Real Estate Photography Building Blocks: Know your Customers – Home Buying & the Real Estate Professional
You have to know your clients’ customers in order to properly market to your clients! It’s critical to understand the consumers of your services; the home buyers, if you want to continue to succeed and grow! Read on for Kevin’s analysis of some of the current stats and trends for this key group.
As providers of media services for the real estate industry, it’s critical to understand the consumers of your services; the home buyers and sellers. Because the home buyer is the main consumer of your services, we need to understand their shopping process and their relationship with our clients, the real estate professional.
Once again, we’re going to have a look at the 2018 NAR Profile of Home Buyers and Sellers Report for the relevant stats and trends from last year that will help us to better understand the Home Buyer and the Real Estate Professional. If you haven’t yet, we do recommend that all Real Estate Photographers get a copy of the 2018 NAR Profile of Home Buyers and Sellers Report. You can order it here and as always, we don’t have any vested interest and don’t receive any kickback from your order.
The first stat we look at is the method of home purchase. Last year 87% of buyers used a realtor to purchase their home. 7% bought a new home directly from a builder and only 6% purchased directly from a previous owner. This stat has remained pretty consistent over the past 30 years.
The real estate industry constantly talks about the impact of new ways to buy a home, but history and the NAR study shows us that the vast majority of shoppers continue to rely on the expertise of realtors to complete a home purchase.
Knowing that shoppers overwhelmingly depend on realtors to guide them through the home purchase process, helps you position your services to better equip realtors with the tools they need, to deliver exceptional service.
The NAR study tells us that buyers are looking for help with:
- Finding the right home
- Negotiating terms of purchase
- Negotiating price
- Comparing options
- And completing all the paperwork
Since we know that the majority of buyers are comfortable searching for a home on their own, the emphasis for the realtor’s intangible value must fall on their client support, industry knowledge, and expertise.
The NAR study also tells us how well realtors are addressing buyers’ wants; less than 40% of buyers felt their realtor improved their knowledge throughout the process. This statistic shows that although buyers recognize the value of working with a realtor, buyers are generally underwhelmed by the services their own agent provided.
When asked if they would use their agent again for their next purchase or sale, 90% of buyers said they would.
But what do they tell us through their actions?
- Only 1 in 10 buyers actually use the same realtor again.
- 5 in 10 use a realtor that was recommended to them.
- And 2 in 10 find their realtor online
Combine these results with the services buyers want from their realtor, and you can see that realtors have an incredible opportunity to offer better service which will lead to winning more business through repeat clients and more referrals.
As real estate content creators, we can play a significant part in helping realtors demonstrate exceptional value to their customers and particularly in winning new business.
This is the time you ask your clients about what they’re doing to demonstrate value to their customers?
Since we know the services buyers value most and the tools they use, we know realtors who are using iGUIDE have a great opportunity to deliver great service and demonstrate exceptional value.
A wise person once told us that the difference between average and exceptional is only 1%. If our clients simply focus on offering buyers better than average service, they will be exceptional and will be successful for it. Realtors need to use our tools; photos, property details, floor plans, property tours, and neighborhood information to help buyers through the purchase process. In doing this, realtors can be exceptional.
If these first two chapters in the Annual NAR Home Buyers and Sellers Report teaches us anything, it’s that clearly demonstrating value is a key to success in real estate. As real estate photographers, reading and understanding these reports will help you do a better job understanding home buyers and tailoring your marketing to attract and retain realtor clients.
If you are a member of NAR, you can purchase this valuable tool for only $20 so you can order your own copy of the Home Buyers and Sellers Report. *Note that we don’t have any vested interest and don’t receive any kickback from your order. We just know it’s an amazing source of information and use it ourselves.