5 Key Property and Real Estate Target Market Examples

First Home Buyer Statistics

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

First Home Buyers Media Consumption

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

First home Buyer 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 engagement.
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

Young Professionals Statistics

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

Young Professionals Media Consumption

Young Professionals 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.
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 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

Upgraders Statistics

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

Upgraders Media Consumption

Upgraders 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.

High End Buyers Statistics

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

High End Buyers Media Consumption

High End Buyers 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
Privacy
Wow Factor – Originality
Leading High End technology
Space/Size. The bigger the better

Downsizers Statistics

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

Downsizers Media Consumption

Downsizers 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

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 Harp 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!