Are Condo Buyers Different than House Buyers?
Now in Spring 2017 we’ve seen house and condo prices in Toronto jump and should keep on rising The era of the condo is upon us and they may represent the best capital gain and rental income for investors and new deals for most realtors.
With respect to your own sales: It’s not the market, it’s your marketing
If you’re a Realtor marketing condos, being aware of how condo buyers are different will benefit your web content strategy and improve your lead conversion rate and closed deals. Knowing these buyer’s personalities, circumstance and values should help you create better more relevant advertising and web content for your target audience. And on the web and in social media, you are your content.
When they believe you believe what they believe, you become their most relevant person on the planet. You’re the dream enabler.
If condo buyers are younger, first time buyers, they’re likely more wide eyed and impressionable. They may be more susceptible to visuals, strong headlines, and dreamy descriptions of independent living, sociability, and freedom from time consuming home chores. As you brainstorm great content ideas, you need to keep that buyer persona in focus.
Content that’s Relevant to Condo Buyers
Your stylized content might include flashy infographics, video of urban shopping and attractions, and a reminder of the social life and how it positions them for a more successful career.
Single family home buyers are in a different boat. They want the privacy of a house, the ownership of real land, and they may have kids or want them soon. Cutting lawns and planting flowers might be top on their list of fun things to do.
My brother recently bought a large property in the country. He would not like living in a Toronto condo. His idea of a great life is having the property, trees, and room for his dog to run. The task of clearing the property, plowing and shoveling snow, cutting grass, and fixing things is his idea of meaningful, creative living. Clearly, this hard work is not appealing to condo buyers. Their dream world is different.
Lifestyles, Amenities, and Convenience
Most often it is carefree, social, urban, and prestigious lifestyles in the city that appeals most to these buyers. And developers are taking innovation to heart with exciting new developments.
If you’re selling to condo buyers, here’s some points to keep in mind:
- enjoy living in high density areas such as downtown Vancouver, Toronto and San Diego
- enjoy the closeness of their neighbours
- enjoy the shared amenities and ease of access
- enjoy the lower cost of ownership
- don’t mind underground parking
- don’t want the challenge of yard maintenance
- enjoy the excellent views from many condos
- enjoy being closer to where they work
- are often first time buyers
- are a young person or young couple (except for empty nest buyers)
- may like living near people like themselves (e.g., Richmond BC)
- don’t want to have to repair or renovate
- don’t have as much money as home buyers
- often first time buyers
- may not own a car nor want to own one
- may not understand the risks posed by condominium associations
There’s likely many more key persona traits you know of yourself, in which case I’d like to hear your input. It’s an exciting time to be realtor in San Diego, Vancouver and Toronto. Three cities, rated at the top for livability and very attractive to condo buyers from around the world.
Selling isn’t easy anymore. The buyer market and marketing channels are more fragmented. Smart planning and strategy in developing your web and social content could mean the difference between mediocrity and outstanding success.
If you’re hoping for that top sales award, you should begin looking for a real estate marketing specialist who can elevate the value you provide to your market. Remember, it’s not the market, it’s how you market.