10 Property Buyer Behaviour
Buyer behaviour is often influenced by how interested a buyer is in their purchase decision and how risky it is. The higher the commodity price, the higher the risk, and the more involved the consumer is in buying decisions.
Buyer behaviour insights can be put to use in a variety of ways, including:
• Know the average client's profile and how it varies from the competition's.
• Identify areas of opportunity or need for improvement in your client's demographic profile: are you regularly engaged with potential clients?
• Recognize how to deliver services in a more reliable and productive manner.
• Make sure the customer acquisition and retention strategies are future-proofed.
1. Property ownership has risen to the top of the priorities:
Credible investors' Property investment trends, especially those of young millennial buyers, are subject to significant fluctuations. Recognizing the value of owning a home in these trying times, these buyers have begun to place greater emphasis on this aspect of Property ownership. Despite the fact that they will have to pay a significant down payment, millennials choose to invest in real estate because they will be able to remain in the property without paying rent and will have the title to an asset in the future. Furthermore, the sense of protection associated with physical assets and lower Property loan rates is another important factor that influences Property buyer purchasing patterns. End-users are increasingly concentrating their savings into a small number of properties.
2. Planned affordable developments are on the rise:
Affordable housing projects are on the rise: Due to the fear of infections spreading, the population of buyers living in chawls, slums, and clustered living spaces can face an uncertain future, putting their well-being and livelihood at risk. As a result, shifting to cluster-free, planned, and integrated developments is a must. The next most common buyer's option is a home with updated amenities. These planned residences allow buyers to spend the same amount on a 1 BHK house, allowing them to live comfortably. Purchasing a low-cost home is a realistic choice that will almost certainly pay off financially.
3. Online home purchases:
While real estate will always be a family decision in India, and one will want to see the property before purchasing it, the recent lockdown has prompted more online home purchases. Serious buyers and investors are now marginally more comfortable with making a small deposit on their dream home in order to take advantage of a good offer or price. Many developers are now offering appealing options where buyers can book online and then determine whether or not they want to complete the transaction within a certain time frame after viewing the house. This latest trend is gaining momentum, and leading real estate developers with a proven track record will be the primary beneficiaries of this change in customer purchasing behaviour.
4. Working from home is becoming more common, as is investing in homes in outlying areas:
While many people dream of owning their own house, the financial factor makes them consider whether or not to spend their money in real estate. Delaying a property purchase until one has the necessary funds may, however, be an expensive proposition. Because of the growing preference for working from home, which has reduced the need to commute to work on a regular basis, capitalising on these outlying areas can be beneficial in today's world. This pattern is a little easier on the wallets of buyers who want to buy a home that is far from work zones but has all of the required amenities.
5. Psychological Factors
Psychological factors such as perception, beliefs, and attitudes also affect a person's purchasing decisions. Consumers use these variables to communicate with their environment. They are the tools that customers use to understand their emotions, collect and evaluate data, formulate thoughts and opinions, and take action.
6. Social Factors:
Most buyers are likely to seek out the opinions of others to reduce their search and evaluation effort or uncertainty, especially as the perceived risk of the decision increases. buyers may also seek out others’ opinions for guidance on new products or services, products with image-related attributes, or products where attribute information is lacking or uninformative. Specifically, buyers interact socially with reference groups, opinion leaders, and family members to obtain product information and decision approval.
7. Individual Influences:
A person’s buying decisions are also influenced by personal characteristics unique to each individual, such as gender and personality. Individual characteristics are generally stable over the course of one’s life. For instance, most people do not change their gender, and the act of changing personality requires a complete reorientation of one’s life.
8.Influences on buyer Decision-Making:
Cultural, social, individual, and psychological factors have an impact on buyer decision-making from the time a person recognizes a need through post-purchase behavior. We will examine each of these factors in more detail. It is important to understand the relevance of these influences on buyer decision-making.
9. B2B Purchase Decision-Making:
Business-to-business (B2B) buyer behavior and business markets are different from buyer markets. Business markets include institutions such as hospitals and schools, manufacturers, wholesalers and retailers, and various branches of government.
10. Culture:
Culture has an effect on purchase roles within families. Culture is a set of beliefs, concepts, behaviours, and symbols that have been developed to influence human behaviour. Culture refers to a community of people's customs and practises as manifested in their art, food, costumes/clothing, architecture, and language, as well as other distinct manifestations of a group of related individuals.