If you are not aware of what market your residential property is set up to primarily appeal to, you will be leaving thousands of dollars on the table, and perhaps even worse, prolong the agony of watching your home sit on the market month after month.
The key to understanding a target market is through its demographic profile, or the type of people that make up that market. Once you fully understand which demographic you're targeting, you can then make the appropriate decisions as to the rest of the marketing plan.
First Time Single Buyer:
Since an overwhelming percentage of renters are single women, it follows that a similar percentage of first time home buyers also are. Typically what a single woman is looking for in a home is diametrically opposite to what a single man seeks. If your house is outfitted as a "man cave" it will only be looked upon with derision from the single female potential buyer. Most women will gravitate to homes that are kept in spotless and ordered condition, with attention paid to decor and detail. Single women also react favourably to good curb appeal and tend to look for a home that evokes feelings of warmth and comfort. It is important to keep in mind the economic realities many single women face today and a plethora of amenities can be looked upon unfavourably. The single female generally seeks a residential property which is affordable and frowns on extravagant extras.
Due to the necessity of earning a dual income, this type of buyer doesn't spend all day at home thus can be accommodated in smaller premises than would suit a larger family. They typically seek a residential property that is well maintained, offers privacy, and is not overwhelming to keep up. These types of buyers tend to shun huge elaborate yards, or maintenance-heavy features such as swimming pools. Separate bathrooms easily accessible to the master bedroom are a plus, and failing that, twin sinks in the master bathroom are mandatory. Working couples also require larger closets and extra storage space to accommodate their requirements.
These buyers have children and generally entertain larger groups at one time than the other demographics, thus are primarily motivated by spacious floor plans, especially flowing ones with ample open areas and great rooms that can be suited to varying uses. Some of the other hot buttons for family buyers include large, well equipped laundry rooms and kitchens, Jack & Jill bathrooms (one bathroom accessible from two bedrooms) ample, fenced backyard space, and a position of the home that is considerably set back from a low traffic street, such as a cul de sac.
These older couples are looking for a home to comfortably relax in so that they can enjoy the lifestyle which has been crimped for decades by employment and parenting obligations. Low maintenance is the key to this demographic group, as they will look negatively on interior or exterior spaces which require constant upkeep, and will reject outright the option of hiring someone to perform that regular maintenance. Security is also very important to Empty Nesters, thus if your home is well equipped with security features, alarms, and is situated in a low crime neighbourhood, that is a factor that needs to be made amply clear to these individuals.
If you have a thorough understanding of the requirements and preferences of your buying market, your probability of providing exactly what your target group is looking for becomes as high as the offers which will be presented.