The real estate market appears poised for a slowdown as interest rates rise. Buyers who were easily able to afford their dream home just a few months ago may now be facing more financial hurdles as the mortgage rate has reached 7%. Between the additional anticipated interest rate hikes coming from the Federal Reserve and the ongoing inflation on prices for daily necessities, consumers are adjusting their plans and holding back. As the market slows, realtors will need to generate more leads to keep their businesses running. If you’re selling media space and marketing services to realtors, make sure you know about the high-value questions to ask buyers.
High-value questions to ask buyers of real estate
The best way to qualify a lead is to ask the right questions. When realtors ask high-value questions to buyers, they can determine whether they know of any available properties that match the stated needs.
Before realtors talk with potential buyers, they have to find them. Our AudienceSCAN research shows that 35% of potential home buyers (of either a larger or smaller property) have taken action as a result of an online video that plays before the content they want to watch in the past 30 days. For first-time home buyers, that number is 41%.
A recent survey reveals that realtors value online video as an advertising tool, which means they understand the importance of this media format. But they’re not completely confident in their ability to create messaging that will connect with potential clients. Here’s where you have an opportunity to sell digital marketing services. You can help your realtor clients craft an impressive online video that addresses high-value question to ask buyers. In the video, realtors can encourage buyers to think about their answers to questions such as:
- Why are you looking now?
- Do you currently rent or own?
- Have you been pre-qualified?
These kinds of questions show buyers that realtors are ready to help them find the right home.
What Are Home Buyers Looking For?
Real estate is a cyclical industry, and consumers who've experienced a recession or two know that home prices can go up as well as down. In fact, the median home price dropped from $403,800 to $389,500 between August and October 2022. Many economists believe that, by the end of 2023, the market will be even more favorable to buyers. Going into next year, it's safe to say buyers can relax a little about trying to find a good home. They won't have to get into bidding wars and forgo the all important home inspection in order to have their offer accepted. And they won't need to write a personal plea to a homeowner, either. Instead, they'll be looking for a realtor who can help them through this challenging process.
How Buyers Find Their Realtors
According to the 2022 NAR Home Buyers and Sellers Generational Trends report, 47% of all buyers found their agents through referrals. Once a potential buyer has a name, they will definitely check out the realtor online. In particular, they will review websites and check out social media. If they find a video that outlines what they most want to know about their potential realtor, they’ll be impressed.
Here’s what most buyers want to know about their realtors:
- How long have you been selling houses?
- How many houses have you helped buyers close on this year?
- How long have you sold houses in this area?
Help your realtor increase their credibility by having them answer these questions on their websites and in online videos. With most realtors expecting, at best, a flat market in 2023, the competition for leads will increase.
The typical realtor spends over 11 hours a week on marketing and prospecting. If you can create a pitch that guarantees a better result than they are getting from their current efforts, you’ll increase your revenue and theirs. As 2023 approaches, reach out to realtors in your market and talk to them about high-value questions to ask buyers.
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