Look Through Your Buyer's Eyes

When considering a property to purchase for a rental or a flip, it's very important to view that property through your target buyer' eyes. You want them to immediately fall in love. 

So how do you determine your target demographic? Who is most likely to buy or rent your house? Of course we don't control who buys, but research can give  you a clue about who is "likely" to buy your particular property. 

Things to consider in determining your target demographic:

House size and lot size

Major house features (stairs or one level, master on main, # BRs, garage)

Who else lives in neighborhood and how long have they been there

Job availability in area, new industry, expansions

Ethnic and age make up of area

Income levels in the area

Once you determine your most likely buyer, then research what that buyer is looking for in a property. And DON'T ASSUME. Research! If you assume, your prejudices, false information, and stereotypical biases will come into play.   Get REAL.

Where and how to research?

What sold nearby quickly and for top dollar? Study the features. 

Consumer magazines and websites that address housing trends and lifestyle

Census reports

Housing reports and studies, national and local

Local business news

Home shows

Product Vendors - Ask them what they are selling well

New Home Builders - HBA members have access to a wealth of research. Talk to them.Consider joining the Home Builders Association.

Work with a knowledgeable real estate agent who is doing a lot of this already.

Home Trends are constantly evolving and influenced by everything, even popular TV.  Just because something worked well for the last 5 years may not mean it's the best choice today. Each house is unique and so is each buyer, however proper research and paying attention will clue you in on  what's most desirable for a particular property. And while we can't perfectly predict who will buy a property, by setting the stage for the most likely buyer to fall in love, will certainly make that more likely to happen. 

What is all that work worth?  It will most likely translate into fewer days on market and a higher purchase price. Even appraisers are affected by the perception of current desirable design and features.