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Real estate India. What type of home buyers will you meet as an agent, selling homes?

type of home buyers
In my ten years of real estate selling, I have encountered five kinds of customers in general. These home buyers constitute the clan who, you, as a real estate sales agent is going to meet throughout your career in peddling homes in India.

1) The all accommodating - understanding - low budget dude: This type of home buyer has a budget that can only get him a home about 100 kilometres from the city centre, if not more. But this customer is a heart warming experience. He will always take your calls. Accept your greeting and hear you out. When you are making a cold call to such a customer, you will be convinced that you are the only sales guy in the world who can help him. He has a demand that is tough to meet but you can scourge around and find him that perfect home at his price. Perish the thought. After a week of working on his requirement, you will realize that too much time has been wasted and your boss is not happy about your ways at all. The low budget dude has probably been phone called by every realtor in town! Most call him to nudge his budget up or offer him something that is impractical. They try a couple of times and give up. But, he has made friends in the agents. And the agents remember him fondly.
Where is he headed? The low budget dude will continue to live in his rented home till he has made some serious money. Then, he will not be a low budget dude anymore. He will turn into a 'medium budget hard headed dude!'

2) The new money - hard headed - medium budget dude: This guy belonged to the above category for a long time. He has a higher budget now thanks to a raise/ help from pop in law/ a new business/ or a land broking deal where he made 0.10% as brokerage along with 26 other dudes ;). He was a good guy and had been nice to all real estate agents. But nobody cared. So he is turning the tables right now on you guys. He will turn up late for the site visit, in the back seat of his diesel hatch back and will look down lowly on you. Five minutes is all he has. Also, if he likes something, he has five other friends who will book with him. Those five guys never really show up though. Deal with him firmly. There is a sale for sure. Show him the choices that you can and always under commit on your services. If he asks for something you don't have or can't give, simply say no. You may reach closure with more nos than yeses!
Where is he headed? He has lost all his friends because he blames the world for his past. He has found some pleasures of having money in the bank. He will make more of it or lose whatever he has. If he makes more, he will turn into a 'high budget - I know it all dude'. If he loses it all, he will eventually go back to being dude number 1 above. Now you know why the category 1 sales don't close?

3) The high budget - I know it all dude: This is a toughy. First, this guy will show up in your calls from newspaper advert leads list. The budget will catch your eye and you will make the call on priority. The high budget - I know it all dude will be unsuspectingly dropped on you! This customer has money. But if his budget is INR 80 lacs, he will tell you that its INR 1.5 crores! Also, he or his chartered accountant will know every builder in town, including your's. You just have to show him the apartment of his taste and he can speak to the builder, get a discount and get the rest organised on autopilot. You will keep finding homes for him in his projected budget range and he will keep asking for more. In a fortnight, he will call up the next agent and roger him for another fortnight. Judge this dude right from the start. Offer him the best home you can for about 60% of his projected budget. Send him all the details, the availability and let him be. Gently ask about his decision after a few days and leave your number in case he has not decided yet. My experience says that he will call back to close the deal.
Where is he headed? Generally, nowhere. He will remain in that category for a long time to come!

4) The turn around time - IT dude: This one will call and leave an email id and will insist that he be emailed about the property details first. Rest assured that the mail you send him will hit his spam and he won't know. So call him once you have sent that email. However, do not expect replies to come in pronto. Those privileges are only for his boss and colleagues. Chances are that he has a hundred such emails from agents like you in the mailbox. The best way to deal with him and bring him to closure is to find out who you have managed to sell a home to in his organization. Call up that customer and ask him to connect with the dude and recommend you. The rest is a cake walk. From car dealers to home loan companies, special discounts apply for the IT dude, so be sure to encounter the 'Whats the special deal for me?' question. If you don't have one, be clear and firm. PR with your existing client and push him to closure. Tell him there is a price hike coming and watch him fall for that like a pack of cards.
Where is he headed? To become a pain in the a** for the developer once he is taking possession of his newly built home. He will ask for turn around times from the electrician who has to get the MCB in order. The look on the electrician's face? A Kodak moment! And finally.

5) The Extreme budget - nothing is good enough for me dude: These will come through a reference. Dropped in on your desk on a yellow post it from the bossman. Be happy that you our boss thinks that you are capable of handling this dude. NEVER try tackling this guy on your own. Hand it over to your manager. And run!
Where is he headed? To the golf club and another post it in another organisation!

Do you know some more dudes in the real estate sales field? Do let us know! We are listening. 

4 comments:

  1. Nice Post. Thanks for sharing the information about real estate India. I really liked it. I have bookmarked your post. I will also share it with my friends.

    ReplyDelete
  2. Interesting analysis presented in a nice way.

    ReplyDelete

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