We just got the latest copy of New Jersey Realtor magazine and a report on the NJ homebuyer and seller profile for the current market was particularly interesting for new agent. They broke down who is buying, how and what did they buy, and how did buyers and sellers find and use their real estate agent. Though the report isn't yet on line (though you can read last year's here), there were a couple of bullet points we wanted to point out:
Who is buying?
According to the report, 44% of buyers were first-timers
What does this mean for you?
With almost half of the buyers being newbies, you really need to know how to handle these special clients, understanding their unique needs and concerns.
What are they buying?
"The typical home purchased in NJ was 1700 square feet, built in 1974, has 3 bedrooms and 2 bathrooms." And almost half of buyers over the age of 50 bought a home in an adult community.
What does this mean for you?
The housing stock in NJ is historically older homes, so get to know the ins and outs of what makes these homes tick, especially being able to identify a house have good 'bones.' Really understand the inspection process to understand the difference between a small problem that is easily remedied and a big problem to steer clear from. Also, with so many older homeowners choosing adult communities, this could be a great opportunity for an agent to specialize in.
How did they find information?
According to the report 92% of buyers used the internet in some way during their home search. 57% used mobile and cell websites in their search. But even though the internet was helpful, 99% of buyers viewed their real estate agent as a useful source of information.
What does this mean for you?
Even though the internet is a wonderful resource for buyers, it is clear that you as an agent still serve a vitally important role, so make sure you are up to date on the market. You and your listings need to have a well-thought out presence on the internet, since so many of your buyers will reference it. And, with mobile searches on the rise, make sure your website is optimized for use on cell phones and tablets. This is particularly important as Google is making big changes in how they list sites based on their mobile accessibility.
What did their search look like?
NJ buyers searched for 12 weeks and saw 10 homes.
What does this mean for you?
Spend as much time as you can to get a really good sense of what exactly your buyer is looking for. Ask questions... and ask questions again to truly understand their needs and then target your home search to their goals. And, if you're struggling to find that house, sit down and re-assess to make sure what they say they want is really what they want.
How did they find their real estate agent?
36% of buyers and 26% of sellers found their agents through a referral. Only 11% of buyers and 18% of sellers used an agent they had worked with previously, but a vast majority in both groups would use the same agent again and would recommend that agent to others. About two-thirds of buyers and sellers only interviewed one agent before selecting them to be their representative.
What does this mean for you?
Referrals are key, so make sure the people you know know that you are a great agent and will recommend you to your friends. Also, engage in meaningful follow up with your clients even after the closing to stay fresh in their mind as they think of others who might need your services. Finally, since it is typical to only interview one agent, it is all the more critical that you get that meeting, and then your listing presentation is really yours to lose.
The bottom line...
Whatever your market, do some research to understand who your clients are and how the process of finding or selling a home works for them. You'll be able to serve them better when you know their needs.
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