Target Market….What Does That Mean In Real Estate?

As business owners, we are constantly hearing about target markets and how to direct our advertising towards attracting buyers for our goods or services. Information from survey results are compiled, reviewed and those results are then passed on to us. It’s about appealing to the buyer of our products.

Knowing who our “target market” is while trying to sell a house is just as important to the home seller as it is to all these businesses that have products or services to sell.
As a home seller, this means that you are going to have to think about who your buyer will be when marketing your house. What age group are they? Are they empty nesters, new parents or families with teenagers? What will they expect to see when they come to view the property and will it be something that they desire?

Let’s say your house is 15 years old. The kitchen appliances, cabinets, countertops and lighting is dated compared to what a buyer will see in an newer house. Your bathroom is 15 years old. The flooring, vanity and fixtures are dated compared to the competition.

Could your furniture be showing some wear and tear and look dated? Probably, but your thinking “A buyer is going to be purchasing our house, not our furniture. Why should that matter?”

It matters because, the “Target Market” for your property is probably around 30 to 40 years old, has a family that needs room to roam and if they see a house and the furniture looks like their parents or grandparents furniture, they can’t get excited about making this their new home. They need to see that their young, hip style of life will work in a 15 year old house. I call this the “Pottery Barn” generation. This is a style of decorating that a 30ish age buyer likes and can relate too and they can’t relate to a house that looks like their parents house.
Studies show, 90% of buyers cannot visualize the potential of a space with the current home owners taste and belongings. It shouldn’t matter, but it does. However, if they visit a house that is 15 years old that has been updated through the years and has current style furnishings and accessories, they will get excited about it and most likely, this will be the house that they choose to purchase. This house was marketed with the “target market” (buyer) in mind.