First-time buyers are key drivers in the property market and could be the ideal candidate to purchase your home. So, are you doing enough to target them?
They are crucial participants in the property market and could be the perfect fit for purchasing your home. While they may not have the immediate appeal of cash buyers, a closer look reveals the many advantages of engaging with first-time buyers (FTBs).
In fact, they might just be your best bet when it comes to finding a buyer. Let’s explore the benefits of dealing with FTBs and how you can ensure your marketing strategies appeal to them.
No chain complications: Cash buyers aren’t the only ones who are chain-free. FTBs are often renting or living with family, meaning they don’t have to sell an existing property. Selling to them can simplify the process and expedite the transaction.
Motivated individuals: FTBs who are saving for a deposit while living with their parents are eager to have a place of their own. Likewise, those in rental properties are keen to bid farewell to hefty monthly rent payments. Their motivation can work in your favor.
Responsive nature: Most FTBs have been diligently saving for a considerable period to step onto the property ladder. They may have faced setbacks along the way. When presented with an opportunity for homeownership, they are likely to respond promptly to inquiries and information requests. Since they don’t have the distractions of a property sale, FTBs can focus on finalizing the deal with you.
To attract first-time buyers, consider the following strategies:
Choose the right agent: If your property is ideal for FTBs, collaborate with an agent who possesses a well-developed social media strategy. A top-notch agent goes beyond promoting listings on property portals (although utilizing these platforms is crucial). Proactive agents provide property sneak peeks on social media, offer video tours, and employ various other techniques.
Present your property well: Since most FTBs spend considerable time online, they are heavily influenced by platforms like Instagram. They are accustomed to viewing well-curated, brightly lit images and are put off by unprofessional, dimly lit photos. When selecting an estate agent, assess the quality of their property imagery. If it doesn’t meet high standards, it may be wise to seek assistance elsewhere.
Pricing strategy: It’s vital to set a realistic asking price, considering that FTBs often have limitedflexibility in this area (recent interest rate hikes have affected mortgage affordability). If your property is overvalued, it might deter FTBs and cause them to overlook your listing entirely.
Ensure you implement these tactics to enhance your chances of attracting first-time buyers. They could be the perfect match for your property!
