As a real estate agent, adjusting your approach to different clients is imperative. Property is not a one-size-fits all product. Adjusting your approach can be as simple as understanding their reasons for buying and/or selling and communicating with them accordingly.
Wealth Creators
Wealth Creators are typically selling and buying in order to relocate to gain a better lifestyle, downsizing as they no longer require as much space or the kids have finally moved out, or moving up into a nicer home. By focusing on these aspects and familiarising yourself with what the local area offers in terms of lifestyle you will more readily connect with your clients. This type of property owner sees property as a way to build personal wealth as well as a mark of their social status. Finding them a property that they can be proud of is the key.
Functional Owners
This group are not particularly concerned with their home being a status symbol or something to be overly proud of; it’s simply a roof over their head so focus more on the practicalities of the property. Provide simple to understand points and don’t get into the pros and cons of the local property market; they simply aren’t interested. They want to know more about available storage, whether there is enough room for the family, and that schools are close by.
Safe as Houses
People in this group see property as a progression, not a rapid growth option so focus on the value of the property and the local area over the long term. They are seeking a tidy home or a home that is easy to keep tidy but it should still be an expression of them. Lifestyle is again the primary reason they would move as well as a mix between those with shrinking families wanting to downsize and those wanting a nicer home.
Journey Enders
Cautious by nature, this property owner type avoids financial risk; they are typically older and looking to downsize due to an ‘empty nest’ and are unlikely to take on a large mortgage at this point in their life. Long term gain and building their property portfolio is not of interest to them. Being typically older females with lower incomes the approach should be understanding of their situation, helpful and reassuring; particularly given that many will be reluctantly moving and working through emotionally charged situations.
Understanding your clients (and potential clients) that are buying and selling NZ property will help you to design a more personal and customised approach and therefore shorten your sales cycle.
For more advice and tips on working with the four property owner types, download our free guide, Professional Insights for Today's Real Estate Architects.
