Types of Property Buyers

Mar 7, 2019 | All, Industry

When it comes to selling property, you will be approached by various types of buyers.

For a quick sale, it is important to understand the different types of buyers.

To attract the right buyer, the marketing should focus on a specific type of buyer. Different features of a property will appeal to different kinds of buyers, all depending on what they’re after.

At PropertyFox, we look at the different types of buyers you should expect to meet when putting your property on the market.

First-Time Buyers
These are usually middle-class families who are looking for a foot in the door to home ownership based on affordability. These buyers are looking for a comfortable, liveable home and are likely to be drawn to homes with large gardens that provide plenty of room for gardening and space for children to play. Generally, they want at least two bedrooms and two full bathrooms to accommodate expanding families and room for visitors to stay.

Generation Y Buyer
These buyers do not necessarily rely on seasons and school schedules to purchase homes. For this group of buyers, the market is always on. They are very active buyers, and most importantly millennials want suburbs that feel like a city. They are fully connected, visual and will view listings at any time of the day. Most of these buyers prefer seeing homes that appeal to them on their own time. Some might even be part of the growing remote workforce so tech specs will be appealing.

Buy-to-let investors
A property that can generate revenue while it appreciates in value over the long term is the main concern for this buyer. They are generally looking for a secure long-term investment that will require relatively low maintenance. These buyers are normally looking for sectional title units that require little or no renovation and can be rented out immediately to start earning income.

For a quick sale, it is important to understand the different types of buyers.

Fix-and-flip Investors
Full-time property investors looking for property that is selling substantially below the market norm in a specific area. This type of investor will be looking for a property in need of renovation that they can restore and sell in a reasonably short period of time for a return on investment. They are looking for the lowest prices because their rehab costs are higher than most other buyers.

Luxury Buyers
High net worth individuals or international professionals who may have several homes. They are happy to spend the money needed to secure a home that offers luxurious amenities such as heated floors, open floor plans, chandeliers and large bathrooms. Often look at many homes before committing to a specific location and may have a long list of requirements for their new home.

More examples of different buyers include move-down buyers, move-up buyers, investor buyers, retail buyers, rent to own buyers and relocation home buyers. Make sure that you understand these buyers, it would be wise that expertise and time is spent on the pre-marketing of a property, to ensure the best results.

Sellers can maximise their gross selling price by using an estate agent. At PropertyFox you are also guaranteed an effective marketing plan and the use of the best data science for property valuations to help sell your home at a quicker pace for a fast sale!

Contact us today to get the ball rolling with a free evaluation.

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