fbpx

Understanding buyer behaviour

When you appoint an agent, you are looking for someone you connect with and trust, who is an expert in the art of real estate. Someone, who understands buyer behaviour and you are confident will achieve a premium result. You’re seeking a professional who is across all recent properties listed and sold, who will advise on the right marketing strategy to attract buyers, as well as understanding how buyer behaviour can optimise your outcome.

At Bonaccorde, we’ve spent many years fine tuning our skills and market knowledge, implemented the most innovative and effective ways to market property, as well as understanding the psychology of buyers.

Ultimately, we’re looking to maximise the attraction of buyers to your property knowing that genuine competition on your home, will increase your result. Through the depth of knowledge of the market, we’ve found a level of predictability regarding the psychology of buyers.

Firstly, to identify their needs; the specific location based on facilities and the features required (how many bedrooms, living spaces, bathrooms, car spaces, land size etc). The price range (as opposed to set price) they can spend determined by ‘pre-approval’ of finance, as well as the current value of their home. They’ve paid close attention to the market over weeks, months or even years and are confident in the value of properties coming onto the market. Typically in our area, buyers are looking for around 2-3 months and will inspect 10-15 properties (less in the case of younger more tech savvy buyers who cull to a short list, compared to the more mature buyer who ‘pound the pavement’ viewing more homes). Sure, some take longer to find the right property whilst others buy the first or second home they inspect. All buyers however, create a ‘short-list’ and aim to ‘exclude’ not ‘include’ properties in-line with their ‘wish-list’.

Next there’s the “social proof” factor. If an open home is busy a buyer can think – wow! lots of people are interested, it must be good. Conversely, if there aren’t many people they can wonder why and if there’s something ‘wrong’ with the property. We know that properties on the market for too long become stale and buyers tend to assume there is an issue with the home, or that it’s overpriced – something we aim to avoid.

We also know that buyers often pay 10-20% more for a property than initially planned when it’s an ‘emotional purchase’. Emotional connection occurs when a buyer first steps foot inside the home, creating an emotive response which we aim to achieve by showcasing the property in its best light. At Bonaccorde, we have a Property Marketing Specialist to help advise on how to enhance that first impression. You can refer to previous articles on our blog such as  – is property styling a good investment and how to optimise your home before selling. Buyers are looking to purchase a “lifestyle” particularly in our magnificent coastal location. It’s important they can visualise themselves living in your home so they gain that emotional connection.

Just like buying a new car with a set budget, if the salesperson offers optional extra’s that appeal, you walk away having spent more than planned and the same thing can happen when buying a property. If they’ve been looking for a while and missed out on homes and see a new property online they become emotionally connected to, they potentially will offer higher than their budget just to secure the property. We find the strongest volume of enquiries and inspections occur when a property initially goes online and buyers will generally make a strong offer, to take it off market.

The question is; how do we react to these buyer behaviours, position your property to be seen by the right buyers and price it to appeal to buyer’s ‘shortlists’ – to be able to achieve a great result?

Contact our team on 5974 8900 to arrange an obligation free session explaining how we unlock the “Bonaccorde Buyer Universe” to help your home achieve a premium result. We look forward to sharing our knowledge with you.

 

Bonaccorde Preparing your property Sales Selling
Related Posts
Understanding buyer behaviour