Home Buyer and Seller Motivations/Behaviors

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Home Buyer and Seller: Psychographics

Key Takeaways

  • Homebuyers value family, save money, enjoy vacations, love dogs, like classical music, and are fans of the NBA. This group also spends the most time on the following media platforms: Pinterest, email, and Facebook.
  • According to a survey of 65,000 employees, people that work in the real estate industry were considered the happiest. Professionals in this industry have the opportunity to be their own boss and scheduling flexibility.
  • The top websites in the real estate industry in the US include Zillow, Realtor, Redfin, Trulia, and Movoto. According to SimilarWeb, the key category of interest across these key players is 'Business and Consumer Services' and the common leading topic of interest, after real estate, would be 'community'.

Introduction

This research set out to create a psychographic profile of people in the home-buying process: home buyers and/or home sellers. Although the research team was unable to find extensive publication surrounding the psychographic profile of people in the home-buying process, we were able to triangulate some findings and present them in our write-up below. Our findings ranged from analyzing the buyer profile of segments within the real estate space, analyzing the audience of leading websites in the industry, and surveys that address the industry. Our findings have been presented below.

#1. HOME BUYER

Home Buyer Psychographics

  • The chart below is a synthesis of the buyer profile of the target audience of building model homes. The chart below demonstrates the difference between demographics and psychographics. This research will focus on the right side of the chart.
  • This image reveals that home buyers have the following characteristics: they value family, they are good savers, they enjoy vacations, they love dogs, like classical music, and are fans of the NBA.
  • The image below offers insight into the buyer persona for a real estate agent. The key challenge that home buyers face is around timelines and scheduling. They are typically busy. They would typically spend time on platforms such as Pinterest, email, and Facebook. These individuals are active on social media and would be willing to reach out via email.
  • Website data: 51% of home buyers found their homes online. The top websites in the real estate industry in the US include Zillow, Realtor, Redfin, Trulia, and Movoto. An analysis of the site visitors will assist in building overall insights into the psychographics. The research team will utilize tools such as SimilarWeb to conduct this analysis.

#2. HOME SELLER

Real Estate Agents: Motivating Factors

  • According to a survey of 65,000 employees, people that work in the real estate industry were the happiest. There are several reasons why this would be the case. Below, the research team has highlighted the various motivating factors for individuals in this industry.
  • Being their Own Boss

    • Real estate agents say that being their own boss is probably the best perk when working in this industry. It allows them to work freely without being micro-managed by a boss that is constantly lurking.

    Flexible Schedules.

    • Another perk is the flexibility of creating a work schedule that allows for more freedom. The key factor here is that agents would typically have to work around their client's availability. For this reason, clients would typically dictate how they plan out showings and consultations.

    Meeting New People

    • This career path allows one to explore interpersonal skills all the time. They are active in networking events when meeting up with clients, business colleagues, partners, and affiliates.

#3. HOME BUYER & HOME SELLER

Audience Interests

  • By analyzing the visitors of these top companies' websites, the research can draw certain insights into the psychographics of home buyers and sellers.
  • According to the findings presented below, our analysis of the overall industry reveals that the key interest category of home buyers and sellers is 'Business and Consumer Services' and the common leading topics of interest, after real estate, would be 'community'.
  • Our findings for each site have also been presented below:
    • Realtors: This company's audience is interested in these categories, listed in order of popularity: Business and Consumer Services, News and Media, Law and Government, and Finance. The topics that interest this audience include community, shopping, real estate, business, newspaper, housing, travel, among others. Other websites they have visited include Zillow, Redfin, Trulia, among others.
    • Zillow: This company's audience is interested in these categories, listed in order of popularity: News and Media, Finance (banking credit and lending), Business and Consumer Services, Law and Government, and Finance. The topics that interest this audience include shopping, Google, University, news, online, business, community, jobs, credit cards, among others. Other websites they have visited include Realtors, Redfin, Trulia, among others.
    • Redfin: This company's audience is interested in these categories, listed in order of popularity: business and consumer services, Finance (banking credit and lending), Law and Government, and News and Media. The topics that interest this audience include homes, real estate, community, shopping, investing, travel, personal finance, homes, among others. Other websites they have visited include Zillow, Realtor, Trulia, among others.
    • Trulia: This company's audience is interested in these categories, listed in order of popularity: Business and Consumer Services, News and Media, Finance (banking credit and lending), Law and Government, and Vehicles. The topics that interest this audience include apartments, services, events, shopping, sale, search, community, real estate, craigslist, among others. Other websites they have visited include Zillow, Realtor, Redfin, among others.

Research Strategy

Our first research strategy was to search through publications and reports determining if there are any charts, research, and surveys that address the psychographics in this industry. Our extensive research identified sources that highlight buyer persona. From these findings, we were able to provide certain insights into the psychographics of this industry.

Our next strategy was to identify the top leading websites in the US and to conduct an analysis of their audiences. This analysis allowed the research team to identify the categories and topics of interest among these players.

Lastly, the research team set out to determine the psychographics for home buyers and sellers. To ensure that one can easily peruse the content, we have categorized our findings into three key sections: home buyers, home sellers, and the last section, both.

Dive deeper

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