Looking at our figures for last month’s new applicant enquiries, it’s clear from the continued high percentage of owner occupiers compared to investors, that they are the market ourselves and our vendors need to appeal to. This change means far more to vendors and potential vendors than just a change in the total number of buyers, it means a drastic change in the motives and motivation of the target market. When someone is looking for a home where they will themselves live, day in day out for perhaps the next 5 years or more, their requirements are very different to an investor who is looking for a home that others will live and somewhere that, rather than his own enjoyment, his or her main motivation is a financial return.
So, what does this mean for vendors and what should they be looking at before marketing their property? Most vendors in the resale market are selling properties that are between 5 and 15 years old and most will have been tenanted for a long period of this time. Most landlords will not want to undertake unnecessary maintenance work during the tenancy and in most cases, unless a tenant complains or an inspection labels something as urgent, some things don’t get done. However, when trying to appeal to potential buyers who are owner occupiers, the condition and state of the property becomes a lot more important with particular attention to the bathrooms and kitchens. Things like damp, damage from old leaks, deteriorating discoloured grout and sealant, broken tiles, damaged hobs and worktops, damaged kitchen units and old stained carpets can all be major turn offs for would be buyers. Our Negotiators have also noted a marked increase in buyers looking to discount the price for these types of works and working back from the asking price in doing so.
Our suggestion would be to keep our target market in mind and look to see the potentially minor works that could be carried out before marketing begins that could have a negative effect on buyers and the offers they make. In addition, to help our vendors better reach this target market, we have invested heavily in the latest technology and our marketing now includes the latest HD quality 3D walkthroughs in addition to video viewings available via our Youtube channel and Facebook.
Jaimie Beers, Managing Director, Madley Property