Knowing and understanding the motivation of your potential buyers can make a huge difference to the amount of time it takes to sell, as well as to the eventual price. If you know why someone wants to move, you can adapt your sales strategy to shift things along a bit.
Tesco recently conducted a buyers’ survey to find out what the most common motivators for house hunters are. One big surprise is that it’s not always about the location. More than 40% of survey respondents were looking to move to build up equity, with 29% wanting to make sure they have more security for the future.
Other important reasons included upsizing, changing jobs and relocating, moving in with a partner and starting or enlarging a family.
An expensive business
It’s no surprise to find that 40% of movers needed financial help from friends and families to take the next step on the ladder, even in later life, with 20% of house buyers in their 40s asking for help.
The huge cost of buying a property affects buyers’ choices, too. If there’s any way you can help a well-motivated buyer to take the final steps, then do it. You could include furniture in the deal, or offer to pay the conveyancing costs. If you know that price is a huge factor, you should concentrate on it.
If a buyer’s main reason is to downsize as they’re older, then you should find out what other facilities and amenities are in the area for older people and pass this information on. If it’s a young family coming into the area, maybe from a long way away, you could also offer to introduce them to playgroups and neighbours at a similar life-stage so the newcomers don’t feel they’re coming in blindly.
If you offer understanding and a helping hand, then not only will your potential buyers feel more confident about making the commitment, but you’ll forge a closer relationship with them so that the whole process is more pleasant.
