The buyer’s journey is typically a four step process that someone experiences every time they spend their money on a product or service. Whether it’s a real estate transaction or just a cup of coffee, the buyer’s journey is the same.
The 4 Phases of the Buyer’s Journey:
By understanding what buyers are thinking in these phases, it will help you acquire more buyers and sellers for your business. The marketing strategies should target specific buyer personality in order to acquire more clients.
1. The Awareness Phase
Your Prospect is going to always start in the awareness phase. This is the phase when a prospect realizes they need to take some type of action. Whether that be buying or selling a home.
Now, we need to determine what type of events would motivate someone to buy or sell a home.
Here are some common buying and selling “motives”:
- Start a Well Paying Career = First Time Home Buyer
- Newly Weds = Upsizing
- Additions to the Family = Upsizing
- Divorces = Selling a House or Downsizing
- Retirement = Downsizing
It’s important to be at the top of the prospects mind, or more important, their eyes, before these events occur!
A prospect will need to go through the awareness phase alone. According to studies done by NAR, prospects will think of one agent, or only be referred one and typically moves forward with that one agent.
How to Market to Buyers in the Awareness Phase
Come up with a reason to build relationships and connect with homeowners and influencers before they need you. Influencers are people like local business owners, home service professionals, and directors of non-profits. Have something of value to give them. You can earn their attention and time, and build a relationship that leads acquiring more leads.
2. The Research Phase
The research phase tends to be the longest phase in the buyer’s journey. This also tends to be the phase where more homeowners will find their a few agents that grab their attention.
Power Tip: As the price of the product increases, the time a buyer will be in the research phase increases.
When the buyer is in this phase, of the buyer’s journey, they are actively looking for property and neighborhood information. If they intend on selling, some research topics might include:
- Recently Sold Homes
- Benefits Of Using a Real Estate
- Home Renovation
- Local Real Estate Experts
How to Market to Buyers in the Research Phase
Content is King! By establishing a web presence with a lot of content about properties and neighborhood information, they can grab the attention of prospects during the research phase.
3. The Consideration Phase
In this particular phase the prospect already has a list of properties they’re already interested in. This is also the phase where they’re moving forward with a realtor from a relationship or a referral. If they haven’t found one yet, they will be scheduling an interview and ‘consider’.
Most agents lose prospects during this phase because they struggle to grab prospects attention during the research phase. This can also be due to the lack of relationships with influencers who could refer them.
By investing your time in content marketing you can grab more prospects during the research phase.
Power Tip: Provide value to your clients in all of your follow up touches. Some value added tips are:
- Real Estate Market Reports
- Neighborhood Guides
- Buyer Tips
- Seller Tips
- Recently Sold Information
The best thing you can do when following up is to connect people to one another.
4. The Decision Phase
This is the phase when a prospect has narrowed in on their real estate agent. This is the phase where you actually convert the prospect into your client.
How to Market to Buyers in the Decision Phase
Most agent think that the laws of marketing don’t apply to the decision phase, but that’s wrong! It can be very effective if you know what you’re doing.
You’re trying to convert the prospect into a client, so if they’re pleased with your presentation and execution of your offer, they’re more likely to ‘decide’ to work with your company!