Understanding Where You Fit In the Home Buying Process
There are now 5
phases home buyers are using when purchasing a home. From start to finish these phases can take
up to 30 months.
Consideration – this is the time that you will want to build a
foundation for the long term relationship.
Leads in this stage are just thinking about buying,
they will start noticing real estate news
and info as well as asking family and friends.
They will also start “looking” online. This phase can last up to the 16th
months.
Online Research – this is when the home buyers start researching online
to see what is available and what they want.
What can they afford and what financing options are available? And area
demographics, like schools and crime rates. This phase can last up to the 23rdmonth.
Active Search – this is when the agent will meet the buyer
face to face. They will want to start
touring homes and seeking information directly from the agent. This phase can last up to the 26th
month.
Transaction – this phase is when the agent and buyers negotiate and
navigate the
pre-closing process. They are
ready to buy and curious about the process. This will afford the agent the
opportunity to shine with the purchasing process. This phase takes about 30 days, so it can
last up to the 27th month.
Post-Sale – in this phase it is
important to stay in contact with your buyers.
If you have done your job well, they will be more likely to refer you to
their friends and family (especially if you ask for the referral). Keeping in touch with simple gestures like,
remembering special occasions, cookies, flowers, thank you gifts and even
newsletters will help them to remember you. They will also be interested in
what is trending in the market and any changes in their home’s value. This
stage will last up to 30+ months.
Understanding the
importance of these phases will help retain the buyer when they are ready to
take the home buying journey again, especially since the average consumer
buys/sells their home every 5-7 years.
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