Real estate is traditionally one of the most important industries around the world. Developers, globally, are amongst the highest tax payers and employers. Real estate attracted over 6 billion dollars in sales last year and a large chunk of that is residential real estate. As aspirations increase, people want to buy their dream home which has to be perfect. Even from an investment perspective, residential real estate is still a highly popular choice. Since there is a high level of competition when it comes to selling homes, developers constantly endeavour to figure out the true needs of each consumer. We did a small survey and arrived at the most common steps a home buyer takes before deciding to purchase a home.
Step 1: Identify needs
This is where the family takes the decision to buy the house. Here, the decision gets taken as to the reason for the purchase. Is it to live in? Is it an investment? Once that is clear, the buyer then proceeds to evaluate his/her needs. This is a priority analysis. For some people the location is of paramount importance. Proximity to workplaces, schools, center of city, etc. And for some other people facilities, amenities are of more importance. This process gives the buyer the clarity as to what he/she wants from the new home
Step 2: Identify a budget range
A key step. Once the buyer knows what is needed from the home, then the budget is decided on. What to spend, how much to spend, what kind of loan needs to be taken, what kind of EMI can be worked out; a lot of thought goes into this step for obvious reasons. A home is a big financial commitment and must not be taken lightly.
Step 3: Research
What is available at what cost? Most buyers start with a simple google search. Buying a home is not an overnight process for most people and a lot of time is spent just keeping an eye out for offers, properties and developments all over the city, especially in localities that the buyer is interested in. A deep dive is then made into understanding builders and figuring out whether they are trustworthy. Calls to friends and family members and even acquaintances who have made recent purchases are common in this phase.
Step 4: Compare options
Once the recommendations are in, buyers then will consider all the factors that come into play. From the cost, to their needs, to the strength of the recommendation from a known person. Once this is done, the buyer has a list of top options to choose from.
Step 5: Schedule a visit
This is a fundamental step in the buyer’s journey. Every developer generally has a show residence that buyers can visit and see for themselves what life in that property would be like. This allows them to clearly visualise their prospective home to be. The visit is generally a ‘make or break’ as far as decision making is concerned.
How has COVID impacted Step 5?
Buyers can’t visit homes anymore because of the risk of contracting the virus. Real estate agents and developers alike are in a fix because of the capital intensive nature of their business. Unlike other industries, this is a high ticket item that can’t be sold online.
Real estate sales are now possible online via TrialEstate.
What is TrialEstate and why should one use it?
- TrialEstate is a fast growing online portal and video sales enabled online platform that is specifically tailor-made to enable residential real estate sales.
- The platform has plenty of specific tools and methods to allow you to recreate the physical visit experience online.
- TrialEstate has been made by an assorted team of professionals with deep knowledge in real estate, UX and UI design, graphic design and website design.
- Your sales team can sell while sitting at home; only on TrialEstate.
Click here to schedule a free demo of how you can sell dream homes to customers in need via TrialEstate.