As a real estate agent, you encounter different types of home buyers in your line of work. Some are easy to get along with because these people already know what they want, without you having to give them different options. When you ask them what type of home they are looking for, they have a specific kind in mind. However, there are some who have difficult time choosing either because they don’t know their budget or where they want to live.
Every individual has unique needs and wants. Homebuyers tend to base their final decision on different factors. It is important that as a real estate agent you know how you will deal them and what to offer.
Get to know the various types of Filipino home buyers, and how you can best address their needs:
1. Sure-buy Buyer
Well-informed and knowledgeable, these buyers are ready to buy without major hesitations. They are financially, emotionally, and mentally prepared to purchase a home. These people are very clear with their preferences and have invested a great deal into understanding the many options available to them.
“Sure-buy” buyers know what they want and are set to get exactly that. They will not compromise on their must-haves such as location, budget, and even the number of bedrooms or how many storeys the house should have. They are either high-end clients, second-time home buyers, or are in a hurry to buy a new home because of a job transfer.
How to deal: Make sure you have understood the needs of these buyers well. Prepare a well-researched selection of properties that fits their requirements.
The best thing about having them as a client is that you are guaranteed a sale (if you can give them what they want). However, because they have a definite property they want to buy, it may be a bit challenging convincing them to choose another option.
2. Shopper
Although they have the means to purchase a property, shoppers are the serious-but-I-want-to-shop-around-first type of buyer. They are not in a real hurry to close a deal because they want to discover the various choices available in the market.
Shoppers want to find the option that best suits their needs. They want to compare and weigh the pros and cons of the property offered to them. These can be first-time home buyers or overseas Filipino workers (OFWs) who are not familiar with the Philippine real estate market.
How to deal: Ask them questions that would reveal what they really want for a home. They may be overwhelmed with the choices available. So, ensure you can guide them in the right direction. From these, come up with a shortlist of properties which you think would address their needs.
Since most shoppers are buying a home for the first time, these people are excited home buyers and are open to suggestions. You have to be patient with them though, because they may not be easily impressed or go along with the first few properties you offer.
3. Browser
Browsers have plans to own a home, but they have no intention to buy a house now. This is because they may not have the need yet or don’t have enough budget set aside. They contact you because these people want to plan ahead. They are looking around to gather information and estimate how long they need to save up before they can buy a home.
These are the type of clients you’d want if you have a selection of pre-selling properties. You can offer those types of homes to browsers because they don’t need to shell out a large amount of money immediately.
How to deal: If you don’t spot them early on, these buyers may lead you to a merry chase. At the same time, they are potential clients. You don’t want to alienate them or discourage them from buying in the future. More than that, as a real estate agent, it is your job to help people find a home and make them feel that they can do it.
Find a way that will make them motivated to buy a home. Or give advice and help them be a well-informed buyer.
4. Bargain Hunter
Bargain hunters have one thing on their minds – get the best deal that they can out of the property they are eyeing. These types of buyers are looking for homes that are very low-priced. They can be investors who want to gain profit without spending too much capital. Or they can be buyers looking for a home of their own, but don’t have ample budget.
Their options include foreclosed or distressed properties, wherein the house has been on the market for quite some time and nobody is taking it. Or they are on the lookout for properties offered for rush sales by people who are in need of the money, are permanently migrating abroad, or want to dispose their property.
How to deal: Brush up on your negotiation skills when dealing with these buyers. They thrive on the thrill of closing a deal that they believe is at their advantage. Because bargain hunters will find a way to cut cost in almost anything, take control of the negotiation. Make sure you both come out as winners.
5. Savvy Investor
Savvy investors buy a home because they want to use the property for long-term financial gain. Buyers under this type are looking for a property that has a high rental rate. Thus, they are also sure of the location and won’t compromise. Most investors prefer key areas in the metro including Makati and Taguig where there are many businesses are found.
These are types of buyers that tend to be experienced in the real estate market business. They may either own a number of properties that they are already renting out, second-time home buyers, or even an agent who knows the value of real estate. Even if it may take them some time before they decide on the property, you are still assured that they will eventually buy.
How to deal: Expect that these buyers have done their homework about the property they want to buy. Thus, you also have to do yours. Conduct a thorough research on the current Philippine real estate market to determine the top locations and whether these would suit the savvy investors’ needs.
6. Love-the-Urban-Vibe Buyer
“Love-the-urban-vibe” home buyers prefer the convenience of living in the city where everything they need is accessible. They can be an independent professional, a newly-wed couple, or a cosmopolitan family. They are looking for a home that is within the city and is near their workplace, schools, medical institutions, and other important facilities. They mostly choose condominiums because it fits their active lifestyle to a T, with all its modern amenities, proximity to leisure activities, and low-maintenance.
How to deal: These buyers are energetic and excited to start their life in the city. They may have a lot of questions for you such as where are the best schools located, what entertainment is in the area, and more. Ensure you are familiar with the area you are offering and that you are able to provide them with ample information about the property.
7. Time-to-Retire Buyer
As the name suggest, “time-to-retire” buyers are the baby boomers who are looking for a place where they can settle down permanently. They want a peaceful and green environment where they can relax, spend quality time with their family, and savor the fruits of their labor. Although these buyers have suburban homes as a primary option, they also look into an urban setting that is not congested such as in Bonifacio Global City.
How to deal: Identify first whether these buyers prefer city or suburban living, and why they want to live there. This will help you know whether the location you are offering is ideal for them or not. Because they are also of age, they may be more resistant to change or other suggestions.
Know how to communicate with them effectively. Don’t be too aggressive in pushing for a property. After all, their needs should come first.
Which kind of home buyer have you served and how were you able to deal them? Share with us your thoughts by leaving a comment below.
