Repeat buyers account for over half of all home purchases. They’re usually upsizing after having kids, downsizing after the kids have left the nest, or moving to a more preferred area. Either way, they’ve been through the homebuying and moving process before and don’t need as much guidance or reassurance as first time buyers.
While repeat buyers have already applied for a loan in the past, they probably don’t remember everything. Some might be moving out of their house after just a few years, but others might have lived in the same place for twenty or more years, and need to get re-introduced into the mortgage approval process. Mortgage requirements change over time (and so do rates), so you should remind your potential customers of the changes in the mortgage market – especially if rates are low.
Different types of buyers have different needs. Whereas first time buyers are looking for help, repeat buyers are looking for good deals and an easy loan application. Likewise, your marketing towards repeat buyers should be different. Put less of an emphasis on the value of homeownership and more of an emphasis on the loan itself. Remember, these contacts are probably already living in a home, so if they receive emails that assume they don’t, it will be offputting. In addition, repeat buyers likely have a house to sell, so a down payment isn’t that much of an issue. It’s best to separate your marketing between first time and repeat buyers if possible.
First time buyers want a home. Repeat buyers want the right home. There’s a reason they’re moving, so they’ll be pickier about their next house – and their next mortgage. It’s important to show how your company is different. There is a lot of competition out there. How does your service stand out?