People have various reasons for buying property. Every real estate buyer, or group of property buyers are different. Their individual needs determine what they expect from a prospective property, as well as what they will be willing to pay for it. This is very impotant to the buyers, estate agents AND sellers involved in the property transaction
Before any buyer starts viewing property on the market, they should identify their property needs and know what they are looking for in a property. For instance, if you love your dog and need a townhouse, it would be silly to look at townhouses in a complex that do not allow dogs. They should also be forth-coming with their estate agent in this regard. A little introspection and good ol' honesty can save property buyers a ton of time and inconvenience.
Understanding what the potential buyers are looking for can also assist a seller in target-marketing his property to those specific buyers he needs and want to attract to his property.
Property buyers are all different, but they can be roughly classified into different groups, based on their motivation for buying a property.
First Time Buyers
First-time buyers are typically young married or unmarried couples, looking for a home to start their lives together. As property prices are high and still rising, these buyers need to get their foot in the door as soon as possible.
First-time buyers are inexperienced and careful (even scared) at the prospect of making a mistake in taking on such a large debt. First time buyers typically desire the kind of home that they grew up in, but most probably would have to settle for something smaller or simpler.
Young Professional Buyers
Young professional home buyers are typically young professionals with relatively big incomes and busy lives. They may travel a lot, eat out quite often, and own the latest entertainment systems. For young professional home buyers, the close vicinity of schools and churches are less important than shops and restaurants.
They seldom entertain at home, but when they do, everything needs to be first-class. The lounge and the main bedroom are the most used areas in the home. The young professional's home is a way to enjoy and show off their style, taste and hard earned luxuries.
Family Buyers
Family home buyers have kids and most likely also a pet. They typically need space, security, and close vicinity to schools, shops and churches.
Family buyers may have had a loving relationship with their previous house, and they are most probably looking for a similar home that will help nurture their family and keep them safe.
Retirement Buyers
Retirement buyers need a smaller, more manageable home than the one they own, or used to own. Retirement buyers typically need a spare room for visitors, a small garden, security, and close vicinity to medical centres and shops.
These buyers are used to the creature comforts, and after a lifetime of working, are looking for an easier, hassle free way of life.
Junker Buyers
Junker buyers come in two flavours.
Some junker buyers are live-in home buyers looking for something more than they can currently afford. Buying an unattractive home and fixing it over time, allows them to get what they want.
Other junker buyers are investors who have experience in fixing run down properties and selling it at a profit. They are essentially speculators who return dilapidated properties to the area standards, and make a profit in the meantime.
Unkempt gardens, pealing paint and piles of refuse excite junker buyers. The ugly house on the block makes them sit up and take notice.
Junker buyers know what the average price for a similar house in the area is, and they are looking to buy the below average property for a below average price.
Investor Buyers
Investor buyers want more than they are paying for. They want something for free.
Investor buyers want to buy at below market prices, buy at market price in a high growth area or buy something and get something else included in the sale for free. This "something free" can simply be the potential to expand, subdivide, or re-zone.
Know What You Want From A Property
To save time and energy, know what you want.
When buying property, it is silly for sellers to attract the wrong kind of buyer, or the wrong buyer to view an unsuitable property. Everyone will only be disappointed.
