Hello! Stephanie Welch here, writing this post for PCC.
It’s an exciting time for real estate today– a lot of homebuyers are looking for a home, a lot of investors are looking for houses to buy, flip, and sell, and there are also a lot of properties being built as we speak. In fact, our colleagues over in Kuala Lumpur have reported a gigantic increase in condominium rentals this year– I read it myself in Malaysia property reviews encyclopedia— so definitely, it’s a great time for real estate! Now, for my first post, I’ve written an article to help sellers sell their homes faster– read on if you want to know more!
One of the keys to effective sales and marketing is knowing what buyers have in mind. It is essential to know what is marketable and what is not, and delivering that which the buyers want from you. Whether the market is to the sellers’ or the buyers’ advantage, it is essential that you have what your target market is looking for.
Identifying Your Target Market
Before knowing what your buyers want, you have to determine first who your “buyers” are. Are they single, career-oriented people? Are you targeting small families? Or are you looking at retirees to be your home’s next owners? According to this article by Realestate.com, you should know how to get a niche and identify your target market.
To figure this out, there are two things to look at: what you have and where you’re at.
If your house has three bedrooms and an attic plus a den, this may be too big for a retiring couple but just enough for a group of young career women or a growing family. However, if your house is located in the suburbs and away from the center of the city, this may not be too appealing for the youngsters but will make a great family home instead.
Based on what you find out from this, you then suit the rest of your house for the needs of your target market.
What All Buyers are Looking For
In every home sale, there are five things that buyers are primarily looking at. These are factors that highly affect their comfort and home life:
- Size – the size of your house will determine not only how many people it can accommodate but on how comfortably accommodating it will be for your prospective buyer. Ideally, whatever your target market is, always present your house as a spacious home – something that can both take in everyone and everything they have, as well as have space enough so as not to be too clammy.
- Cost of living – some homes are just naturally very expensive to maintain, while some are comfortably low maintenance. If your house runs on old heaters and an old HVAC system, this may seem a little too expensive to maintain especially for a big family with only two earners. Others have amenities that are too much for the average homeowner, like a home spa or a pool.
- Extra space outdoors – Others love the huge rolling greens, while others see this as an extra need for maintenance and logically, only calls for more maintenance costs.
- Condition of the home – most, if not all, homebuyers are looking for homes that are ready to move in. That is why most of them meticulously look at every nook and the cranny of the house for signs of damage and aging. Any defect they find on the house are either a cause to negotiate the selling price further down, or a cause for them to reconsider getting the house and look elsewhere.
Matching your house with the right target market helps you figure out where and how to market it for a more successful sale. Knowing this piece of information is very helpful especially if you are selling your house without the help of a professional realtor.