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.