Blog / Winning Business

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An excerpt from Lee Woodward's renowned book on scripts and dialogues. What to Say, What to Send.

Whenever you are in a business that deals with people, psychology plays a part, and this is particularly true in an industry such as real estate because you are involved in a highly emotion-charged time in a person’s life. Moving can be exciting, but it can also be very stressful and it helps to recognise the type of buyer you are dealing with so that you know how best to communicate with them. There are six classic buyer types and each one has a different motivation for purchasing property and therefore needs to be handled differently in order to engage them and win their trust and respect as a property professional.

How to Recognise the six types of buyers:

First home buyers

First home buyers are brilliant to work with as they are governed by budget not features. They are:

• Renovators
• Anxious to get out of the family home
• Motivated by price and easily swayed

The Family Buyer

The family buyer makes up an enormous part of the real estate market. They:

• Make practical decisions
• Forego fashion for space
• Locate near schools, transport etc.

Investors

Investors are an increasing part of the property market, who feel insecure with shares. They are:

Looking for a bargain Interested primarily in financial return Unemotional (unless one of a partnership believes he or she could live there one day).

The life crisis buyer

Life crisis buyers are highly emotional and very sensitive to people who may take advantage of their situation. They are:

• Financially troubled
• Divorced
• Looking for a life boat to save them from the storm
• Need direction and end up taking advice from too many people
• Crying out for options, screaming out for guidance.

The prestige buyer

The prestige buyer can be a difficult client. Usually leaving a nice property (3rd home), they are looking to upgrade to the next status level.

• They purchase an address/street – not the property
• Their decision is based upon consensus/peer group pressure.

Final home buyers

Final home buyers are usually very mature, calculating and have specific needs and goals. They are:

• Normally downsizing to maintain a lifestyle
• Requiring a home with low maintenance
• Anxious for a property where they can lock the door, go away and not worry about a thing
• Usually governed heavily by location and will forego quality for convenience
• Seeking a place the family will enjoy visiting.

Order Lee Woodward’s book “What to say, what to send” at www.realestateacademy.com.au. $49 plus shipping.

 

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