoint Your Home Buyers’ Target Audience
You might be wondering, “Why do home buyers’ target audiences matter”? The answer is you can’t advertise everywhere. Besides, diverse aged buyers rely on different social media. Knowing your target audience lets you advertise where they can see them.
Also, you need to create different messages for each unique audience. Likewise, you can develop messages that connect emotionally with each target audience. After all, buying a home is a big emotional decision. This will help you to create loyalty and trust.
Nowadays, you need to find the specific demographic of those interested in buying homes in your area. How do you do this?
Start with the homes you already sold. Where did your buyers come from (geographic)? Other important facts include age, gender, ethnicity, and financial status. Knowing more about who bought your homes makes it easier to seek similar audiences.
Start with a simple survey of your past buyers. Offer them an incentive to fill out and return your quick survey. Upon receipt of their online survey, you can offer a Free Equity of Your Home Calculator that lets them know how much equity they currently have.
Check out this article explaining how agents use an online Free Equity Calculator with a link to the agent’s website for the results to attract future sellers.
Common Target Home Buyers
Here is a list of the most common home buyers as target audiences:
First-Time Home Buyers: Usually young in their 20s and 30s leaping from renting to owning. Finding the right budget fit for them presents your biggest challenge. They probably seek a bigger home for their future growing family. Many work at home and need extra space. Expect young professionals to prefer to live close to a big city’s amenities.
Active Adults: Older singles and couples whose children moved out want to downsize. They want quality over quantity. They may prefer a smaller comfortable home easy to manage. Safety and quietness in a supportive community with nice neighbors always rank high with this group.
Move-Up Buyers: Expect slightly older adults than first-timers. They either have children or are expecting a child. They need extra space with additional bedrooms for their growing family. A garage and a yard will become useful. More important are safety, nearby schools, and recreational areas. Many will seek status and value luxury more than younger buyers. Most will want a home to entertain family and friends.
With this information, you can develop successful marketing strategies to attract your target audience.
How to Find Your Target Audience
You can break up your home buyers’ target audience into categories like:
- Interests like entertainment preferences and hobbies;
- Subcultures of people sharing a common experience like associations and events; and
- Renters who do not know they saved enough for a down payment can save eventually by buying a home.
Tip: Tailor your marketing campaigns to advertise where these people will see them.
Marketing experts use demographics to target “personas” such as:
- Age;
- Gender;
- Education level;
- Hobbies;
- Income;
- Location;
- Marital status;
- Profession;
- What they read & watch; and
- Who do they trust?
Imagine what creative marketing campaigns you will create with this information about your home buyers’ target audience!
We Use Unique Marketing Tools to Attract Buyers
Big Block Realty uses a marketing tool called RealScout. It helps our Realtors access San Diego’s “real-time anonymized buyer data and habits”. It’s called the “RealScout’s Buyer Graph”, a hi-tech tool allowing local brokers to share their buyers’ data.
Also, our RealScout program lets our buyers input their needs and wants in a new home’s features into the local MLS database. For example, if a buyer needs an established “home office”. RealScout will search the entire San Diego MLS database to find an “includes home office” feature. Your buyers will love this program!
Read how RealScout helps San Diego buyers and sellers at:
“RealScout Comes to San Diego to Help Home Buyers”; and
“How RealScout Helps San Diego Home Sellers”.
Want to Join Us in San Diego?
Besides RealScout, Big Block Realty offers many benefits for our 100% Commission Realtors. These include:
Complete transparent 100% Commission Plans with no hidden fees.
We also include Free:
That’s Why We Are Ranked the 49th Best Independent Real Estate Brokerage in the U.S.
Big Block Realty is recognized as the 49th best Independent Real Estate Brokerage in the U.S. out of 106,000 real estate brokerages by
The Wall Street Journal partnering with Real Trends Rankings.
Best in San Diego
Big Block Realty is also recognized in 2022 as the best brokerage in San Diego for four straight years (2018 – 2021) by the LocalBest.com site.
Steven Rich, MBA – Guest Blogger
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