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Why you can’t afford to ignore First Home Buyers

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06 October 2014

Why you can’t afford to ignore First Home Buyers

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Young home buyers can’t win. Can’t afford to buy in trendy inner-city suburb? Lower your standards! Struggling to scratch together a deposit? Not working hard enough! Living with parents to save faster? You’re a drain on their limited resources! 

But when you consider how many people cling to negative stereotypes of real estate agents, getting in front of this elusive and much maligned group can make a big difference to how they view you and your brand down the track.

First Home Buyers don’t actually own property, so they’re not factored into the marketing efforts of most agencies. But while FHBs may not be purchasing now, they will be – eventually. FHBs turn into vendors and investors; ignore them at your peril. 

Buying property isn’t an overnight decision, and by the time a FHB gets down to the nitty gritty of a serious property search, they’ve likely been researching (and saving) for years. There are ways to make your brand part of that process. 

A case in point is James Buyer Advocates, a company who specialise in $1 million plus properties. They’re currently running a six part series in Domain and The Weekly Review targeted specifically at FHBs. In no way their target market, but great way to build brand awareness and solidify an expert reputation. 

We discussed informed and opinionated investors last week, and FHB are at the opposite end of the spectrum. They’re novices, and while they’ve probably done plenty of research, they’re unlikely to trust their own judgement and are hungry for advice and guidance. Any content you can provide to satisfy their desire for information will be welcomed.

So, where do you find First Home Buyers? That’s easy: look at your rent roll. That’s where the majority of your FHBs will come from, which can make delivering them useful and interesting content even more important. Too many people’s formative real estate experiences are with hard-to-pin-down property managers and maintenance-shy landlords, and those early impressions can tarnish a brand for years to come. Improving your communication to this group creates a positive impression of your brand, potentially years before property is the real focus of their attention.

Delivering content via direct mail, online and social media that answers the questions that FHBs are likely to have (about home loans, the purchasing process, auctions and more) is an exercise in long-term branding that can really pay off further down the line. 

What do you think? Is it worth getting in front of people early, before buying and selling is at the forefront of their minds?

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