Here are five types of buyers:
- Impulse buyers
- Bargain buyers
- Value seeking buyers
- Pain-in-the-neck buyers
- Affluent buyers
Understanding the types of buyers will help you best serve them well. It has nothing to do with personality traits or a gimmick. It is essential for sales to develop effective marketing strategies and cater to the unique needs of these buyer types. Without much I do let’s delve into the five types of buyers you will meet while trying to sell your properties.
1. Impulse Buyers
Impulsive buyers are characterized by their spontaneous purchasing behavior. They often make buying decisions on the spur of the moment, driven by emotions, desires, or the fear of missing out. You can use that to your advantage. Impulsive buyers may be attracted to eye-catching displays, persuasive advertising, or limited time offers. They tend to prioritize immediate gratification over long-term considerations and may experience buyer’s remorse after making impulsive purchases. These are the type of buyers who buy land and start building only to find out they fall in flood zone when it rains. The excitement of the purchase drives them to purchase without analyzing the location.
How sell to these types of buyers?
You can capitalize on their need to your advantage. This type of buyers doesn’t do any research of price of other properties on sale. Here is how to close them: create a sense of urgency with limited time offers and scarcity messaging thereby creating FOMO (fear of missing out) effect in their mind. Visualization sells, so utilize visually appealing and attention-grabbing marketing materials. Implement persuasive and emotional language in your advertisements or listings. Offer incentives such as freebies or bonuses with immediate purchases.
Your job is to captivate their attention from the start till you close them. Don’t let them loose them lose interest otherwise you will lose a buyer.
Read also: How to Buy A House in Ghana and Pay Monthly? Here is How
2. Bargain Hunters
Bargain hunters are savvy buyers who are always on the lookout for the best deals and discounts. In simply put, they are on a budget. They don’t want to spend more than what they budgeted for. They are looking for the most affordable price they ever get. They shop from developer to developer, from agent to agent looking to save some money on their home purchase. They invest enormous time and effort in researching prices online and offline, comparing options, and seeking out sales or promotions.
Bargain hunters tend to be price-sensitive and seek to maximize their savings. They don’t place much emphasis on the quality of what they are buying, rather, how much discount they can get.
They may use various tools and strategies, such as price-comparison of similar properties, or waiting for seasonal sales, to ensure they get the best possible discount before pulling the trigger.
Outside real estate, these buyers buy a bunch of items they don’t actually need or may not use in their life simple because they bought it on sales. They are constantly looking for “good deals”. Anything outside that is expensive.
Read also: Accra Real Estate: First-Time Home Buyers in Ghana Tips
3.Value Seekers
This type of buyers focusses on obtaining the best value for their money. They are not price sensitive. They consider a combination of factors such as quality, features, durability, and long-term benefits when making purchasing decisions. This type of buyers put in time to do research on the property, some even ask for a second opinion from other people before committing to a purchase. Value seekers may be willing to pay a higher price for a product or service if they believe it offers superior value compared to cheaper alternatives. They prioritize finding products that align with their specific needs and offer a balance between price and benefits.
How sell to these types of buyers?
Since they like to read or learn more information about the property or project, your job is to provide them just that and let them make an informed decision. You can also inform these prospects what amenities your property has and what it hasn’t so there won’t be any surprises. By showing your pros and cons you will gain their trust. The buyer will know you are not trying to shovel the deal down their throats. Even though they don’t care about price, tell them, you are more expensive than your competitors because you offer X , Y and Z. You can’t “hard close” them. If you try you will lose them. Let them commit when they are ready.
4.Pain-in-the neck buyers
Just like Value Seekers buyers, these buyers also need information- they will request for property information and other relevant information. But making a commitment to purchase is another headache you have to deal with. Most of these buyers can be pain in-the-neck. Most of them end up not buying evening when their preference is met. They will still bug you with endless questions.
They have a clear purpose in mind and seek properties or services that fulfill those needs effectively. These buyers prioritize functionality, practicality, and suitability for the intended use. They may seek recommendations to ensure they make an informed decision that aligns with their specific needs. Price may still be a consideration, but it is secondary to finding a solution that meets their requirements.
Buyer always have the power and you need to be patient and act professional but these types of buyers you may have to fire them because they are just wasting your time. You could tour with them on multiple units that meet their criteria, but they just won’t buy, rather try to undermine your professionalism.
How sell to these types of buyers?
If you noticed these types of buyers, let them outline their preferences and all details they needed from you. After you provided them with all details, ask them, “what is one thing that is keeping you from you from pulling the trigger?” That way you will be able to address that. And if they didn’t commit you can fire them. These buyers can make your life a living hell. They will try to suck the energy out of you. Have you had a prospect who tries to argue with in every conversation and tries to make you look like a piece of crap? That is what I’m talking about.
To give you an example of such buyers is in the movie called “Analyze That” 2002 starring Robert De Niro as Car salesman boss. After showing the couple the car and all its futures they still won’t buy and he had to fire those customers. He realized they just wasting his time, the final conversation went like this:
– Hey, what kind of car you drive, anyway?
– It’s a Lexus 430 LS.
That’s like a Toyota.
– It’s a Lexus.
– Yeah, Toyota, Lexus, same thing.
Japanese, right?
Let’s not forget Pearl Harbor.
Anyway, let’s get serious.
You wanna buy this car, or what?
– We have to think about it.
– What’s to think about?
You told me you liked it.
You asked me 10,000 questions
I answered every single one of them
You drove it. You love it.
What more do you need to know?
You know, it’s a lot of money,
and we need time to consider it.
Consider it?
Why don’t you consider this.
You been breaking my balls for an hour…
…asking me about
every goddamn accessory in this car.
– “What about the light?”
– You cannot talk to customers like that.
You’re not a customer
as far as I’m concerned.
– You want to buy the car or not?
– Not from you. I wanna see the manager.
You wanna see the manager?
I’ll show you the manager.
– Here’s the manager. Right here.
– Unbelievable.
– Come on.
– Wanna talk to him?
What should I do?
Throw them out!
You hear him? He just said,
“Throw them out.”
What should they get?
Tell them to get a Honda!
Hey, he just said it. He’s the boss.
5. Affluent buyers
These types of buyers spend extravagantly because they can afford to and want to portray their status. They buy only High-end properties. They want the best of the best, elegance and sophistication. They hardly look at the prices. These are the buyers who say, “just tell me the price.” They aren’t much interested in your sales pitch. Don’t keep selling to buyers what is already been sold. Learn to master buying signals of buyers. For them cheap means low quality and is for low social class. They don’t want cheap deals. If you have forgotten anything in this article don’t forget this. They are ready to swipe credit cards in a blink of an eye.
Luxury is relative to everyone. You need to create that fantasy energy. For some it is attention to details, sophistication, exclusivity, innovation, extra feature, distinct finishing, expressing of excellence, could simple be customer experience or enjoyment but at the end of the day pricing plays a role. People perceive expensive products as luxury. These types of buyers are willing to pay a premium to experience that luxury experience you selling.
Status buyers make purchases to show off their social class. These buyers are loaded and can buy anything that catches their attention. There is the emotional elevation for their purchase. That feeling they get drive and influence their purchases. For example, if a property doesn’t make, they look like big money spender, they don’t buy. These high-ticket buyers buy because of the convenience they get. They don’t shop around. They have a preference, if a property doesn’t meet their criteria, they don’t waste.
How sell to these types of buyers?
The need to appeal to these buyers is a skill. Never try to sell cheap to them because in their mind that degrade their status to that of moderate-income earner status. They are not interested in discounts and saving money on a purchase. Don’t pitch that to them otherwise, you will lose a buyer. Make sure to present prestige. Get to know their preference your property should fit their buying preference, if a property doesn’t meet their criteria, don’t bother them. For example, if they are looking for a Greenery and Luxurious 4 bedroom Villa with renewable energy features at Kwabenya or En-suite luxurious 4 bedroom apartment at Cantonments don’t bother to send them a 4bedroom mansion at Kasoa.
Think of Rolex $12000 watch to CASIO G-SHOCK $120 watch. Both watches tell the time. Time is the same irrespective of the type of watch you wearing but Status buyers prefer Rolex to cheap Casio because it makes them feel good. Give Status buyers the perceived value they expect, and they will buy instantly.
Read also: 7 EASY WAYS TO INVEST IN GHANA REAL ESTATE MARKET
Conclusion
Understanding what motivate each buyer to buy will increase your sales save you time and help you tailor your approaches based on these buyer types. You can increase their chances of connecting with prospects and closing the deal.
Last, depending on the type of buyer type your business serve, each buyer type will bring other buyers in their circle. An Impulse buyer will bring other Impulse buyers. Same with Value seeker, Bargain, Pain-in-the-neck and Flamboyant buyers. Who you choose to serve will impact your sales volume.
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Take Away
We have received several request from our platform visitors especially the diaspora looking for real estate services to handle their real estate needs. That is why we set up Villashark one-stop-shop diaspora services , serving all your real estate needs in Ghana. There are 60,000 court cases all related to real estate – land litigation. 40% of people attended court hearing and about 60% attended court hearing a 100 times. About 15000 cases are pending and only 20% cases are resolve. You don’t want to spend the rest of your life fighting in court to win your land back.
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