Buyer Profiling - Where Do YOUR Clients & Prospects Fit In?

The buyers’ world in real estate is comprised of many groups, all with their own unique needs and interests when it comes to purchasing a property. The truth is there are too many demographics to list with their own slice of the proverbial pie, so we’ll just look at 5 – some of the industry’s largest contributors. Fact, a successful agent should be able to discern is what type of buyer a person(s) is based on their initial conversation. This is the type of agent who isn’t afraid to pry the door to a person’s private life slightly ajar and ask probing questions about their living needs, or to offer their services. 

Although each client is different, and every approach should be handled individually, there are some commonalities that run through and through between the various buyer group types. If you listen for these clues during your conversations, you’ll have a better understanding of the type of buyer you’re dealing with. In my opinion, the 5 major buyer groups are:

Families are interested in homes that have ample space, be it to accommodate their existing family, or with extra room to handle a baby on the way.  Having multiple washrooms is a big plus. A fenced-in backyard for the kids to play in is usually high on the wish list. A pool can be a great feature, but only if it is properly enclosed to keep little ones safe. Living on a cul-de-sac is great for road hockey games, or jump rope with a couple friends. The area must have a reputation for being safe, kid-friendly, and should be close to schools. Daycare facilities and parks to explore can also help influence a buyer’s decision.

Seniors are typically looking to downsize from their current home.  With too much surplus living space and long flights of stairs to climb every day, the old dream home is gradually becoming more of a nightmare. Having access to a main floor bathroom and/or bedroom can be especially attractive. An enclosed garage for the car in winter, or easy access to public transit can also be essential features. Condos due to their low upkeep and convenience make excellent choices. Bungalows are a great choice too, as the stairs are minimal. Add a veranda and the outdoors can be enjoyed from the safety and comfort of their home. Nearby amenities such as a pharmacy, hospital, grocery stores, the local legion and places of worship tend to be among this group’s top concerns.

Bachelor(ette)s look for smaller, more affordable spaces. This group of buyers are more receptive to the idea of condo living, thanks to the included amenities (gym, pool, underground parking) and less daily upkeep than your standard freehold. They prefer trendy locales with an active, youthful population to suit their lifestyle. Surrounded by plenty of cafes and restaurants for socializing is a major draw.

House flippers and other investors are looking for properties that could use a little TLC. Cosmetic repairs can be easy to do, and often result in the largest returns on each dollar spent. This type is on the lookout for any properties located in favourable areas, where the house has experienced unfavourable times. Properties they typically purchase are in the low to mid-range price of a neighbourhood, giving them room to improve for larger returns.

Newlyweds are often first time buyers, with a need to find the middle ground between both parties on what they want and need in a property. Common must-haves typically include an easy commute to work, room to start a family, and the ability to upgrade features for a higher resale value later on. They often look to the suburbs for a cheaper price point, so proximity and transportation to the city core and surrounding areas can also add to the appeal of a property for this buyer group.

Authored by: Bryan Coughlin, Client Relations