In the highly competitive property and real estate industry, knowing your target market is the key to a successful marketing campaign. Your property will sell faster and for more money. At ScreenAge we specialise in creating highly photo-realistic 3d renders of property before its built. Developers depend on us to create imagery that appeals to their target market so that they can sell properties before the first brick has even been laid. Knowing their target market is crucial.

In order to craft a 3d render to appeal to a certain audience, we need to know who that audience is inside out. So we went on a mission to research the typical property and real estate target markets and create a buyer persona for each category.  There’s no point keeping all this research to ourselves so I thought I would share it here for you all.

I’ll share some stats that we were able to find as well as some general traits which typify each particular category. I’ll also share some tips on how to market to each category more specifically and what they typically look for in a home. I’ve also made some Buyer Persona’s that you guys can download for free! Here we go…

Target Market – First Home Buyers

First-home-buyers-target-market

The Stats:

  • Age 25-34 (Millennials). Average Age is 32
  • 86% have a Mortgage. Average loan size is $345k
  • 30% are single. 67% are couples 50% of couples have kids
  • 80% buy single standing homes . 20% buy medium density
  • 80% buy established homes. 20% buy new homes
  • 20% have 2 bedrooms. 60% have 3 bedrooms . 20% have 4+ bedrooms.
  • 90% are full time employed
  • 75% have a Tertiary qualification or trade accreditation
  • 60% are in dual income households
  • 71% engage in social media daily
  • 23% spend more than 3 hours on social media per day

Media Consumption:

Majority online – Instagram, Facebook, Snapchat, Twitter, Pinterest, Youtube, Spotify
Television – Primarily Netflix and Catchup TV

General Traits:

  • Spend a lot of time on phone/laptop/devices
  • Tech Savvy – they like the newest tech
  • Work from home regularly
  • Masters of Multi-tasking
  • Work-Life balance is important
  • Strong sense of Community
  • Environmentally and Health Conscious
  • Typically Non Religious
  • Seek advice on purchases from family & friends

How to Market to First Home Buyers

  • Consider an interactive format to boost engagament.
  • Use more than 1 type of media – Video, Images, gif, 360 photos, Virtual Reality etc.
  • Use refreshingly honest copy.
  • They digest large amounts of info at a time. Its important to make sure your content captures their attention and keeps it!
  • Focus on word of mouth – they seek advice from family and friends & online reviews.
  • Fast response times – they expect it.
  • Make your product instagram-worthy.
  • Be Authentic. They are keenly aware of what is marketing speak vs real talk.
  • Young people use multiple devices to access media. Make sure your brand touchpoints are screen size responsive.
  • Try and Go Viral – make your material so interesting/valuable that people want to share it

What First Home Buyers are Looking for in a Home:

  • Space to grow family
  • Affordable location
  • Latest Technology
  • Close to family & friends
  • Home office/space
  • Outdoor Entertaining Space

Click the image below to download Sam & Amy’s 1st Home Buyers Persona PDF 

Target Market – Young Professionals

Young-professionals-target-market

The Stats:

  • Age 25-45
  • 58% are single. 42% are couples
  • 64% move homes every 5 years
  • 90% are full time employed
  • 80% have a tertiary qualification
  • 71% engage in social media daily
  • 23% spend more than 3 hours on social media per day

Media Consumption:

Majority online – LinkedIN, Instagram, Facebook, Snapchat, Twitter, News Websites, Pinterest, Youtube, Spotify.
Magazines on finance, wealth, fitness, travel.
Television News and Current Affairs

General Traits:

  • Spend a lot of time on phone/laptop/devices
  • Tech Savvy – they like the newest tech
  • Spend long hours at work
  • Masters of Multi-tasking
  • Environmentally and Health Conscious
  • Typically Non Religious
  • Time poor
  • Active nightlife
  • High Surplus Income
  • Gravitate to designer brands
  • Expensive tastes
  • Regular Gym Users
  • Eat out or get home delivery food regularly
  • Look for low maintenance homes
  • Security is important for single females

How to Market to Young Professionals

  • Be Exclusive. Young professionals like to show off to friends and family. They want things that other people don’t have.
  • Be Sophisticated. They are typically well educated and enjoy the finer things in life.
  • Be Designer. They are savvy to what is on trend and what is not.
  • Be Authentic. They are keenly aware of what is marketing speak vs real talk.
  • Convenience. They are willing to pay for it.
  • Fast response times – they expect it.
  • Make your product is instagram-worthy.
  • Use more than 1 type of media – Video, Images, gif, 360 photos, Virtual Reality etc.

What Young Professionals are Looking for in a Home:

  • Location – inner city, close to work and entertainment precincts
  • Low Maintenance – apartments and townhouses with little maintenance required
  • Luxury – they want a nice space to relax and unwind
  • Security – large proportion of young single people who need to feel safe/secure
  • Stylish – on trend, designer
  • Shared Gym / Pool
  • Shared Rooftop Garden
  • Latest technology

Click the image below to download Lauren’s Young Professionals Persona PDF 

Target Market – Upgraders

Upgraders-target-market

The Stats:

  • Age 40-59 (Generation X)
  • Predominantly Family’s with younger kids
  • Account for approx 40% of all housing loans
  • The largest property buyer demographic
  • Adult children are living at home for longer

Media Consumption:

Majority online –  Instagram, Facebook,  News Websites, Pinterest, Youtube, Spotify.
Magazines on cooking, sport, health, travel
Television News and Current Affairs, kids TV
Newspapers – weekend paper and local weekly papers

General Traits:

  • Typically families with 2 or more school aged kids
  • Busy daily lifestyles – work/school, drop offs, sports, cooking, cleaning etc
  • 2 cars, multiple bikes, sports equipment etc – need for storage space
  • Often have a family pet or pets
  • Kids spend a lot of time with screens/technology
  • Health Conscious. Parents want a healthy lifestyle for their kids
  • Clean environment is important
  • Safety/Security is important

How to Market to Upgraders

  • Its all about the kids. The happiness of their children is paramount to most parents. Focus in on this emotion.
  • Mixed Media. They consume media in various forms so in order to be seen you will need to be present on multiple platforms.
  • Efficiency. Upgraders are busy people. They don’t have a lot of time so make sure you’re using their time efficiently.
  • Honesty/Transparency. Upgraders are protective of their families. They want to know exactly what the deal is. They appreciate honesty and transparency.

What Upgraders are Looking for in a Home:

  • Space – families need space to grow into and for all the family members to have their own space to live in.
  • Backyard/Outdoor space for kids to play
  • Proximity to good schools
  • Proximity to shops
  • Proximity to parks/playgrounds/beach
  • Security for home and garden for kids to play in
  • Bath – for younger kids
  • Parents Retreat
  • Entertaining Space/Outdoor Dining, BBQ space
  • Technology
  • Community. Nice, safe neighbourhood.

Click the image below to download Mark & Anna’s Upgraders Persona PDF 

Target Market – High End Buyers

high-end-buyers-target-market

The Stats:

  • Age 40-60.
  • Predominantly Family’s with teenage kids
  • 80% have a Tertiary qualification
  • High incomes with little or no mortgage
  • High proportion of business owners & entrepreneurs

Media Consumption:

Online – LinkedIN, Facebook, Instagram, News Websites, Spotify, Youtube.
Magazines on finance, wealth, fitness, travel.
Television News and current affairs.
Newspapers – reads the daily paper.

General Traits:

  • Highly Educated Professionals
  • They want the best of the best
  • Well connected to other high end buyers
  • Often own multiple properties.
  • They know what they want and go after it
  • They have worked hard to get where they are by making smart, careful decisions.
  • They travel regularly
  • They often have multiple holiday homes
  • Not concerned with maintenance issues as they hire cleaners and gardeners
  • They look for quality, integrity and value for money
  • They research their purchases carefully before making a decision

How to Market to High End Buyers

  • High end buyers want the best of the best, you must position your brand as a Luxury Brand.
  • Mixed Media. They consume media in various forms so in order to be seen you will need to be present on multiple platforms.
  • High End Buyers are savvy to what is On Trend and what is not. They expect the latest of everything. Make sure you have well designed points of contact.
  • Form relationships. They expect to be schmoozed. They like to feel special/important. Always prioritise the client.

What High End Buyers are Looking for in a Home:

  • Location – Spectacular views and exclusive location
  • Luxury Design and Finishes
  • PrivacyWow Factor – Originality
  • Leading High End technology
  • Space/Size. The bigger the better.

Click the image below to download Simon & Emily’s High End Buyers Persona PDF

Target Market – Downsizers/Empty Nesters/Retirees

Downsizers-target-market

The Stats:

  • Age 50-75.
  • 92% have no children living at home
  • Will have around $1.5 to $2 million to spend
  • 96% use search engines, 95% use email
  • 80% use Facebook
  • 80% have paid off mortgage entirely
  • 60% spend time reading blogs and online articles

Media Consumption:

Traditional Media – newspaper, television, radio, magazines.
Online – Facebook and search engines

General Traits:

  • Approaching or already into retirement
  • Have adult children not living at home
  • Often have young grandchildren or adult children who will come to visit
  • They are self assured and independent
  • They are highly competitive and enjoy competition
  • They are motivated by positions of prestige
  • As their careers wind down they are increasingly time rich
  • Safety/Security is important
  • They have a strong work ethic (workaholics)

How to Market to Downsizers

  • Traditional Media. Older generations prefer traditional media such as newspapers, television, radio and print.
  • Don’t tell them that they’re old! They will not appreciate this.
  • Don’t ignore social media. 82.3% of them belong to at least 1 social media (mostly Facebook).
  • They will read text. Unlike younger generations, downsizers grew up reading books and newspapers so they don’t mind reading longer passages of text.
  • Be present in Search. They use search engines extensively.

What Downsizers are Looking for in a Home:

  • Low Maintenance (not necessarily smaller)
  • Single Storey/Elevators
  • Quiet Location/Privacy
  • Spare room for the grandkids/family to come and stay
  • Preference is to stay in the same neighbourhood close to friends and family
  • Convenience to shops, cafes, pubic transport
  • High End Finishes and Fittings
  • Safety/Security
  • Close to medical facilities

Click the image below to download Alan & Judiths Downsizers Persona PDF 

Conclusion

So there you have it! The 5 Key Property and Real Estate Target Markets! There are multiple sub-categories and niche markets that are also worth investigating, but the 5 above should be enough to get you started. At ScreenAge we have taken things a step further and have analysed each target market in order to understand what sorts of images/objects etc they are drawn to so we can use them in our 3d renders. But that’s a whole other blog article….. coming soon.

Thanks for Reading!