The average age of a first-time homeowner in South Africa is 34. This is according to the home loan originator, ooba. BetterBond states that there has been a 76% approval rate from banks for bond applications in May this year. What these statistics tell us is that even amid a stringent lockdown, there is still interest in buying property – even in 2020.
Let’s zoom in on the first statistic: the average age of the first-time homebuyer. We call this age group the “millennial generation”. While building your property business, one of the skills you will need is marketing – and millennials are the marketing generation. They’re tech-savvy and pay specific attention to what makes you stand out from the rest.
How do you stand out? Here’s how to target these first-time homebuyers:
What makes your property special? Why should potential buyers look at your property? If you’re targeting a first-time homebuyer, you need to emphasise the amenities in the house or around the neighbourhood. If your property has large windows, focus on how much light the area receives during the daytime or that the property has access to amazing views.
If rooms in the house are large, play to this aspect. It’s all about how you sell your property that will attract first-time buyers.
As mentioned before, millennials are tech-savvy. Having a social media presence is not just about showcasing images but also instil a level of trust. They will be browsing the internet before attending an actual viewing. So, keeping the first point in mind (amenities), you need to visually show why potential buyers should be interested.
Your social media could include a video tour of the home, beautiful images, and perhaps a video of yourself explaining why people should buy your property. If you have plenty of listings, a newsletter showcasing these could also be beneficial. The more you are present online, the more people will notice you.
First-time buyers are already imagining their life the moment they step foot in the door. You need to sell the lifestyle that comes with the home. What does this mean? Staging the house is an important aspect.
You will need to do a lot more research into your prospective buyers to get an idea on how to stage the home. For example, if it’s a young, professional couple; stage the home to include a study section to showcase that there’s space to work from home. A tip: don’t clutter the home with too many objects and furniture, leave some space for the buyers to create their vision as well – instead of yours.
Build a relationship
The most important part of targeting first-time buyers? Building a rapport with them. The buying process is a difficult one, especially for first-time buyers and to have a guiding hand is beneficial. As the expert can provide a wealth of information. Add a personal touch by perhaps taking them out for lunch – this provides a “casual” setting where they may feel more comfortable asking questions.
Marketing property is quite an easy step but it’s often overlooked. Spending some time on your target buyers could be very beneficial in the long-run and help you stand out from the rest.
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