Every single agent’s main goal is to build their listing inventory, perfect their craft and build a referral network. That is the key to having a real estate business that is thriving.
Now, I’m not saying don’t work with buyers, but buyers require a lot of your time and being a listing agent allows you to have more time to focus on creating a strong listing inventory as well as work in other areas of your business.
I have worked with agents in helping them create a stream of income in various areas of their business, such as expired listings. We have helped agents build a very impressive stream of income just by having just 2-3 expired listings per year, which in return gives them referrals, so this stream of income is one that you should be looking to add to your income portfolio.
Another area I work with agents in is helping them create a marketing strategy attracting Move-Up buyers.
What is a Move-Up buyer? This is a homeowner who is looking to sell their home current home and purchase a new, typically more expensive, property. Move-up buyers are usually individuals or families who are ready to move for these reasons:
- They have outgrown their current home and need more space to accommodate their growing family.
- They have increased their income and are ready to find their dream home.
- They want to move up to a different neighborhood with better amenities or to a better school district.
- They may be at a point in life where they need to move their parents in with them and are looking for a multi-generational home.
Move-up buyers often have some equity built up in their current home, which they can use as a down payment for the new property. They may also rely on the proceeds from selling their current home to fund the purchase of the new one. Move-up buyers are generally looking for an upgrade in terms of size, amenities, location, or overall quality of the property.
So how do you find these buyers? You start by looking at neighborhoods where the homeowners have lived in the home for 3-5 years, have a growing family or have decided to move parents in with them to care for in their later years.
So, why am I recommending you look for these buyers fitting this type of criteria? Well, let’s map this out…
By targeting move-up buyers and assisting them in pursuing their goal of upgrading their homes, you not only help them achieve their goals, but also increase your listing inventory by listing their current home.
Now, you have some major momentum going here because lower price homes sell much faster than higher priced homes, but the beauty of this is you can start your listing strategy on the current home generating buyer interest while you help them find the home that fits their needs. The goal is to have their home under contract at the same time they find their dream home. Just remember, if this does not happen simultaneously then make sure to add a contingency on both stating upon the sale or purchase of a home.
This is a great way for you to build your brand in specific neighborhoods and develop relationships, which will also create a huge referral business, which is what you should be setting a goal for – having a referral-based business.
So, let’s break it down into obtainable steps:
- Choose a neighborhood to farm to.
- Do research on how long the homeowners have owned the property.
- Create a marketing strategy: Postcards, Connect on social media, etc.
- Create a Market Analysis of their property and send it to them.
- Look at neighborhoods or communities in your market that the homeowner might be interested in. You might even do research on several communities so you can help find the right one for their needs, so when you have the homeowner ready to buy you can recommend areas that might meet their needs.
- Create your marketing strategy to position your client in the best way to sell their home so they can purchase their new home. This strategy must be presented to them to first get their home on the market so when they find their new home, they already have their home on the market. Also, it helps them make an offer to the other seller showing they are serious since they have their home already on the market or under contract, so if needed, add the contingency, which could allow the new sellers time to find them their new home, which you are setting up yourself as their agent to buy.
- Have your pre-listing package and listing presentation ready to discuss with the homeowner, so they know you are prepared to market their home to get it sold so they can move towards their goals with ease and confident you are there to help them not only find a new home but sell their current home.
- Create a marketing campaign – Send postcards targeted to your desired neighborhood.
- Get your marketing strategy ready to list the current home and the move-up home.
- Have a social media strategy to attract buyers and sellers that fit your system.
Here are some things to consider when considering this strategy.
- Have a great lender available to work with your client.
- Discuss the importance of evaluating their current financial situation.
- Explore factors to consider when determining if it’s the right time to move up.
- Provide tips for assessing the existing property’s value and equity.
- Discuss the potential financial implications of upgrading to a higher price point.
Setting Goals and Creating a Plan
– Explain the importance of setting clear goals for the move-up process.
– Discuss factors to consider when determining their ideal property at the higher price point.
– Create a detailed plan for achieving the client’s goals.
– Discuss the timeline and steps involved in the transition process.
Financing and Budgeting Strategies
– Discuss various financing options available for moving to a higher price point
– Explain the concept of loan pre-approval and its benefits
– Offer tips for budgeting and managing finances during the transition
– Explore potential challenges and solutions related to obtaining a higher-priced mortgage
Selling Their Current Property
– Provide insights on preparing and staging your current property for sale
– Discuss effective marketing strategies to attract potential buyers
– Offer tips for navigating the selling process and negotiating offers
– Discuss potential challenges and how to overcome them when selling a property
Finding Their Dream Home
– Share tips for conducting effective property searches at the higher price point
– Offer insights on evaluating potential properties and making informed decisions
– Discuss the importance of due diligence and property inspections
Making the Move and Settling In
– Discuss the logistics of moving to a higher-priced property
– Share tips for coordinating the move and hiring professional movers
– Offer advice on adjusting to the new neighborhood and community
– Discuss ways to personalize and make the new house feel like home
Make sure to add these new clients to your CRM and they are on the appropriate email sequence to stay in touch with them going forward. This is a great way to stay on top of mind, get referrals and repeat business.
Targeting move-up buyers presents a tremendous opportunity for real estate agents to grow their business and increase their listing inventory. By understanding the needs and motivations of move-up buyers, agents can strategically position themselves as valuable resources in helping clients upgrade their homes. Whether you’re a seasoned agent or just starting out, incorporating these strategies into your business can pave the way for long-term success and establish you as a go-to agent for move-up buyers in your market. So, get ready to elevate your business by capturing the attention of this dynamic and lucrative demographic.
EPISODE RESOURCES:
Listing Presentation
Seller Postcard Campaign
Buyer Postcard Campaign
Expired Listing System
