To generate real estate leads, agents must consider buyer behavior when developing their marketing and advertising strategies.
Buyer behavior is the actions that your prospects take when choosing a real estate agent when they are considering to buy or sell their property.
Additionally, real estate agents must understand buyer behavior, such as how raising or lowering a price will affect the buyer’s perception of a listing and therefore create a fluctuation in sales, or how a specific review on social media can create an entirely new direction for the marketing mix based on the comments (buyer behavior/input) of their target market.
Generate Real Estate Leads By Understanding Your Prospects
To understand buyer behavior, marketers must understand how customers make buying decisions. Consumers and businesses have processes for making decisions about purchases. These decision-making processes are affected by cultural, social, individual, and psychological factors. The consumer decision-making process has several steps, which are shown in illustration 1.1.
The process starts with need recognition. Need recognition could be as simple as wanting to move to an area with better schools.
Having said that, need recognition could also take place over several months, such as when repeated car repairs influence a consumer to make a decision to buy a new car. (Step 1 in illustration 1.1).
Step 2: Generate Real Estate Leads Through Research & Information Gathering
Next, your prospects gathers information through their own personal research. For example, if your prospects are making a decision to purchase a house, they might research information about financing, available homes, styles, locations, and so forth (Step 2).
Step 3: Evaluation Of Alternatives - Dfferentiate Yourself To Generate Real Estate Leads
Once the consumer has gathered the information, he or she must evaluate alternatives (Step 3). Evaluation of alternatives is a very crucial point for real estate agents because this is where your prospects decide to either list or buy with you or work with another agent.
Ideally, you would want to be in the minds of your consumers six months before they want to buy or sell a property because in that case, you will be at the forefront when they decide to research their options.
However, the evaluation of alternatives does not stop when choosing an agent.
For example, a consumer might eliminate all homes that cost over $150,000 or are more than a 30-minute drive to work. After evaluating the alternatives, the consumer will make a decision based on those alternatives. Then the consumer makes the purchase decision, the decision to buy or not to buy (Step 4).
Step 4:List/ Purchase
To generate real estate leads, walk your prospects through the buying process from Step One all the way to the end. Additionally, when walking your prospects through the buying process, do not sell your service, sell the outcome.
The purchase stage in the consumer buying process, or in your case as a real estate agent is getting a listing or buying contract signed with you, this is when you start the process of getting a property sold, closing deals, and earning your commission.
Influences on Consumer Decision-Making
Social Factors
Individual Influences
Psychological Influences
Culture
Generate Real Estate Leads
To generate real estate leads, walk your prospects through the buying process from Step One all the way to the end. Additionally, when walking your prospects through the buying process, do not sell your service, sell the outcome.
To generate real estate leads you must first establish yourself as a trusted agent.
How do you establish yourself as a trusted agent?
You must communicate the exact step-by-step process that you’re going to take to reach the desired outcome for your prospect.
Remember, cell the outcome, not your service.
Additionally, to generate real estate leads, you must have a very deep understanding of who your target audience is. If you try to Target the entire Market, you will fail to attract any of it. Every Market segment requires a different value proposition, branding, wants, needs and outcomes.
Having said that, to generate real estate leads, take the steps noted above and watch how much your Real estate business improves!