Are you marketing a property to sell? Have you considered who it is, exactly, that your marketing should target?
Start by taking a look at what you are marketing and ask yourself, “who would be interested?” To be successful and get the most out of your advertising dollar, narrow your focus to a target audience.
If, for example, you are selling a two story 4 bedroom with a large fenced backyard, your target market is more than likely a family with young children, not a couple in their 60’s.
To be the most effective, your marketing should go something like this (as a general rule, there are, of course, always exceptions):
1 or 2 bedroom apartments, townhomes or condos — single people or young couples just starting out. Families need more space.
Single story condos or townhomes — add 60 something’s to your demographic because they tend to look for homes with low maintenance.
3 bedroom 2 bath homes — young families or older couples looking to downsize. This depends greatly upon the price point and the neighborhood, however. Typically, lower price points are for families just starting out and seniors are able to pay more when downsizing from their larger family residence. Pay attention to neighborhoods that are more family oriented and in good school districts. These areas, naturally, attract families.
4 bedroom homes and larger. Again, you will typically be marketing to families.
Older homes in established neighborhoods tend to appeal to older couples as do maintenance free condos and town homes.
Townhomes and condos with lots of amenities (swimming pools, tennis courts, work-out rooms) appeal to young singles or couples just starting out with good incomes and the desire to play.
3-4 bedroom homes in family neighborhoods with schools and amenities like shopping and movie theaters appeal to young families who want to care for and entertain the children.
Larger homes, 2000-3000 sq.ft. or larger, sell to people who are sizing up (not their first home) who are typically looking for more amenities. They want larger and nicer than what they’ve already owned.
These, of course, are generalities but give you an idea of things to consider when determining your market. The importance is figuring out where to market to find the people who would be interested in your property.
For the younger audience, market through social media like ListingBook, Facebook and Craigslist.
When marketing for seniors, market through mailings and newspapers.
What is your price point? Twenty something’s typically have less to spend than 40 something’s.
Who is your demographic? Retirees? College students? Families?
Where is your property – rural, close to schools and shopping, near medical centers?
Why would someone want to live there? School district, one story, acreage for animals?
I’ve written in the past about marketing but, before you pick your marketing source, determine your prospective buyer and market in a way that will find them.
What can you add?
My name is Karen Rittenhouse and I’ve been investing in real estate full time since 2004. Over the years, I have bought and sold hundreds of single family homes. Please check out my blog – http://www.KarensPerspective.com
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