Selling a house can be very tricky, but with a Realtor by your side, you don’t have to stress over the process. Let’s take a look at your potential target markets.
Defining this market is extremely important on the front side, as it allows your Realtor to market your home more effectively.
To help you decide your ideal target audience, we have made a list of types of buyers. The real estate market has divided these buyers into six segments, as identified below:
1. Entry-Level Buyers
Known as the first-time buyers, these are the people who form a large part of the real estate market. Entry-level buyers are on a limited budget and looking for real value for their money. They will negotiate hard, so if you have a big and extravagant house, this is not your target market.
2. High Net Worth Buyers
High Net Worth buyers look for exclusive features like top of the line fixtures, en-suite bathrooms, SMART systems, etc. For them, the “address” of the house matters the most Covenant Realty Corp
because they want certain things nearby including close proximity to important business nodes. When marketing your house to these buyers, put forward the best features of the house to attract them.
3. Family Buyers
Family buyers are some of the best buyers in town as they have specific requirements and if you can meet more than half of them, you can negotiate with them and turn the deal in your favor. They are willing to pay your asking price if certain amenities such as good schools, medical facilities and a community center are nearby.
Other factors that influence family buyers include a swimming pool (or even lack thereof), patio, garden and a big back yard. If your house is located in a safe neighborhood, then this is your target audience.
There is a trend now to remodel master baths without tubs. If you are hoping to target this market of buyers with children, be sure there is a bathtub in at least one of the bathrooms.
4. Leisure Buyers
Leisure buyers are focused on the location of a house because they are passersby and might sell the house in a year or two. If your house is easy to maintain, has numerous attractions nearby and is in a secure neighborhood, then this could be your target audience.
5. Mature Buyers
The one thing mature buyers, who are in their retirement, look for are medical facilities that are nearby. Two story homes are of little interest to this market of buyers. Additionally, certain features of the house are non-negotiable for them such as well-proportioned bathrooms and an electronic safety system.
6. Investment Buyers
Investments buyers don’t involve emotions while purchasing a property. They are interested in factors such as tax, rental income, maintenance cost and capital appreciation. Before approaching these buyers, you need to do your homework, so that you can attract them with the right incentives.
When focusing on your target audience, remember: first impressions matter a lot, so make sure that the house is well-maintained, uncluttered and clean. If you are thoughtful in preparing your home for sale, you might even be able to market your property to several of these market segments. Now that you know the types of buyer segments, make sure you choose a Realtor who knows how to market your home to the right target area(s).