Client hunting is by far the most time-consuming and tiresome part of being a real estate agent. It’s not every day you get a big fish investor in a sea of shrimp, which is why targeting specific groups and knowing your audience will take you up a notch when it comes to client hunting.
Finding clients in North America may not be easy, but is not impossible. However, where do we start?
First, you have to divide your clients into the different classes of people. Studies show that forty percent of the US population are in the working class, thirty to forty percent are in the middle class, and only one to three percent is in the lower-upper class or upper-upper class. Talk about the American Dream.
So, if you are a real estate agent, who would you target? Of course, those who can afford your product.
I know what you are thinking, but never underestimate the potential of each class. Though the white collar workers may have limited money to buy property, they still have more money than the lower classes. The fact that they still have money gives them the potential to invest in one.
The lower middle class is made up of people with satisfactory incomes, such as small business owners, teachers, managers, secretaries, and often real estate agents. The upper middle class comprises high-income earners, such as lawyers, doctors, CEOs, etc. According to Business Insider, if your yearly earning is as much as $250,000 a year, then you are still considered “middle class”, no matter what your name patch title may say.
Then, you have your upper class or the elite. These are the potential clients with the money to spend. Yes, they will be your target, but to penetrate them, you must be at the top of your game or the best among the best. So, you’d better start working on it, or you might not get the chance.
Going back, where do you find clients in North America?
The working class is often found in occupations such as retail sales, clerical, or low-skilled manual labor. Take note. However, it might be hard to convince them to buy property as they may think they cannot afford it. Offering them low-cost housing or rent-to-own schemes is best.
The lower middle classes, on the other hand, are your semi-professionals with a comfortable standard of living. They can be employed in publishing, journalism, hospitals, business enterprises, court houses, etc. Home prices between $250,000 to $350,000 are within reach for middle classes.
And of course, your elite or upper class. They are your successful venture businesspeople or capitalists, your executives, the high society, some celebrities, and more. You may find them in business hubs, prestigious hotels, metro areas, or high-end mansions and subdivisions. Connections are the key to go through them, plus some referrals from your big bosses.
Remember, affordability is the key to finding clients in North America. As income and mortgage rates have flown higher and higher over the past years, knowing where your client stands in acquiring an asset is a must.
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