The real estate business is saturated with an unlimited number of properties that are either bought or sold every day. Selling one’s property in a market as competitive as the real estate can be difficult for some than others due to contributing factors like the property’s condition, selling price, the agent, and marketing strategies applied. This article, however, focuses on one overlooked factor that can result in a quick sale of your property, the target audience. As you market your property, it is very important to have a clear strategy for maximum visibility and reach of your property within the market but it is even more important to know who might be interested in what you are selling. Knowing your target audience will help you know exactly who to approach, what to show and hence bring quicker results.
This article will help you understand different types of home buyers and hopefully redefine your marketing strategy into one that is more direct towards a specific group.
Retail Buyers
This is one of the most common groups of property buyers in the real estate markets. It consists of people looking for properties enough to accommodate small to medium-sized families. The group can be subdivided into home buyers who are looking to own primary properties for either the first time, young couples, existing families and retired individuals. This group looks into the real estate markets for properties that are comfortably affordable with enough room to accommodate extending families within friendly neighborhoods with good schools, hospitals, malls, and flexible commute systems. If you’re looking to sell your property at an affordable price range and within the above criteria then this group should be the first you market to.
Buy-to-Let
This is a popular way of investing in the real estate market whereby an individual buys a property but instead of living in it, he or she immediately rents it out to other individuals in the hopes that its price accelerates overtime. The buyers are mainly looking for sectional title units or complete homes with minimum need for renovations for an instant revenue generation. This form of investment can be highly rewarding once the prices go up and can result in negative equity if the market price drops. If you are looking to sell a property that requires minimal fixes then the Buy-to-let buyers are the ones you should target.
Luxury Buyers
These are individuals who can smoothly afford a property regardless of its price. They have a comfortable budget scale but also require more from properties. Luxury home buyers may purchase properties but not necessarily live in them. Whether they do it as a hobby or as a way of investment, luxurious home buyers may seem difficult to settle for a property due to the number of requirements they look for in properties. Luxurious home buyers are after properties with sophisticated amenities be it the exterior surrounding, interior plan, roofing, security and cooling system, bathroom and kitchen settings. If your property is constructed with an expensive modern or old touch, then this group should be the one you sell to.
Millennials
There is a new wave of buyers taking the real estate market by storm, the Millenials. This is the group of young individuals that mostly buy properties without considering the real estate rule books. Millenials purchase houses at any time of the year disregarding the price range as they do not look for convenience but rather a desire to own a property. Millennials are after properties with sophisticated details concentrated in big cities and suburban areas. With technology taking over this era it has also taken over the real estate markets through mobile applications and optimized websites giving Millenials full-time access to the real estate markets. Millenials provide the real estate market with an all-year market. While you may focus on other groups of buyers, it is important that property sellers and real estate agents consider this group for immediate purchases.
Fix and Flop Investors
The real estate market is indeed an extensive one as it does not only provide a market to properties in good shape but even to those in below the normal market standards. The Fix and Flop investor buyers are property buyers that purchase properties in need of renovation with the potential to be restored for an immediate resale at a higher price. The Fix and Flop investors can also target the market of houses selling at lower prices with an intention to resell at higher prices in a rapidly rising market. For old or damaged property owners looking to join the real estate business, the Fix and Flop investors might be a good target for a quicker sale.
