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Why You Should Target First-Time Sellers
When it comes to real estate leads, first-time sellers are in a class by themselves.
Consider a few of the things that make them stand out:
- They are some of the most motivated people in the real estate market
- Their needs are unique and extensive, partly because everything is new
- They may have a lifetime of future real estate transactions ahead of them
True, not everyone will sell their first home at a very early age. But the latest research shows that Gen Z, the youngest generation in today's market, is motivated to both buy and sell early. More than 85% of Gen Z respondents in a recent survey said they planned to buy their first home by the time they turn 35.
Nearly half say they expect to own a home no later than the age of 29.
As a result, 88% of sellers aged 22 to 29 are first-time sellers. What's more, younger sellers overwhelmingly say they prefer to use an agent to ensure their transaction goes smoothly. 94% of sellers in the 22-29 age group used an agent to complete their sale, more than any other age cohort.
Because most first-time sellers will be on the younger side, they have great potential to deliver a high lifetime customer value. An amazing 77% of first-time sellers did not use the same agent who sold them the home. This is true even among the sellers who had a very positive experience with their original agent.
By catering to first-time sellers, you have a unique opportunity to build a resilient, sustainable business that can offer value to a large and growing group of customers. The question, of course, is how to appeal to them once you have decided to do so. Delta Media Group has the answers.
- Modernize Your Practice with the Right Technology
From the standpoint of a Millennial, a business without a credible real estate website simply does not exist. In the eyes of Gen Z, this effect is even more powerful. The very first thing to do to appeal to tech-savvy first-time sellers is to make sure your website reflects your brand and is easy to use on mobile. - Make Your Business Instantly Responsive
Younger first-time sellers are much more likely to communicate via text than by voice call. By incorporating text and social media into your business, you prove that you are the nimble agent they want. Aim to respond to first-time inquiries in five minutes or less. You can set more lenient expectations once you land your client. - Market Your Ability to Leverage Digital to Sell
Sellers often worry about whether or not they're getting enough of an agent's time and attention. One way to lay this concern to rest is to show off your ability to market a home with the newest digital technology. Virtual tours are hot because they allow buyers to expand their search territory without having to travel far. - Publish Plenty of Content Especially for Sellers
Like buyers, first-time sellers don't usually jump in without doing research beforehand. They use online content to piece together a picture of the market. Although they aren't likely to contact you directly at this stage, you can become a trusted advisor if you have the right content ready for them to peruse. - Position Yourself as the First-Time Seller Expert
Whatever impression your website gives, you'll have to keep it alive in your personal interactions. Lay the right groundwork by making sure you have answers at hand for common first-time seller questions. Tap your network so it's easy for your clients to access the expertise and services they need at every step of their journey. - Get Ready to Juggle Selling and Buying
Most sellers aren't planning to go back to the rental life — they also need to buy another property as they sell. This means they will have many of the same questions buyers do about financing, negotiation, and more. It may be wise to learn the ins and outs of bridge financing if you expect to work with many first-time sellers. - Have a Follow-Up Plan for Every Client
Once your happy customer has completed their sale, the next phase of the relationship kicks in. That means retention! Have a mix of methods, like social, text, and handwritten notes. You can maintain your relevance far into the future by publishing homeownership content the seller will continue to reference. - Institute Email Marketing Across Your Business
Email marketing helps you turn leads into customers and customers into life-long brand advocates. Most of your first-time sellers will be digital natives and very used to navigating email. Email marketing automation with "My Customer for Life" newsletters makes the process easy while still maintaining the human touch.
Contact us at Delta Media Group to find out more or get started.
