Six Key Types of Homebuyers and How to Target Them
Want to fast-track your property sale by getting your marketing just right? Then spend some time thinking about the type of buyer most likely to fall in love with your home, and ensure you target them.
Once you’ve identified the type (or types) of buyers looking for a property like yours, you can tailor your presentation and marketing accordingly.
1) First-time buyers – As the name suggests, buyers in this group are making their first property purchase and are chain-free (which can be an appealing prospect for sellers). Many FTBs may not, however, have much room to move on budget (especially due to the recent tightening of the mortgage market). FTBs are often keen to add value to a property and may be looking for a doer-upper or a home they can extend.
2) Downsizers – Buyers in this group are usually – but not always – more mature. Their children may have grown up and left the nest, meaning they’re looking for a smaller property with low maintenance and heating requirements. Downsizers may be keen to avoid DIY and prefer higher-spec fixtures and fittings.
3) Relocators – A new job, family commitments or the desire to be in the catchment of a good school tend to be the driving forces behind relocators. The timing of their move could be linked to external factors, such as school application deadlines or the start date of a new work position. Sellers who can be flexible on the timing of any move will appeal to relocators working to a finite timescale.
4) Change of lifers – Due to a change in personal circumstances (divorce, separation or bereavement), change of lifers are looking for a new start in a property that better suits their needs. Depending on their situation, they may be keen to move quickly.
5) Moving uppers – Buyers in this category usually have growing families and seek more internal and external space. They’ll be impressed by garden offices and loft conversions, but their move may not be just about increasing square footage. Moving uppers may also want a taste of the finer things in life: a prime location (think quiet streets and proximity to parks and sporting amenities) and high-spec kitchens and bathrooms.
6) Investors – Buyers in this category tend to be landlords looking for a property that will appeal to renters or a development opportunity. Homes close to public transport, shops and restaurants will tick their boxes.
