The Benefits of Selling to a First Time Buyer and How to Attract Them
First-time buyers are key drivers in the property market and could be the ideal candidate to purchase your home. So, are you doing enough to target them?
They might not have the instant allure of a cash buyer, but dig a little deeper, and it quickly becomes clear that first-time buyers (FTBs) have an awful lot going for them.
In fact, they could be the best option when it comes to finding a buyer. So, let’s look at the pros of dealing with FTBs, and how to ensure your marketing appeals to them.
No chain – Cash buyers aren’t the only ones on the block who are chain-free. FTBs are likely to be renting or living with family, so they won’t have to find a buyer for an existing property. If you sell to them, the process should be less complicated and move quicker.
Motivated – If the FTB is living with Mum and Dad while saving for a deposit, they’ll be itching to get their own place. And if they’re in a rental property, they’ll be eager to say goodbye to hefty rent bills each month.
Responsive – Most FTBs will have been saving for a long time to get on the ladder and may have had a few setbacks on their home-buying journey. So when their chance of home ownership is within reaching distance, expect them to respond quickly to queries and requests for information. As they have no property sale admin to divert their attention, FTBs can focus on getting their deal with you done.
How to attract first-time buyers
Choose the right agent – If you think your property would be ideal for an FTB, go with an agent with a sophisticated social media strategy. A top agent does more than promote homes on property portals (although making good use of these channels is important). Proactive agents also offer property sneak peeks on social media, video tours and much more.
Good presentation – Most FTBs will spend lots of time online and be heavily influenced by platforms like Instagram. They’re used to looking at light, bright, well-curated images – and find dingy, unprofessional photos a turn-off. When researching which estate agent to work with, look at the standard of their property imagery. If it’s not high quality, take your business elsewhere.
Pricing strategy – It’s important that your asking price is realistic, as most FTBs don’t have much wiggle room in this area (recent interest rate hikes have impacted mortgage affordability). If your property is over-valued, an FTB might be put off and steer clear of your property altogether.