Selling your home: Understand who your buyers are
Before you get started on preparing your home for sale, you first need to understand who you are selling to. This is a key area in which sellers get themselves into trouble. The wrong approach can alienate certain kinds of buyers, either reducing the eventual selling price or making it difficult to sell the property at all. There are different home buyer categories to be aware of.
Regional and city buyers
Is your property in a big city, or is it located in one of Australia’s more rural regions? This is important because city and regional buyers tend to be looking for different things.
The regional lifestyle tends to be slower-paced and free from the stresses, strains and hazards of big city living. Those buying in the city, however, may be seeking out convenience as well as excitement and stimulation. You need to bear this in mind when you pitch your property for sale. The regional parts of New South Wales will have their own selling points, but these will be very different to those found in Sydney or Newcastle.
First time home buyers
First time home buyers typically have less purchase power than a buyer who already has a few property sales under their belt. As such, cost is likely to be a major factor when considering a home for purchase. This may prove very suitable for certain types of property. But, if your property is at the higher end of the value scale, you might want to market your property to more experienced buyers.
First time buyers are also typically younger people. This means you should think about contemporary home styling in order to attract this kind of buyer, as well as accentuating the key property selling points that might appeal to a younger audience.
Owner-occupiers or investors
There is a whole world of difference between an owner-occupier buyer and an investment buyer. Let’s start with the owner-occupier.
This category of buyer is looking for a home that they, their partner and perhaps their children will be living in for a long period. They will want to project their own vision of life within the home onto the property.
Investors, on the other hand, will have their own aims and objectives in mind. They may want to rent the property out to tenants of their own, or they may decide to repurpose the property completely as part of an ongoing investment. Decide on who you are selling to and market your property accordingly.
Marketing to the Right Buyer and Maximising the Sale Price
It’s tempting to adopt a catch-all approach when selling a home – one that will attract as many buyers as possible and tick a range of different boxes. But there is a problem with this – you may end up alienating the buyers who are likely to pay the most for your property. It’s more advisable to do your research, understand your buyer and target your marketing in this specific direction.
Contact R&R Property today to assist with your property selling needs.