How to Win the Downsizing Market

nurturing-downsizers

Downsizing is a common step in the real estate life cycle. Once the kids have moved out, a large family home with multiple bedrooms is unnecessary and difficult to manage and maintain for many older couples. Downsizing to a smaller property is a practical and financially advantageous choice to make. Selling provides capital for retirement plans and allows a homeowner to enjoy the flexibility and ease of living in a smaller home.

Homeowners who want to downsize represent an important market for real estate agents to tap into. Identifying when vendors are considering this life change event is critical. Doing so is all about knowing how to reach this segment of the market effectively and ensuring you maintain established relationships with homeowners as they move towards changing their real estate profile.

 

How to Follow the Real Estate Journey

Agencies who effectively capture and database all their leads are best positioned to nurture homeowners who are likely to be considering downsizing. Every time you interact with a potential client, you should get their details and segment them into categories like tenant, first home buyer, investor, vendor, etc.

This allows you to generate more opportunities. For example, tenants in your database may become a first home buyer and therefore a sales listing opportunity. Since they have already engaged with your brand, they are easier to target and nurture. This could be done through social ads that target them as they are 1-3 months away from their lease expiry.

 

Finding Potential Downsizers in Your Database

When it comes to identifying people who may be thinking about downsizing, it’s all about having insights about the demographics of the people in your database. You can use information like age and census data to leverage complex insights into behaviour. For example, people in their 60s are more likely to downsize.

According to census data, those that do downsize are more likely to move from suburban areas to coastal areas. For example, in Victoria, they move to places like Geelong, Wonthaggi, Inverloch, Mornington, Ocean Grove and Barwon Heads from places like Glen Waverley, Eltham, Kew and Balwyn.

 

Nurturing Vendors Who May Downsize

Users over 50 represent the fastest growing segment on Facebook, meaning digital channels are a great way of engaging this segment. Regular communication is key to nurturing these prospects and generating a future enquiry. Aim to provide informative advice and tips via email and on social media platforms.

Create genuinely helpful content like market reports and articles about the latest real estate hotspots and property values in their local area. Deliver the information at a consistent rate while making sure not to flood them so they don’t feel it’s too spammy.

 

Using the Right Tools to Capture Data

Manually capturing, segmenting and managing your real estate data takes a lot of work. Innovative software solutions such as those provided by Plezzel can streamline the process of nurturing prospects online by automatically capturing and segmenting every lead. This ensures you don’t lose any opportunities while keeping sensitive information secure and out of the hands of third parties.

 

Need assistance with social media marketing or digital marketing strategy for your agency? Get in touch with the experts at Plezzel.

 

By – COO/CFO

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