Discover the different types of buyers and how to target them when selling your home
How do you get the marketing message right for your property? It can make all the difference when trying to sell and maximise the offers you receive if you target the marketing to the right people. Read this article to learn more.
When selling anything, targeting your marketing message to resonate with the most likely buyer is advisable. Splitting potential buyers into different demographics will allow you to establish who will most likely buy your property. Then, you can ensure that your property marketing message speaks most to those potential buyers. This is a common marketing method, but how is this put into practice?
First, consider the various buyer demographics and the most likely properties that they purchase:
- First-time buyers - smaller, cheaper properties, usually one or two bedrooms
- Second steppers - selling their first home and moving up to something a little more substantial. Often 2 or 3 bedrooms, perhaps something with a garden. Most likely to live in this property for a number of years.
- Upsizers - growing families prompt larger properties and will almost always be 3 or 4 bedrooms with a garage and a garden. This is the home where the children will grow up, so it is likely to be important to be close to schools and transport links.
- Downsizers - as retirement looms and the children have grown up and left home, a downsizer is someone looking to pay off the remaining mortgage and move to a smaller property. In many cases, they would also perhaps look to spend some of their equity on a holiday home abroad or travel more, enjoying cruises or longer trips. Gardens are probably not going to need to be so large, but some outside space is likely desirable.
- Investors - cash flow is going to be the most important aspect of this buyer. What will the rate of return be for the property? Is there lots of work to do to the property in order to rent it out? Is there a robust market for rental properties in this area?
- Change of lifers - divorce, bereavement etc. Smaller properties, perhaps because the 'family' has reduced in size and therefore will not require as many bedrooms or living spaces. However, the budget may be higher than that of an investor or first-time buyer due to the position in life.
Then, think about which property types will appeal to particular buyers and which would repel.
As an example, if you have a modern third-floor apartment, it is not likely to sell to a downsizing buyer unless there is a lift system or a young family with small children that might prefer a garden or some outside space. The marketing message for a third-floor apartment will more likely be targeted towards a first-time buyer, an investor or perhaps a change-of-life divorcee.
To narrow this down, the next question would be to look at the value of the property and the style and finish. A divorcee may have a higher budget and be able to consider an apartment of a higher quality. On the other hand, a first-time buyer will likely be looking for something a little lower in price. An investor will likely not be as concerned with the size or interior of the property but instead will be interested in the potential market for a new tenant and the potential rental value and subsequent income that the property might be able to generate.
Once you know your property's target demographic, you can ensure that you highlight and promote the features of your property that will most likely appeal to your demographic. A family home that will most appeal to the upsizers, then it makes sense to highlight the proximity to the wonderful schools and childcare facilities in the area. If you have a property that might appeal to a downsizer, emphasise the leisure facilities in the area.
This way, you will not waste your opportunity to appeal to a potential buyer when they are visiting the property websites and coming across your home. This is your chance to convert this person into a viewing appointment to encourage them to take the time out of their day to come and see your property in real life.
If you are considering putting your home on the market for sale, make sure that your marketing material is geared to appeal to the right buyer to ensure that you have the very best chance of selling your property. Get in touch with our team of property professionals today to get the ball rolling.