Being a real estate agent is all about working with various people and helping them with their property purchases and sales. Fulfilling their needs is vital, but more important is understanding the type of client they are. This way, you can better target your style and what types of property to show them.
As a real estate agent, your skillset isn’t just about knowing the market. You must read people and understand the different types of buyers and sellers. Handling a variety of personalities will help you succeed in your career. You will also build your brand while singling you out as the agent that can get deals done.
To help you in your real estate game, you must understand the different real estate clients you may work with. Here are the five different types of real estate clients and their objectives:
Type #1: Retail Buyer Clients
A retail buyer is a person who is looking for a primary residence for themselves or their family. These types of real estate clients are usually approved for a mortgage and have enough money to make a serious offer.
You must show them homes in areas close to schools and retail shopping areas and near to where they work. Most of your clients will fall into this category.
Type #2: First-Time Clients
A large segment of your prospects will be getting into the market for the first time. This doesn’t necessarily mean they are young, but rather they are now in a position to purchase a home.
These types of real estate clients may have young families, so they need to find homes with larger backyards or proximity to parks and outdoor spaces and local schools. First-time buyers want an affordable space that they can fix over time because it’s all about getting into the market and laying down roots.
Building a close customer rapport is essential for first-time clients. Use CRM for real estate agents to manage your communication information with these types of clients. They will appreciate your meticulous attention to detail and build a rapport with you over time. Eventually, your efforts might convert to a successful sale or purchase.
Type #3: Urban Dweller Clients
You will have some clients looking for a neighbourhood with lots of activity like retail shops, restaurants and entertainment venues. They want to walk to these places so being close to the city is essential.
Lifestyle and community are important to them also. Condos above retail are great and converted commercial buildings with an artsy vibe.
Type #4: Upward and Downward Buyers
These are people at different times and are either upgrading to a newer home or scaling back in retirement.
Professionals with good incomes and growing families are looking for larger, more luxurious homes, and it’s your job to match them to the right place. They want to live a better lifestyle and need upscale neighbourhoods with big homes.
People winding down or becoming empty-nesters want to sell their bigger homes for something more manageable and close to different amenities around the city. Nice restaurants and coffee shops within walking distance are ideal for them. If you can get one of these clients, it could be an easy house for house switch.
Type #5: Investor Clients
Some clients are looking to purchase properties that will bring in passive income. They want rental units or homes to flip in areas where new growth is coming. They may already have some investment properties, so they understand the market and know what they are looking for.
Your job is to provide options and show them different opportunities like duplexes and larger homes with multiple suites. They can be thrifty and opportunistic, so fast sales work well. They also know what they want and will make quick decisions on a property they like.
Real Estate Client Personalities
You will experience many different personalities because this is a people business, and you are the one interacting with new clients daily. Some types of client personalities you may encounter include:
These types of clients spend a lot of time understanding the real estate market and don’t mind telling you about it. Know-it-alls can be hard to handle, so let them get it out and fill in the blanks to guide them to a new home.
You will get clients that want to put in ultra-low offers on every place they like. This can be frustrating as you know what the market will bear, and you want to maintain your credibility. While there are situations where people may accept an offer far below their listing price, you need to articulate how a lowball offer may turn sellers off and prevent any kind of realistic negotiations.
There are people who have put their heart and soul into a building or upgrading their property and want it priced far above market value. These people are hard to deal with, and while you may want the listing, selling it will be next to impossible.
Some clients you set up a showing for will arrive with the whole family, including mom and dad and many rambunctious kids. It will be hard to show the place because of all the questions and opinions, so try to get a one-on-one meeting with them for future showings.