Marketing A Property
Marketing A Property
Tina Jesson (Property Developer / Marketer) gives expert video advice on: What size of home will be the easiest to sell or let?; Is buying in an area with a lot of homes for sale a good investment?; What are families looking for in a property? and more...
What size of home will be the easiest to sell or let?
A two bedroom property is the easiest to sell or let. This is mainly because these properties are at the bottom end of the market, so you're not relying on the rest of the market to be moving. Also, people are always looking to buy or rent properties as individuals, whether they're just coming out of living with parents and setting up a home for the first time, or at the other end of the scale where they're perhaps separating or divorcing from a partner and are looking for somewhere much smaller to live on their own, but also having that second bedroom so the children can come and stay with them. So, when marketing a property, a two bedroom house or apartment I think is probably always going to be the easiest to sell or rent.
Is buying in an area with a lot of homes for sale a good investment?
When you find a road or an area where there are a lot of properties for sale, it gives you an indication of what's happening in the property market. Obviously, it has become a desirable area to move into, and there's a lot of buoyancy in the area. Further, when those houses have sold, people will be doing work on those properties, means that that particular area is definitely going to be up-and-coming and more marketable in future. Thus, and area with a lot of homes for sale could be a good indication of progressive investment and an increasingly marketable property.
How quickly should I expect my property to sell?
You're going to get the most interest in your property between four and six weeks of launching the property onto the market. If you've priced the property competitively and you've marketed your property at its best, you should be looking to get offers within that quick a timescale. If your property is still on the market after twelve weeks, you will probably have to reduce the price. You must be realistic about the market price of your property if you want to quicken the time it takes to receive an acceptable offer.
Should I target a specific market when developing a property?
You certainly should target a specific market when developing a property. You need to make sure that you understand the type of property you have and who would be interested in that type of a property. For example, with a two bedroom property, you could market specificially to first time buyers and people looking to start again. A property with three or more bedrooms would make a good family home, so you need to make sure that you are developing the property in such a way that will appeal to that specific market. Keep it as broad as you can, but know who will buy your property and who probably won't and focus your marketing around that.
What are families looking for in a property?
When marketing, it is important to remember that families are looking for space when buying property. Parents with young children would like to make sure that all bedrooms are on the same floor, so a three story property might not be appropriate to this market, but it's definitely the property's space that's going to make the difference when you're selling to families. You're going to need to make sure that the bedrooms for the children are large enough for the children to grow into - it's no good having a six foot square spare bedroom. That's not going to be useful in the long-term for a family with a growing infant. They'll need to move again to a new property to look for more space. Obviously gardens are also very important: an outdoor space and its safety are concerns for families buying property so defined fencing and a safe and secure in the back garden are property features they look for. Ponds or water features in there that could be a safety issue to the family. All things to bear in mind when you're looking to market your property to the family.
What are young professionals looking for in a property?
Young professionals are looking for a property that's really easy to maintain and really easy to live in. That's going to include properties that are quite new and shiny, because that will appeal to the younger generation. Young professionals are also looking for something that's really convenient; they will be looking for things like a power shower and a fitted microwave in the kitchen - they're not going to do a lot of cooking in that space, but they be looking for space to entertain in the property. It is a very different marketplace to a family property. Young professionals require properties which are quite new and very easy for them to manage.
What are retired people looking for in a property?
Retired people are looking for a property that's convenient in a slightly different way to any other buyers. They require convenience to the local shops, to transport links, and maybe to the local church hall if there are activities going on there. So location is really, really important to retired people. Inside the property, they look for it to be very easy to maintain. For example, chrome steel popular in modern kitchens is easy for them to keep clean, so avoid that if you're looking to market your property to the older generation and retired people.
What are first-time buyers looking for in a property?
I think the main thing that a first time buyer is looking for is affordability in a property. They might look for one or two bedrooms in a property. New properties might be preferably to older ones, but getting onto the property ladder is the most important factor for first time buyers.