On average, new homeowners spend approx. $15,000 for their home renovation, as per the Houzz & Home survey.
Many people shift to new houses for various reasons, such as a change in scenery, a new job, to stay closer to the family and changing the size of the home.
New homeowners are those people who have bought the property in the last 6 months to 1 year. These people are the best audience for companies looking for new homeowners to sell and market their products because they make various decisions related to their renovation, internet, services, etc.
Here, we will search for the top 5 tips for building the new homeowner list that converts:
Top 5 Tips for building the new Homeowner list
Let’s discuss the essential tips to help companies build a new homeowner list and reach their target audience quickly and effectively.
- Look for homeowners who have shifted houses in the last 6-12 months
The people who bought their home in the previous 1 year are considered the “New Homeowners”. They need many services such as extra storage, repair work, and other cosmetic services such as paint, texturing, etc.
As per the report of Eye in Housing, new homebuyers spend approx. $12000 on their home to make changes according to their needs. Ensure you are not reaching the homebuyers who bought their houses before 1 year.
- Match the home criteria with your company product or services.
After selecting the geographical area for your target new homeowners, consider the additional property criteria and match them with your services. For example, If you are a company providing kitchen renovation, you must target the audience who has bought a house within the last few months, but the house is approximately 10-12 years old. The kitchen is not in that bad condition in such houses that the old house owner will renovate it before selling. But the new homeowner may find it old enough to make some renovations. In such cases, if you target these new homeowners who buy old houses, you will definitely get the best leads.
- Match your services with home value
It’s very obvious that the new homeowners who have bought a high-value house will definitely look for the high-end services. So, it is essential to consider the property’s value and see if your services can match their expectations. Let’s understand it with examples:
List criteria include the high estimated value, large size, occupied by the owner and a pool will be a bonus.
1 ) Contractor (High-End)
List criteria will include owner-occupied property, year of building, high estimated value and the cash purchase will be a bonus.
2) Contractor (Low-end)
List criteria will be owner-occupied house, year of building and low-value property.
In short, a new homeowner’s service expenditure is always proportional to the home’s value. So, you must ensure that you build your new homeowner marketing list accordingly.
- Demographics is a compulsory factor to consider in your new homeowner list.
While building a new homeowner mailing list, companies usually ignore the demographics. However, it is one of the essential factors to consider to reach your potential audience. For example, young homeowners typically love to do most of their house renovation work by themselves, such as landscaping or house décor services. However, older homebuyers often need assistance with most of their home services.
At the same time, young homeowners may get tired of dealing with things like leaking roofs or lawn mowing every week.
So, it’s better to target the older homebuyers but keep the young homebuyers on the list too for your long-term follow-up plans. This will also help you to build brand recognition.
- Build your new homeowner list depending on the type of ownership.
Primary owners and absentees are the 2 types of homeowners. It’s essential to consider the types of ownership while building the new homeowner mailing list. Absentee owners are usually real estate investors who will not look for any high-end services for their property. For example, an absentee owner will obviously not look for kitchen renovation or solar services. However, on the other hand, the primary owner will surely consider the home renovation and solar services for their house.
If you are a company that offers property management services, The absentee owners can be your potential audience because they live elsewhere and would love to hire your services for their property management in their absence.