Just like any product, properties are going to have their own buyer demographic. It’s not hard to realize why, as anyone who wants to purchase a property is going to be in a niche group. They will be wealthy enough to purchase in the first place so they are will be of an affluent class. They might be an investor looking to expand their portfolio. Or it could be an investment firm looking to do the same thing. On the other hand, it might be a young couple looking to buy a home to start a family.
It’s key to know what type of person you are dealing with so you can market your property the most effective way and thus, increase your chances of having your purchase price met.
Know what type of property you have
Property isn’t just property, there is any number of classifications that your property might fall under. Are you trying to sell an office building or floor? Are you trying to sell a warehouse or retail store? Maybe it’s a family home, a villa or a country manor? You have to know the type of property class you are in, to know what type of buyer class you will be focussing on for marketing purposes.
You can do this in several ways.
- The amount of bedrooms. This is the most common way. If a property has 3 bedrooms, it’s a normal family home-size (usually). If it’s just 2, it’s probably a smaller home. If it’s 4 or more, it’s a large house.
- The number of bathrooms. This is also quite a common way to do it, but usually, most family homes have 2 anyway. So, 3 or more and you are in an affluent class.
- The land around the home. If you have land around the property that is not just garden and garage space, you are probably looking at an affluent buyer to purchase your property.
Working with experts
Property is such a big thing. It’s the source of a lot of income for many people and it can also be the financial booster for your own property dreams in the future. Working with experts like Madison Fox that know how to market your property is very beneficial for you in the long term. They can study the property, take a look at it and show you what the potential upgrades could do to the property. They will then factor this in as potentiality for a property, which adds to the value.
This is something that has to be sold verbally and financially to a buyer. The versatility of your property is going to be worth something to an investor who might want to flip it with some additional changes or a young family could see the home being extended and additional rooms made for their growing number of children.
The right buyer has to come from the right buyer demographic and that can only be sought after, by properly marketing your property in the first place.