Know What Your Customers Are Looking For

Running your clients around to viewings and open houses is part of the business, and no one complains when the homebuyer—at long last—finally finds their dream home and signs on the dotted line. It's expected that your clients will need to visit sometimes dozens of homes before settling on the right one, and there's not much that can be done to minimize that searching time. Or is there?

According to the National Association of REALTORS® 2013 Profile of Buyers' Home Feature Preferences has been released, and it includes some very interesting data on homebuyer interests, preferences and trends. For example, geography and demographics have the strongest impact on home buyer preferences. Between 2010 and 2012, buyers went for new homes. The average home purchased was 1,860 square feet, built in 1996, and typically featured three bedrooms and two bathrooms. More than half of the homes purchased were on a single level.

"Deciding where to live comes with a lot of options, but buyers quickly realize that some features are more important than others when it comes to choosing the right house for them," said NAR President Gary Thomas. "Buyers need to have a clear idea of what features are important to them and know where they are willing to compromise; in this respect, REALTORS® can bring buyers home. REALTORS® visit hundreds of homes with buyers each year, and have a unique understanding of what buyers value in their local markets."

Here are some other interesting facts:

When it came to rooms that buyers want in a home, 55 percent of buyers thought it was very important to have a living room, although NAR reports that buyers in the Northeast placed more importance on a home with a dining room. Buyers aged 55+ prioritized a bedroom on the main level of the house, while home buyers aged 35 to 54 placed more importance on a laundry room, while those with children placed more importance on a family room.

• 55 percent of buyers thought it was very important to have a living room
• Buyers aged 55+ wanted a bedroom on the main level of the house
• Buyers aged 35 to 54 placed more importance on a laundry room
• Buyers with children placed more importance on a family room
• 63 percent of buyers would pay an average of $1,590 more for a home with a laundry room
• 44 percent of buyers would pay $1,920 more for a home with a den/study/home office/library

Now, some of this information might seem like a no-brainer, but what can it teach us? Set aside some time at the very beginning—way before your first home visit—to talk with your client about what they are looking for in a home. It could be that many of them haven't even thought about some details yet, like proximity to neighbors, nearby amenities, quiet, etc., not to mention details about the actual home like dens and laundry rooms.

Doing your research ahead of time could probably cut down on half of your fruitless home visits.

To view the original article, visit the ReachFactor blog.