As an agent, have you ever wished you could be more effective marketing to home buyers so that you could reach out with a great, tailored message they can’t resist? If yes, the following Intel will give you more clues to home buyer psychology and the driving forces behind their decisions.
Chase Home Lending partnered with Google to publish actual questions and answers to which US home buyers search for online. As you can imagine, the information is unique and can help agents with marketing to home buyers in many ways. Let’s jump straight in and you can also view a recap in the infographic below.
Marketing to home buyers: exclusive insights from the pros
#1 home buying concern
Since both agents and mortgage professionals are on the same side of a real estate transaction, it’d be great to have some collective wisdom to share and apply. Together with Google, Chase Home Lending looked at a couple of previous years to see the home buying trends that affect both businesses.
Perhaps not surprisingly, the major concern of home buyers is affordability. According to the report, home affordability searches grew by 34% compared to the previous year. In fact, the top three mortgage-related questions deal with affordability:
- How much mortgage can I afford?
- How much mortgage can I qualify for?
- What mortgage can I afford?
Millennials are catching up
You’re hearing more and more buzz around marketing to millennials for a reason: they are now gearing up towards their first-time home purchase. How do we know that? According to the report, the first half of 2017 has seen an 11% increase in searches related to first-time mortgages compared to the previous year.
In a broader period and set of data, this appears to be an all-time high number with regards to the first-time mortgage searches. Which means more people are looking to buy new homes.
Unique home styles
The funny thing about recent home buying trends is the types of home people are looking for. Perhaps surprisingly, the most popular home type searches according to the report were:
Does this correspond with the inquiries you get in your area?
People increasingly rely on mobile
Homebuying and mortgage searches are up 30-50% compared to the previous year. Yet another reminder speaking in favor of a mobile-friendly site that is easily accessible on mobile devices. Even more importantly, a hint to the best way to reach people today. When marketing to home buyers, dedicate more effort to an actionable mobile strategy as well.
Rentals still prevail
Of all the home-related searches, rentals constituted 46%. Again, this is tied in closely with home affordability, especially in certain areas where the local economy is driving home prices up.
For the recap, check out the infographic:
(Click to enlarge. Source: Google & Chase Home Lending)
Partnering up with a great mortgage broker is one of the most important business relationships agents should seek. When marketing to home buyers, particularly to first-time buyers, this can be your top referral source. Do also consider providing more mortgage-related information and home-buying advice on your blog.