When it comes to selling property, it’s every homeowners dream to make a quick, successful and pain-free sale. That’s why when I’m asked to preview a home for home staging, one of my main focuses is on ensuring that I have a good understanding of the target market and what the buyer will be looking for when purchasing their dream home.
To assist you in understanding your potential target markets, I have developed an outline of 5 core groups of home buyers and given some tips and tricks on how you might appeal to that audience.
1. First Home Buyers
According to the Australian Bureau of Statistics, first home buyers accounted for approximately 27.1% of house sales in the past 12 months. This growing audience is generally younger with children and has tighter budgets. This group want value for their money and will generally negotiate with sellers to get the lowest price possible.
Key selling points for first home buyers:
A home with at least 2-3 bedrooms and potential space to accommodate a growing family.
Being in an affordable location with grocery stores, train stations and schools in close proximity.
Having a home with the latest technology, such as a dishwasher and new appliances.
A home that is close to their family and friends.
A home with an outdoor entertaining space and a small yard area for their children.
Locations that are close to parks and ovals for their children to utilise.
2. Family Buyers and Upgraders
Family buyers and upgraders are experienced in purchasing homes. They’ve hit the market before for their first home but are now looking for a larger place to settle down with their family. Generally, family-orientated, this group place a high priority on finding a place that falls within a good school catchment, is close to public transport and amenities like hospitals and doctors.
Key selling points for Family Buyers and Upgraders:
This group will likely downsize when their children move out of the home. Therefore, a home with potential property growth is important to ensure they can make a good return on their investment. Outdoor entertainment needs become amplified for this group, with many looking for swimming pools, larger gardens, BBQ areas, and larger backyards.
Extra rooms like rumpus rooms and studies are important to this audience.
Being family-oriented, being in a good school catchment zone is important for these families.
Proximity to public transport.
Secure and safe surroundings for the families and children.
Having both baths and showers will appeal to this group whom likely have both younger and older children.
3. Mature Buyers/Downsizers
The kids have come and gone, and this group is now looking to downsize. Gone are the days of future retirees wanting large gardens and double-story homes – this group is instead looking for a property that is easy to maintain and navigate.
Key selling points for Mature Buyers/Downsizers:
Single story properties or units with easily accessible lifts.
Small and easy to maintain gardens.
Secure and quiet surroundings that are close to family and friends.
A spare room for the kids and grand kids to stay in.
Easily accessible grocery stores, public transport, restaurants and cafes.
A property that doesn’t require regular work and is easy to maintain.
A property that is close to hospitals and doctors.
4. Investment Buyers
Investment buyers look at purchasing a home the same way that they do any other business investment. This means the group is likely to be property savvy as they understand the risks and expenses involved and are looking at the property from an investment standpoint rather than an emotional standpoint. For a property to appeal to an investment buyer, it needs to show both potentials for capital appreciation and rental income.
Key selling points for Investment Buyers:
The potential for capital growth and rental income.
A property that has been designed with a modern and appealing aesthetic that will enable them to rent out of home.
A property that will not require extensive upkeep or maintenance.
A property in an excellent location that will appeal to a broad audience:
Proximity to the CBD or business areas
Proximity to schools and park
In a walkable distance to grocery stores, cafes and other amenities.
Close to public transportation
Properties with additional features such as a second bathroom or extra storage that can assist the investor in increasing rental prices.
Professionals are time-poor with demanding schedules. This group has an active nightlife, are regular gym users, eat out often and look for low-maintenance homes.
Key selling points for Professional Buyers:
A location that is inner-city with accessible public transportation and close to nightlife and entertainment precinct.
A property that is low maintenance such as apartments and townhouses.
A property that has the latest appliances and technology.
A property with a home office as this group often work from home or bring work home with them.
A property that is luxurious, stylish and on-trend – this group can sometimes value looks over money so it may be worth investing in a few stylish art pieces to liven up your home.
A place with a shared gym or pool will appeal to this group as it provides access to the amenities, they desire without the maintenance work that they avoid.