Have you ever heard of the real estate purchase journey? Whether you are a broker or an independent brokerage firm or a real estate owner, know that it is essential to understand all the steps of the property purchase journey, since this is what will be able to direct any and all marketing actions in your company.
It is clear that the real estate purchase journey is fully connected with consumer behavior in the real estate market.
After all, the journey is nothing more than the execution of the behavior, which is where the prospect effectively walks a path to converting into some product sale.
But which way is this? What are the phases of the buying journey? And what can you do to leverage this information so you can anticipate the steps of your real estate leads to turn them into customers? This is the theme of today’s text by Lahore Smart City.
So keep reading to understand everything. Come on?
Real estate buying journey – What is it and what is the real importance of understanding to have more return on real estate sales
The real estate purchase journey is nothing more than the path that any customer takes before buying a house or apartment. It is clear that each person is unique and will act in a very peculiar way for decision-making.
However, there are some very important and “universal” criteria that can be considered to interpret the path that a lead takes to buy a product.
To help you, we have separated this path into five different phases, which are precisely the phases that can make all the difference for a future purchase decision. Look:
- Phase #1 – The consideration of buying a property to make a dream come true or to start investing;
- Phase #2 – Online and offline surveys with a closer look at real estate listings and listings;
- Phase #3 – Conversations with friends and family about the subject start to become more intense, interesting and active;
- Phase #4 – The most active and decisive search starts to happen – There is already an unconscious decision of what the prospect wants or needs;
- Phase #5 – The purchase effectively takes place and the deal is sealed between real estate and client;
Of course, a short list like this can easily deliver an understanding that the shopping journey happens quickly. After all, it’s only five steps until a sale actually happens.
But, know that this is not quite the case. The real estate purchase journey can take many months. A prospect can easily spend more than two years between the process of conceiving the idea of buying a property until actually buying it.
The big “key” in this situation is to understand that time will pass. In other words, someone who starts buying a property today will only be able to buy it two years from now. But, these two years will pass.
And the real estate agency that is most prepared is the one that will be able to sell the product to prospects who are just steps away from closing a deal.
Therefore, Ville Imob wants to help you prepare for the moment of purchase, understanding in a deeper way each of the phases of the process – which takes time, but enough. Keep reading.
Phase #1 – The consideration of buying a property to make a dream come true or to start investing
It all starts with considering a property purchase. In other words, in general, the property purchase journey starts from the moment the prospectus starts considering the purchase of a new property. Whether to make a dream come true and have a bigger house, or to start investing and having rented properties.
Weighting is the act of considering the purchase. And this can happen in many different ways. In other words, the stimuli that the potential customer receives, years before, makes him buy or not buy a property in the future. It is at this stage that the first idea comes to mind in a very subtle way, in a conversation between friends, in some internet video or some advertisement on social networks.
The main factor that we must consider in phase 1 of the purchasing process is insights. A simple insight with some idea or publicity call will have a very big effect on the long term of a structured campaign to convert new customers.
That’s why it is essential that you always consider the long term – because what is said today can easily be converted into cash in the box in a few months. Always think about it, ok?
Read later: E-book How the process of selling a property works
Phase #2 – Online and offline surveys with a closer look at real estate listings and listings
Once the prospect has the initial idea that he wants to buy a property, phase 2 begins. This is a very specific phase that somehow manages to bring together a series of research – still superficial – on the subject.
In other words, in addition to considering the purchase of a property, the prospectus begins to research the subject in a subtle and simple way.
He searches Google for properties in the region, sees “for sale” signs on his way home from work, and so on. Please understand that the surveys here are not robust and purchase-oriented.
They are just made to feed that weighting raised in phase 1, which may have happened many months before.
To imagine this, think about the following: a conversation between friends, where the subject of real estate comes up. The conversation is carried out in a simple and objective way, without going into depth, but in a way enough for the prospect to remember the conversation weeks later and think: “let me have an idea of real estate, I’ll do some research”.
At this stage, several mental triggers are fired in the mind of the potential customer, who is in his initial purchase phase.
Here, he will find many different types of properties – houses, apartments, farms, land, on-plan properties and auction properties. After all, he still doesn’t know what he wants, as he is developing ideas and pondering situations.
This is the discovery phase.
Everything is new and unknown, but it draws a lot of attention from the prospect, who starts to develop some ideas of what he could buy in the future. And your real estate, of course, needs to be prepared to be able to offer the right product. We’ll teach you how to do this later. Keep reading.
Phase #3 – Conversations with friends and family about the subject start to become more intense, interesting and active
Phase 3 is marked by a slightly more intense conversation starter. You can see that phase 1 starts with conversation and pondering, can’t you?
But, phase 3, although similar, has a lot of difference. Here, the tone of the conversation starts to get much more focused and directed towards a purchase in the future, which is about to happen.
In other words, conversations with friends or family about a particular property, desire or desire to buy, begin to be guided by the exploration of dreams and creation of projected images of the future.
A couple who starts talking about a new house also begin to imagine a growing family, a child playing on the lawn, or a dog for company.
It is at this stage that many real estate companies begin to explore prospects in an even more active and direct way, as the dream field is very sensitive and can bring many positive results to any marketing campaign.
After all, saying what people want to hear is one of the best conduits for any marketing campaign, as it engages, generates empathy and brings the prospect closer to the brand.
At this stage, the prospects will also prepare plans and, who knows, set a date for the purchase of a dream property or for investments.
Which makes the real estate buying journey into a more funneled layer of the sales funnel. And to better understand how it works and what a sales funnel is for real estate, click here.
Next, we will understand phase 4 of the real estate purchase journey. Follow up.
Phase #4 – The most active and decisive search starts to happen – There is already an unconscious decision of what the prospect wants or needs
After the phases of pondering, dreams and superficial research on a certain subject (real estate), the purchase journey begins to enter a very specific phase.
In other words, from phase 4 onwards, we can notice prospects that are much more active and engaged in, in fact, finding a property that makes sense of the needs and desires generated in all previous phases.
Here, we will notice a more decisive and active search.
Research is more intense and focused, as there is already a clarification and determination of what is being sought. Therefore, phase 4 is marked by the decision attitude – there is no purchase yet, but the prospect is just a few steps away from this happening.
Imagine that at this stage, the prospect can easily start building a collection of real estate links, with properties that are pleasing to the desires created earlier.
Still, the lead starts to get closer to who has the ideal product (which could be your real estate company) and, then, closer relationships start to happen.
The prospect can join email lists, WhatsApp groups, Telegram groups and anything that has some kind of affinity with their personal tastes, based on a specific product.
And the real estate agent who manages to have the competence to “hug” the lead in phase 4 will certainly be very close to making a sale. Because, as you know, the sale of a property starts long before the transaction actually takes place.
Often, in phase 4 the prospect already has a decision made. But sometimes, the final decision will only be for phase 5, where there must be a choice that gets things moving. Let’s understand phase 5 from now on. Follow up!
Read on for later: 45 Real Estate Email Marketing Tips for Your Digital Marketing Campaigns
Phase #5 – The purchase effectively takes place and the deal is sealed between real estate and client
We then reach phase 5.
We can reach this stage after a long (but viable) 2 years of waiting. Yes, a real estate lead can take up to 2 years to make a purchase decision and finally buy the property you dreamed of.
Because the process is long and involves much more than simply finding the prettiest, largest or best-located property. The property represents many conditions and behaviors of the prospect. And so, he will take a while to make a decision, because he wants to make the best decision.
Only the most prepared real estate agents or brokers will reach the final stage of a real estate purchase journey.
There are those campaigns that will abandon the prospect midway and there are those that go all the way. So, the more data and information you can gather from your prospects during a maturation process and a sale, the better.
Phase 5 is marked by the final purchase decision of a customer who started thinking about the matter years or months earlier.
That simple conversation at a barbecue can, yes, be transformed into billing for your real estate agency. And let’s get a better understanding of what you can do to make the most of each step in the process more effectively.
How to work the prospect buying journey through digital marketing with an effective content plan
The real estate purchase journey begins long before the actual purchase. And you must position your real estate market in a way that does so and can then nurture each of the prospects that will eventually become customers.
Therefore, make a marketing plan that involves creating content that generates value for those who are starting to think about buying a property and for those who are in more advanced stages of the process.
Use digital marketing to reach the right people by producing content that makes people remember and stay close to your real estate agency.
After all, you want your prospects to be connected to your brand the moment they decide to buy, right? Think about it and good sales!