Selling a home is a significant undertaking, and understanding your audience can streamline the process, and reduce some of the stress.
“Different buyer groups have unique motivations and decision-making processes that influence how quickly they will settle on a property. It’s important to know a buyer’s motivations so you can create a plan and timeline that suits your needs” Simone Chin, Atria’s Director, says.
Tailoring your property sales strategy to your target audience; for example first home or family home buyers, can significantly impact your sales timeline. Knowing your prospective buyers, and building an appropriate sales plan and timeline that caters to both your needs and theirs will ensure a smoother transaction for all parties involved.
Know your audience’s motivations and priorities
First home buyers are primarily driven by affordability, typically entering the property market with a tighter budget and seeking the best value for their investment. They perceive their purchase as both an immediate comfort and a long-term financial opportunity, aiming to secure properties with modern amenities and low maintenance requirements that can potentially expand their future property portfolios. Location and convenience play significant roles, with a preference for proximity to work, public transport, and vibrant social scenes.
On the other hand, family home buyers prioritise spaciousness and layout, necessitating properties with ample bedrooms, multiple bathrooms, and generous living areas to accommodate their growing families. They place importance on the quality of local schools, neighbourhood safety, and a sense of community, seeking properties that offer long-term stability so they can settle down for many years.
Know what drives your buyer’s decision-making
The decision-making process for first home buyers is often marked by excitement and enthusiasm. As they navigate the buying process for the first time, they may take time to make a decision, wanting to ensure they make the right choice. When they do make their choice, they are usually finance ready, and want to settle their new property as soon as possible. Many will rely on grants or financial assistance schemes, which can influence their buying timeline and budget.
Family home buyers are likely to have a comprehensive checklist of requirements, and therefore their process may take longer. They need to ensure the property meets their current needs and can accommodate future family changes. Additionally, their financial situation might not be finalised and they may need to sell their current property before purchasing or settling on a new one. Families often request specific conditions, such as extended settlement periods, to align with their circumstances.
What does this mean for settlement timelines?
“The buyer group you target can influence your sales, and more importantly your settlement timeline.” Simone says.
For first home buyers, the settlement period is typically between 30 to 45 days, reflecting their readiness to move quickly once financials are sorted. Families, however, may require a longer settlement period of 120 to 180 days to accommodate their more complex needs, and potential property sale of their own.
By tailoring your approach to the distinct motivations and needs of your target buyer, you can enhance the appeal of your property and make the selling process more efficient. Understanding your audience not only helps in crafting a more effective sales strategy but also ensures a smoother transaction, ultimately leading to a timely and successful sale.
Not sure which audience your property suits best? Let us help you navigate the timeline. Call us today on 03 8680 9421.
