Twice a year, Trulia performs a survey to understand home ownership trends. The results from this year’s survey can help real estate professionals sell more homes.
First, let’s look at an infographic of the survey results, then we’ll talk about what these survey results mean for real estate professionals who want to sell more homes to first-time homebuyers.
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The survey shows that, although 59% of current renters WANT to own a home, they are prohibited by 6 specific hurdles. In order, they are:
- Saving enough for a downpayment
- Qualifying for a mortgage
- Having a poor credit history
- Unable to pay off existing debt
- Not having a stable job
- Declining home values
WHY THIS IS AN OPPORTUNITY FOR REAL ESTATE PROFESSIONALS
Don’t read this as a list of “6 excuses that keep renters from home ownership“.
Clients buy because they find value in what is being sold. They have a problem or need and the value they perceive comes from an effective solution. Think of the above list as the 6 problems renters face AND the 6 solutions you can offer to help renters become home owners.
By addressing these exact problems head-on, you gain the trust of renters while at the same time enabling them to become homebuyers!
- Refine your brand around these 6 issues. Consider creating an entire website or blog specific to helping renters become homeowners.
- Shape all of your online marketing around these 6 issues. When writing articles or tweets or Facebook posts or YouTube videos, make sure that all content addresses at least one of these issues. Blog about each one from Monday to Saturday then start over the next week (and the next, and the next). Build all of your content around helping renters overcome these hurdles.
- Build referral relationships with professionals who specialize in these areas. Build relationships with money-saving experts, credit repair agencies, and career counselors. You can send client referrals to these professionals and receive client referrals from them.
- Market to this group sooner. Don’t wait until renters have solved these issues before they come to you. Market to them sooner with content that explains how you can help them solve these problems to buy a home.
- Build service packages around these 6 issues. Extend your real estate services with added value services (such as debt counseling and credit repair).
- Create products around these 6 issues. Create ebooks and ecourses that these clients can pay for to help them overcome these hurdles. For example, write an ebook on how to save money for a downpayment.
Real estate professionals who want to sell more homes need to figure out what problems their potential homebuying clients face and they need to solve those problems. Trulia’s survey reveals 6 problems that potential homebuyers have, and this list can become the primary inspiration for all of your online marketing targeted to first-time homebuyers!