Purchasing Property: Decoding the Stages of the Consumer Buying Cycle

September 15, 2022 | Indextapadmin

Consumers pass through a set of consequential steps while purchasing a product. This procedure includes the recognition of needs and wants, plus product analysis, which is followed by the estimation of the preferences, and finally, the purchase happens. However, the integrity of the consumer buying process gets extreme when they make one of the biggest transactions of their lives by buying a house.

Therefore, purchasing a house is a benchmark in almost everyone’s life, primarily in metro cities like Bangalore or Mumbai. Knowing the buying process of consumers is essential if you are a home buyer or a realtor. Therefore, let’s understand the stages of buying process with the example of purchasing property in MMR.

Stages of Consumer Buying Process

• Determining the Necessity

If buying home in Mumbai tops your wish list, then you should first have the ability to recognize your needs and wants in order to end up with a smart purchase decision. For instance, you want to buy a home so it can help you with tax benefits, but you saw your colleagues buying a car, and with the influence of this leisure, you changed your mind to purchase a car instead of a home. Here, you have to keenly filter out your needs and wants to determine your benefits.

• Information Research

After deciding that a house is what you need, you need to conduct extensive research before making a purchase, which includes the type of house, location, home loan amount, interest rate, and several other important factors.

• Evaluating Options

After analyzing all the aspects of buying home in Mumbai, you need to check the options to filter out the best house. For instance, check the size and type of house you require, the quality of raw materials used, the cost of the house, the neighborhood for living, and future ROI prospects. Select the best house that meets your budget, preferences, and what benefits you the most after weighing all your options.

• Decision Making

Decision-making is one of the stages of consumer buying process because, at this point, you have already examined all the options. You should also be aware of all the payment options by now. Determine the time you need to choose whether to buy this house or not. Yes, even at this stage, a consumer can drop the plan to buy a shortlisted house if they get negative feedback from the neighbors or the prior owner. Moreover, a consumer might also drop the purchase plan due to a random shift in employment, unexpected higher market prices, a financial crunch, and so forth. Well, if a consumer still sticks to the decision of purchasing property in MMR, then they should move forward to the next and final step below.

• Post-purchase Analysis

Finally, after buying a house, you need to give it a thorough check and compare it with your expectations. See if it can fulfill your needs. Post-evaluation results either in satisfaction or dissatisfaction. Even at this stage, you can lose the customer in terms of their bad reviews via customer forums, social media, word of mouth, or websites.

In a nutshell, above we have discussed all the important stages of buying process that a consumer and a marketer must bear in mind. As a result, following these stages, a marketer will get to know the consumer's buying behavior, which will enhance their marketing strategy. On the other hand, these stages also assist a consumer in making a smart and firm buying decision.

Not only that, but you can also visit IndexTap for a more in-depth understanding of real estate analysis.