Home buyer types

“Not all fingers are the same”. This quoted is applicable on almost every aspect of our life.  Days, weathers and moods are different form each other. Everything is subjected to a certain degree of difference from the other. Same is said about people. They are different from one another. They make different choices in different situations. As a real estate agent you need to identify people very well in order to make a lavish living. Each buyer is different from the other and you need to understand their needs every time. By categorizing clients on the basis of their experience in home buying or their motivations in doing so, you can be an apple of their eyes and get repeated business through them. We have distributed home buyers in different categories to help you understand them better:

New home buyer:

First-time home buyers are usually younger, more inexperienced buyers. They might have unrealistic expectations about price ranges and the type of house they are going to buy. They might also be confused about exactly what they want out of their home. First time buyers depend on their agents and they are to be educated by you. Here is how you can make them feel at home while you work with them:

• Let them know of the property you sold in the surrounding area recently
• Prepare your buyer to have an unsuccessful first offer.
• New home buyers are emotional; make sure you show them rationality.
• Let them in on the seller point of view.

Trade up buyer:

These buyers are the ones who have already gone through the trouble of buying their first ever house. They are better aware of the market rate in their area and are often on the haste. Trade up buyers look for new houses because of expanding families or increased incomes. Some of them are only embarking upon the journey of buying themselves they “dream home”. As a real estate agent you need to:

• Show them the both sides of real estate i.e. buying and selling.
• Let them know of the advantages and disadvantage of double deals done on a same day
• Offer them other options (renting).
• Check with their intentions of going through with a deal before committing.

Trade Down buyers:

These buyers are further categorized into two groups: the ones moving out of their previous hone because their children have grown up and moved out, or the ones who are facing tribulations in finances or having relationship struggles. They are most of the times looking for small homes and they don’t often keep a high budget for it. You need to:

• Ask them to tell you the must haves in their new homes.
• Keep the buyers and the sellers on the same page.
• Make sure the new house they buy satisfies them and gives them a cozy feeling.

Second-Home buyer:

They are considered to be among the most earning people in the society. This category of home buyer is looking to buy another house for the sole purpose of entertainment and relaxation. Second-home buyers are in for their second dream homes and often head to places that are exquisite like the Beverly Hills. As their agent you need to:

• Ask them of their designated budget for this project.
• Determine their familiarity with this area.
• Discuss their type of house with them
• Ask them of what they are looking for in their new house
• Ask what their time-limit is for purchasing their second property.