The real estate market today is very competitive, especially if you’re selling your property. If you don’t have a unique selling point as a property owner, it’ll be challenging for you to stand out from the crowd.
Professionals suggest that sellers and real estate agents should categorize the type of buyers they’re trying to target. Why is that? Because it’s all about you market your property and how well you understand your target audience.
Identify your ideal buyer’s needs so you can outline the best way to approach them and to establish the type of buyer you’re dealing with. For example, a newly-married couple will have different criteria for the kind of property they want to invest in compared to single people.
Let’s take a look at the four main types of categories of buyers so you can make better sales.
This category of buyers represents the average buyer, whether they’re buying for the first time or have purchased property before. This group comprises a broad demographic— from nuclear families to young couples or even retired folks looking to settle down in a nice quiet part of town.
These kinds of buyers have enough finances to purchase a property in cash because they have enough savings or access to the investment needed. However, since they require financing, the most crucial part of the home-purchasing deal is the cost and whether it falls within their budget.
They will look for the following things in the property before making the final decision:
- Proximity to work and school (if they have kids
- Proximity to shopping malls and commercial areas
- Proximity to hospitals and other medical facilities
- Kind of neighborhood and whether there are parks and other recreational places nearby
These kinds of buyers will not invest in a property full-time, but they can make large deposits since they have above average credit scores.
They will always wait for a dip in the real estate market to secure the most lucrative deal before investing.
They’re more interested in properties that can be leased immediately and won’t require too many renovations.
Fix and flip investors
These buyers are willing to invest full-time and tend to be most interested in houses below market value. They target specific locations and are more open to buying property that requires renovation to sell it faster and get a higher return.
These types of buyers want to secure a property as a long-term investment. They’re more interested in properties that don’t require maintenance.
They also want to lease out homes immediately so they can earn an income.