The Definitive Guide To Preparing Your Home For Sale – Buyer Demographic

The Definitive Guide To Preparing Your Home For Sale – Buyer Demographic

Despite what you may have been told, there is one constant when it comes to the real estate market; the best presented properties achieve higher sale prices and spend less time on the market.

Sounds simple enough, right?

It kind of is, but like everything in property, it can be complicated and overwhelming, so I’ve penned The Definitive Guide to Preparing Your Home for Sale. I toyed with ‘The Ultimate Guide to Preparing Your Home for Sale’, but I thought that was too final and I like the idea of offering up instalments from time to time.

I’m going to stick to what I know, so let’s skip past your market research, stalking and interviewing listing agents and the mental anguish to get to the actual preparation.

Sellers who present their properties in the best light consistently generate greater buyer interest, considerably increasing the chances of achieving a premium sale price. As an added bonus, the seller will considerably decrease the chance of a failed campaign, which costs not only time, but serious money.

Vacant, maintained properties which are styled and marketed toward specific buyer demographics do not last in any market – that’s quite a mouthful, so I’ll break it down into four key areas; Buyer Demographic, Pre-Sale Maintenance, Styling and the Marketing Campaign.

This month’s focus is on Buyer Demographic and next month we’ll cover Pre-Sale Maintenance.

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BUYER DEMOGRAPHIC

Buyer Demographic tends to be honed to one major type, however the more demographic types your home can appeal to, the more buyer competition created, leading to a much better sale price.

Below you’ll find two buyer groups, The Owner Occupiers and The Money Makers, each contain specific buyer types. Segment the buyer types into those with similar needs, and then see which of these your home can relate to and be targeted at.

Simple and effective design tips guaranteed to increase the value of your home.

BUYER GROUPS

The Owner Occupiers – Appealing to owner-occupiers will bring more emotion to the sale, leading to a higher sale price. Appeal to at least two of these types of buyers to create some much needed competition.

First Home Buyers

  • Emotional Buyers – It needs to be love at first sight
  • Love Brand New – A fresh coat of paint and new flooring will go a long way
  • Overly Cautious – Easily spooked by cosmetic cracking and wear and tear
  • Respond Well to Polished Presentation – Dress to impress this demographic

Single Home Buyers

  • Proximity to Conveniences – Public transport, cafes/entertainment hubs, lifestyle shopping
  • Lifestyle – Suitable for entertaining, close to exercise and sporting facilities
  • Small (small and not designed well) – Sensible storage and living areas will be lower on the priorities
  • Respond Well to Polished Presentation – Dress to impress this demographic, no interest in renovating
  • Low Maintenance – Smaller yards, no urgent or ongoing work required

Family Home Buyers

  • Looking For Space – Both current and/or with the possibility to extend in future
  • Safety and Security – Fenced yards, away from main roads, community feeling
  • Storage – Refer to my past blogs to capitalise on available storage
  • Higher Number of Bedrooms, Bathrooms and Living Areas – 4+2+2 = Family Friendly
  • Garages – Secure storage for bikes, boards and sports equipment
  • Not Looking to Renovate Initially – Can move-in and have everything they want and need for the immediate future
  • Proximity to Services – Schools, Public Transport, Parks

Empty Nesters/Elderly Home Buyers

  • Safety and Security – Can often leave their homes for extended periods and/or can feel vulnerable
  • Compact (small and well designed) – Downsizing from the family home, however will still need ample storage and garage space
  • Low-Maintenance – Newer properties, smaller yards, well designed, no urgent or ongoing work required
  • Entertaining Areas – Alfresco Kitchens and BBQ’s, Larger Living and Dining Areas, Guest Bedroom and Facilities
  • Access – Ground floor (or no stairs), lift access is AOK, walk-in showers

Design tips for your investment property.

The Money Makers – Appealing to those who are ‘in the business’ can drive the sale price up if you can entice them to compete with a buyer from The Owner Occupier Group. The Money Makers love a bargain and a calculated risk so be prepared to talk dollars and sense.

Investor Home Buyers

  • Return on Investment – Calculated returns based on educated research, fair market price
  • Low Maintenance – Newer properties, no urgent or ongoing work required, quality finishes, fittings and fixtures
  • Easily Tenanted – Ticks the boxes for the renting demographic of the area, up to standard of competing rentals in the area
  • Respond Well to Polished Presentation – Dress to impress this demographic, no interest in renovating
  • Non Emotional – For love or money. Money every time. Looking for a quick, uncomplicated purchase

Renovating Home Buyers

  • Buy Cheap – With the specific view to make improvements to achieve a greater return in the long term
  • Needs To Be Liveable – Will reside in the property while renovating
  • Beware Pointless Value-Add – Selling to these buyers often means there is not much room for a real value add

Developers/Flippers

  • Target Poorly Presented Homes – Looking for desperate or un-savvy seller’s
  • Suited to Development – Can be subdivided, bulldozed for multi-residential development, renovated quickly while vacant to then on-sell at a profit
  • Seeking Similar – Will be on the look out for neighbouring properties that could also be purchased to make way for a bigger building
  • Can Drive Sales Prices Up – Especially when competing with First Home Buyers

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Your home will not appeal to every demographic type and trying to target every demographic can be as damaging as targeting none. Do your research and keep it focused.

The Definitive Guide to Preparing Your Home for Sale – Read The Full Series Here:

  1. Buyer Demographic
  2. Pre-sale Maintenance
  3. Property Styling
  4. The Marketing Campaign
  5. Budget
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About

Edam Triffett is an Interior Designer with over 10 years of specialised experience in the Design industry and a lifelong passion for bringing aesthetic, function and personality to every space. Edam specialises in Design and Specification at the Architectural Stage and Interior Styling and currently manages projects for some of Australia’s foremost builders and developers. Edam is a feature columnist, blog contributor and speaker on interior design and styling, with his work enabling him to explore the domestic and international design scene.