Getting to know your buyer
A real estate transaction is like any other transaction. The buyer wants to buy something you have at a price suitable to him/her, while you want to sell that same thing for terms fancied by you. Over the next three articles, I will be taking you through the processes required to come out on top when selling a property. This first article will provide you with a basic understanding of the selling process while the following two articles will take you through the more in-depth practices you need to carry out.
So what is the first thing you need to know when you want to sell real estate? The answer is simple; you need to know who your buyer is and what he or she wants. To identify the characteristics of your average potential buyer, you need to look at the property you're selling. For instance, if you are selling a large residential property, your prospective buyers will most probably be families, while if you are looking to sell an apartment building, your buyer-type could vary considerably. Hence, accurately creating buyer-profiles will allow you to strength your position in the selling process.
Once you have the profile ready, you need to apply the principal of motivation. Although you might feel that motivation is a topic more suited to a field like human resource, you will be surprised to learn that understanding motivators and their effects is key to real estate success. I am sure all you must be familiar with Abraham Maslow's theory of motivation. If you aren't, here's what Maslow had to say. According to him, people have varying level of needs, starting with the basic physiological needs such as food and water, to high level needs such as the desire for love and self-actualization.
Now you might be wondering how hunger or the desire for love might play into your real estate career. Allow me enlighten you; you as the seller need to attract prospective clients and then hold their interests. While effective marketing (discussed in STEP THREE) may allow you to attract clients, you will need to ascertain every client's motivators for purchasing before you can effectively grab their interest.
Next, you will need to convince them why they should buy your property instead of the others available in the market. Again, the motivators will play a key role as they will allow you to sense the buyer's reasons for purchasing. You will then be able to outline the benefits offered by your property in relation to the buyer's needs.
Your ultimate aim is to stimulate the buyer's interest to the point where he/she actively chases after your property. If you are offering a high-quality property, you will definitely find yourself dealing with numerous interested buyers. Remember to consult your lawyer, or your real estate agent if you have one, at all times as this will allow you to benefit from an outsider's perspective. This way, you might even realize that you have overlooked certain factors which are important. So always welcome second-opinions.
Once you know your buyer and his interests accurately, you will be able to follow through more effectively with your marketing.
- 15246
A real estate transaction is like any other transaction. The buyer wants to buy something you have at a price suitable to him/her, while you want to sell that same thing for terms fancied by you. Over the next three articles, I will be taking you through the processes required to come out on top when selling a property. This first article will provide you with a basic understanding of the selling process while the following two articles will take you through the more in-depth practices you need to carry out.
So what is the first thing you need to know when you want to sell real estate? The answer is simple; you need to know who your buyer is and what he or she wants. To identify the characteristics of your average potential buyer, you need to look at the property you're selling. For instance, if you are selling a large residential property, your prospective buyers will most probably be families, while if you are looking to sell an apartment building, your buyer-type could vary considerably. Hence, accurately creating buyer-profiles will allow you to strength your position in the selling process.
Once you have the profile ready, you need to apply the principal of motivation. Although you might feel that motivation is a topic more suited to a field like human resource, you will be surprised to learn that understanding motivators and their effects is key to real estate success. I am sure all you must be familiar with Abraham Maslow's theory of motivation. If you aren't, here's what Maslow had to say. According to him, people have varying level of needs, starting with the basic physiological needs such as food and water, to high level needs such as the desire for love and self-actualization.
Now you might be wondering how hunger or the desire for love might play into your real estate career. Allow me enlighten you; you as the seller need to attract prospective clients and then hold their interests. While effective marketing (discussed in STEP THREE) may allow you to attract clients, you will need to ascertain every client's motivators for purchasing before you can effectively grab their interest.
Next, you will need to convince them why they should buy your property instead of the others available in the market. Again, the motivators will play a key role as they will allow you to sense the buyer's reasons for purchasing. You will then be able to outline the benefits offered by your property in relation to the buyer's needs.
Your ultimate aim is to stimulate the buyer's interest to the point where he/she actively chases after your property. If you are offering a high-quality property, you will definitely find yourself dealing with numerous interested buyers. Remember to consult your lawyer, or your real estate agent if you have one, at all times as this will allow you to benefit from an outsider's perspective. This way, you might even realize that you have overlooked certain factors which are important. So always welcome second-opinions.
Once you know your buyer and his interests accurately, you will be able to follow through more effectively with your marketing.
- 15246
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