3 reasons why you aren’t getting successful buyers for luxury properties

Property agents are finding it harder to acquire buyers. Not targeting based on existing customers, overpaying for leads, and not generating high volume of leads contribute to this problem.

The property market in Malaysia is tough as the supply of properties exceeds demand. The National Property Information Centre (NAPIC) reported a 26.5% increase in serviced apartments overhang in the first half of 2020. 61.8% of the overhang are priced above RM700,000.

Within your circle, you’re also noticing that many property agents are leaving the business in search of a steady and easier income. Unlike them, you’re determined to soldier on.

Nevertheless, it’s a waste of time to pay for leads, showcase units to them, and prepare all the paperwork, only to lose them because of loan rejection. The Real Estate and Housing Developers’ Association (REHDA) said on March 8, 2017 that the rejection rate for housing loans was as high as 60%. Imagine investing your precious time and hard-earned commission on pursuing leads, only to find out that they aren’t qualified for loans.

Instead of mass-targeting and brute force calling, what if there’s a way to better predict each prospect’s interest and affordability, even before you pay for the leads and invest your time in nurturing them? Won’t that help you save money and time?

Here are 3 common things to avoid when generating prospective buyers online:

Not using existing customer base as targeting standards

Every good property agent is skilled at reading a prospect’s buying signal when meeting them face-to-face. But how can you do this online where everyone’s ‘faceless’ and anonymous?

Many property agents failed to leverage the data of their existing customers, causing them to look for prospects in the wrong place. There is no point in getting leads who are either uninterested or ineligible to buy.

Property agents can spare themselves the trouble of analysing the common traits and qualities of their successful buyers by leveraging Facebook’s custom audience. To learn how you can benefit from custom audience, click here.

Overpaying for cost-per-lead

For a commission-based career, prudent spending is vital. Keep in mind that you are paying for leads out of your commission which you haven’t earned.

A situation that causes you to overpay for cost-per-lead is “audience overlap.” This happens when your sets of ads compete against each other for the same audience, thereby increasing the cost. Click here to know how you can avoid audience overlap.

Not generating high lead volume

Having a low lead volume is bad for 2 reasons. First, it lowers your chance of getting sales. Second, without a high lead volume, Facebook’s AI is unable to learn and improve. In fact, for a successful campaign, Facebook requires at least 50 leads per week.

Thankfully, there are ways to work around this. Learn how to improve your lead volume here.

Conclusion

The first step to finding a solution is to understand the problems. We have shown you 3 common mistakes in finding prospective buyers. But what we haven’t told you is we have the solution to the problems.

Click here to know how you can find prospects that fit your customers’ profiles like a glove.

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