How to Market to Different Types of Real Estate Consumers

Similar to every property in real estate, each consumer is different and unique in some way or another.  When working with a broker, it’s as important to acknowledge what you are looking for in a home as it is to pinpoint why you’re looking for certain characteristics.  Every consumer begins as a first-time buyer -- just breaking into the market with preconceived notions and little real estate experience.  On the other hand, there are also the all-knowing consumers who know what they want going into their search for the perfect home, and stay up-to-date with their research.  Some buyers are very family-oriented; their highest priority is their actual home and the community they choose to live in.  Younger generations are starting to prioritize sustainability and their home’s impact on the environment -- while older generations tend to migrate towards each other as their children start moving out.  Overall, most buyers are looking to improve their current living situation, whether that’s in the form of moving up to a bigger property or downsizing to one that requires less upkeep.  Which one are you?

According to the National Association of Realtors, first-time buyers make up 39% of the market.  Single women make up a greater percentage of first-time buyers, as opposed to single male first-time buyers.  This may be a result of women being more likely, overall, to own their own homes than men.  Since they’re just trying to start somewhere, these are probably the most flexible consumers; willing to compromise in many ways.  First-time buyers tend to be quick in the process in order to just get into their own home. 

With the Internet at our fingertips, thanks to smartphones and tablets, it’s no wonder that the majority of today’s consumers are in-the-know.  This particular group of consumers is tech-savvy, informed, and active in their search for the perfect property.  They want homes that are both impressive and make for a solid investment down the line.  Because they know what’s available, they’re not willing to compromise on their own personal must-haves, such as: good schools, safety, prestige, exclusivity, etc.  So long as the essentials are being met, the all-knowing consumer is willing to compromise on a different aspect of their purchase such as living in a different neighborhood just to stay within the same town.

Homebuyers who are family and value-oriented are looking for the perfect property to accommodate the whole family, possibly a space large enough to host gatherings with friends and extended family.  Families want to live in communities with top school systems, since this is important to their kids’ future opportunities. These buyers are looking for homes with large, picturesque properties with indoor and outdoor space capable of holding many guests.  Rather than having a single master suite, the house may also include separate suites for teens and in-laws as well.  When it comes to choosing the perfect home, there are multiple opinions to take into consideration including the stay- at-home mom, the business commuter, the access to culture and the community.

Younger generations are more in tune with their impact on the environment and are now prioritizing sustainability when selecting their homes.  With this group of buyers, we see a trend towards urbanization, in order to access all city life has to offer by means of walking, biking, or using mass transit options.  With the older generations, seniors are looking to move into communities that facilitate forming new friendships with others in their same stage of life.  Now that the kids have moved out and retirement is just around the corner, a new community can help them find new activities to fill their time. 

Upgrading to a new property does not necessarily mean a larger one, but the best fit for that next stage of life.  For many repeat buyers, it’s about finally being able to afford the home they wanted all along.  These buyers are not looking for fixer uppers; rather they want all the bells and whistles and are willing to pay a little extra for them.  They want the posh amenities their current home does not have to offer, such as fancy finishes and decorative molding.  Premium properties are appealing, especially in neighborhoods complete with other quality homes.  In some cases, downsizing to a smaller property is the right solution for the future.

So, if you’re in the market for a new place, consider what you’re looking for, and why you want certain characteristics or features.  A professional broker can help you identify what kind of buyer you are, what your essential needs are, and can help you expedite the search for the perfect place.  Once you’re in agreement about your goals, the hunt for new house can be further refined.  This will help simplify the process for all parties involved and facilitate that move into your dream home. 

Sheryl Simon is a Principal at Benoit Mizner Simon & Co., LLC with more than 17 years of experience helping sellers and buyers in the Weston real estate market.  With offices in Weston and Wellesley, Sheryl can be reached at (781) 910-3405 or Sheryl@benoitmiznersimon.com. Benoit Mizner Simon & Co., LLC * 450 Boston Post Rd., Weston, MA 02493 * 54 Central St., Wellesley, MA 02482