Monday, April 8, 2013
What's the fast-track to success in homes sales to doctors? Successful Realtors? have focus.
Hobbyists give into the temptation to be all things to all doctors.
If you want to join the ranks of high-performing Realtors?, identify a best-fit group of like-minded doctors with similar housing needs. This focus allows you to reach your prospects most effectively.
Here are the five homes doctors buy over their careers.
First home sale Most physicians purchase their first homes in the three to seven years following medical school. Incomes during residency–the apprenticeship years– run in the mid-to-high five-figure range. Once doctors begin their first "real jobs", their incomes jump to the six -figure range. Attractive doctor mortgage programs make it easier for doctors to get financing in this stage.
Second home sale Doctors upgrade to luxury homes homes as their incomes increase and their families grow. The second home is typically purchased five or ten years after their first. The trusted Realtor advisor represents the doctor in both the sale of the first home and the purchase of the second.
Third home sale Doctors' third home purchase is often either a vacation home or a rental property. More doctors are looking at real estate as an investment vehicle.
Fourth home sale Some doctors make late-career transitions. While this is usually a result of divorce, some physicians move to assume a new job as a medical director. Luxury homes are bought and sold in this stage.
Fifth home sale About 40% of practicing physicians are age 55 or older. The kids are out of the house, and doctors are ready to down-size.
Your best-fit group of doctor clients reflects your strengths, interests and current focus.
If you're just getting started in the medical market, consider selling doctors their first homes. The reason is simple. Doctors are loyal clients, and each new doctor could potentially result in nine transactions–five home purchases and four home sales.
If you're already established in the luxury market, you can identify ways of reaching doctors making mid-career home purchases.
Find the focus that works best for you. That's the quickest and most direct path to more home sales to more doctors.
Vicki Rackner MD helps Realtors? sell more homes to more doctors. Go to www.SellHomestoDoctors.com to learn about ways you can get insider tips from a physician and gain the competitive advantage. Enroll in the 1% Solution Program and get a video sales tip each week. Sign up for the 6 week Sell Homes to Doctors course. Explore coaching programs. MD Preferred get a 50% discount on all services.