May 16, 2023 7 min to read
In this highly competitive market, the role of an estate agent goes beyond simply instructing a property and listing it on Rightmove.
To maximise the potential for success for both you and your client, it is crucial for agents to define a target buyer before launching a property on the market. By understanding the preferences, needs, and motivations of the intended buyer, agents can tailor their marketing strategies and increase the likelihood of selling the property at a meaningfully higher price.
In this article, we will explore how defining a target buyer can positively impact the marketing process and the final price achieved for your sellers.
When agents have a clear understanding of their target buyer, they can present the property in a way that appeals to their specific desires and preferences. For instance, if the target buyer is a young family seeking a spacious and child-friendly home, the agent can highlight features such as a large backyard, proximity to schools, and ample storage space for toys and all the ‘stuff’ parents seem to unknowingly accumulate (if you’re a parent and reading this you will KNOW what we mean).
It is important to note that defining a target buyer does not limit the potential pool of buyers for a property. Instead, it helps agents focus their marketing efforts and create a more compelling narrative that resonates with a specific audience. In many cases, this targeted approach can attract additional buyers who may not have initially considered the property but are drawn to its unique features and benefits.
By showcasing these relevant aspects, the agent can establish an emotional connection with potential buyers and increase the perceived (and likely contract) value of the property.
Once the target buyer has been identified, agents can choose advertising channels that align with the buyer’s preferences and habits.
For instance, if the target buyer is likely to be tech-savvy and active on social media, the agent can allocate resources to targeted online advertising campaigns, leveraging platforms such as Facebook and Instagram. This ensures that the property is showcased to the right audience, maximising exposure and increasing the chances of attracting potential buyers who are willing to pay a premium.
Defining a target buyer also allows agents to better determine the optimal pricing strategy for a property. By researching comparable sales in the area and considering the financial capabilities and motivations of the target buyer, agents can set a price that aligns with their expectations. This strategic approach can lead to increased buyer interest, competition, and potentially a higher selling price.
Finally, defining a target buyer enables estate agents to craft property descriptions that specifically highlight features and benefits that appeal to the intended buyer. By utilising the right language, focusing on key selling points, and addressing potential concerns, agents can engage potential buyers and encourage them to perceive the property as an ideal match for their needs.
Bringing it all together, successful estate agents understand that each property has its own unique appeal and target market. By taking the time to identify the ideal buyer and craft a marketing strategy around their preferences, agents can effectively position the property in a way that highlights its most desirable aspects. This targeted approach not only increases the chances of a quicker sale but also gives sellers the opportunity to achieve a higher selling price.