Which Buyer Type Are You?
I love recognizing what buyer type I am working with and then going out of my way to ensure I’m meeting their unique needs. No two buyers are the same! Each one has different needs, a different story, a different timeline, a different goal, and a different way of navigating the home buying process. I want to go through the five (5) different buyer types with you so you can figure out which buyer type you fall under and how I can best serve you regardless of what buyer type you are!
FUN FACT: Homeowners have 44X more net worth than renters!
According to Brian Buffini with Buffini & Company, there are five (5) types of buyers:
The Millennial Buyer
The Move-Up Buyer
The Relocation Buyer
The Third-Party Buyer
The Downsizing Buyer
1. Millennial Buyers
I’m a millennial myself, so I most definitely understand the mindset of millennial buyers! Millennial buyers want to know the facts. They want to see and understand the statistics and how they’ll personally be benefiting from homeownership. They also read reviews when trying to find the best real estate agent in Longview, TX or East Texas!
Like most buyers, millennial buyers look online first and spend the majority of their time surfing the internet. However, there are pros and cons to this and my job as your trusted real estate agent is to help millennial buyers know the difference between a house that “shoots well” and a house that “shows well” in the East Texas real estate market.
Some homes are extremely photogenic and look stunning online, but they do not show well in person. The opposite is true! There are homes that are’t photogenic (or perhaps the realtor took blurry iPhone photos that don’t do the house justice…that happens, too) but they show well in person.
Obviously, technology is great and helpful when it comes to searching for a house. My goal is to make sure millennial buyers are using apps such as Zillow or Realtor.com as a GUIDE while reminding them of the importance of viewing homes in person!
2. The Move-Up Buyer
These folks already own a home and are looking to buy a bigger home that meets their specific housing needs! They need to know what they are able to buy and what their options are before they can put their house on the market. That’s where I come in!
I help “move-up buyers” understand their options. I explain to them what their post-sale options are and help them understand the importance of getting their house under contract first before they make an offer on a new home (if their offer will be contingent on the sale of their current home). We talk about the possibility of a leaseback or renting until they find exactly what they want. It’s also my job to be the bad guy and make sure they don’t fall in love with a house until we know for sure their current house is going to close.
3. The Relocation Buyer
Relocation buyers are typically circumstantial. They’re moving and looking for a house for a very specific reason—typically due to a change of jobs. These folks usually aren’t familiar with East Texas and a lot of time they’re having to do virtual showings if they live in another state and can’t make it back and forth to look at houses!
I love all buyers, but I have a special place in my heart for relocation buyers because they are that much more dependent on me to guide them and find a house for them that will meet their specific needs. Sometimes these buyers aren’t able to see a house in person until after they go under contract! However, if they’re not able to come in town for the inspection, then that’s where I step in. I happily meet contractors at the house and go above and beyond to make sure the videos I send them help them know whether or not they’re making the best financial decision!
4. The Third-Party Buyer
Third-party buyers might be an investor looking to buy, flip, and sell a house, extended family purchasing a home for their relative, or an investor who is purchasing a house with the intent of renting it out afterwards.
One of the ways I serve third-party buyers if they’re an investor is by running numbers for them and showing them comparable properties so they know what their profit will be depending on which house they go with. If they don’t live in Longview, then I happily provide contact information for local contractors so they can get quotes and choose the route that is best for them. Most recently, I worked with an investor and ran three (3) different home equity reports for him. He had purchased a house and was trying to decide whether he should make updates or not. So, I ran comps to show him what he could list the house for if he sold it as-is, what he could list the house for if he made minimal updates, and what he could list the house for if he made major updates. I was able to provide a net sheet so he knew what he’d be walking away with based on each decision!
If mom and dad are wanting to pay for their kids’ new house, I help put the parents at ease by answering their questions and help them get a better grasp of Longview so they can feel confident their kids will be in an area that best fits their needs.
5. The Downsizing Buyers
These are usually empty nesters who have an emotional attachment to the house they’re looking at selling. Sometimes they’re needing to downsize for financial reasons—perhaps they lost their job or they lost their spouse and can no longer take care of the home.
I also have a special place in my heart for downsizing buyers because it’s important that I empathize and journey with them while they navigate the hard place they’re in. These buyers remind me of what a home means to a person and how emotional the process can be. It’s not easy selling the home you raised your children in or made memories with your spouse in! More than anything, I want to empathize with their pain while also being the fixed point they need to get through the process. I’ve helped buyers sell their childhood home, their dad’s home, and the home they raised three (3) boys in. It’s all about knowing and understanding their story and then helping them from there.
If you know of anybody who is looking to buy property in the next 3-6 months, text their contact information to me at (903)241-2608 or email it to me at kristinkoonce@gmail.com OR you can tell me about them here. Not only will a call them, but I will take the best care of them REGARDLESS of what type of buyer they are.
If YOU are a buyer or plan on buying within the next 3-6 months, take a few minutes to fill out my buyer intake form and I’ll be in touch!
Kristin Koonce Burroughs, REALTOR®
(903)241-2608
kristinkoonce@gmail.com
BOLD Real Estate Group