20 Coffs Coast focus

real estate update.

Understanding buyer behaviour will put you in the best position to achieve the highest possible sale price for your property with

less stress. A carefully planned and executed marketing strategy will ensure you attract all buyers, leaving no stone

unturned in the search for the best buyer.

U N D E R STA N D I N G B U Y E R B E H AV I O U R .

focus real estate A M A N D A L A N G L A N D S F R O M L A N G L A N D S P R O P E R T Y

Where are the Buyers?We have researched our last 200 sales

and a clear pattern has emerged. Not

surprisingly we have strong population

growth with buyers relocating primarily

from the Sydney, Central Coast, Melbourne

and Canberra. This represents the strong

attraction to our area from the retirement

drive with baby boomers along with young

professionals who no longer have to work from

an office base with the increase of cloud base

technology. The other strong area of enquiry

is buyer’s relocation from the tableland region

making the sea-change for lifestyle and climate

change.

Buyer BehaviourCrucial to the success of the sale is a

clear understanding of how buyers behave.

There are three typical buyer behaviours and

understanding these behaviours creates the

foundation for how we communicate the

property to the market place and to ensure

we attract the optimum number of potential

buyers who will ultimately compete to pay a

premium price for your property.

Buyers Start Logical and Become EmotionalBuyers generally enter the market with a

clear and logical list of personal requirements

for their future property. However, when they

ultimately purchase, their choice of property

is most often based on emotion rather than

logic. Therefore, it is vital that we identify and

showcase the features of the property that are

most likely to spark the emotions of buyers.

Buyers Want To Exclude Properties From Their List

Buyers are time poor. They look at real

estate advertising and come up with a list of

possibilities. Then they short list taking the

time to only inspect properties that might fit

their requirements as well as being within their

budget. Therefore, we need to ensure that we

promote the property in a manner to ensure that

we create the broadest possible appeal.

Buyers Buy UpBuyers typically pay up to 10% more for their

properties than they had initially intended to

spend when they first start looking. Therefore

we need to ensure that our pricing strategy

encourages all potential buyers to inspect and

then commit to the property rather than exclude

it from their short list.

Time is our customer’s most precious resource.

In an extremely competitive industry where

consumers are digitally empowered, yet feel

forever time-starved, there’s a fundamental

responsibility for agents to be educated and

informed about the properties they are selling.

Consumers also expect to be able to reach that

information instantaneously. Traditional print

media is still strong in our region however with

42% of our Langlands Property purchasers

relocating from other areas digital marketing is

vital. Not only to reach out of town purchasers

but to offer instant information to both relocating

buyers and tech savvy locals. Customer

experiences need to be time saving and well

informed providing value to the client.