Recent research concurs with my own view that most buyers of residential property buy on instinct, typically viewing their eventual home no more than twice before making a decision to buy.
Buying a property certainly appears to be a decision
of the heart over the head. In other words, the “I’ll know it when I see it”
approach turns out to be quite reliable.
An estate agent working in commercial property
transactions will confirm that if the figures don’t add up correctly the buyer
will refuse to look at the property and move on to the next one.
But residential property sales are different. ‘Homes’
are purchased based on emotions.
Some of these emotions are connected mainly to the
KBG. The what? The KBG
KITCHEN – BATHROOM – GARDEN. For many buyers if the emotions are fulfilled by all three of the KBG, that its. We’re buying it.
Despite the detail offered about their property by
sellers when they instruct an estate agent to place their property on the
market, buyers actually register their preferences with a very broad brush
indeed. They seldom, if ever, ask what type of boiler is at the property, or if
there is a fast internet connection point in the sitting room before viewing
it. These are small details which have little bearing on whether the buyer will
find the property to be a suitable home.
Once certain non-negotiables, such as price, minimum
amount of accommodation, and the general location of the property have been
satisfied, buyers are primarily influenced by “How does it feel?” and “Could we
be happy here?”. These elements are intangible, but if the right button has
been pushed, virtually nothing will stop the buyer from wanting to buy the
property.
Of course, the brain then tries to over-rule the
heart, forcing the buyer to revisit the property, just to make sure.
During this second viewing the buyer will take a more detailed look at the
property and may take more notice of the type of fittings and the structural
condition.
The brain will usually decide whether to support the
heart solely on the strength of this second visit and the buyer will either
make an offer there and then or decide against. An estate agents job is to
prompt and facilitate that decision. So sellers would be well advised to
remember they are selling a home, not just a building, and work with their
agent to promote the lifestyle benefits of their property – not just its
features.
I’m always happy to help sellers, buyers, landlords and tenants
Tel: 01777 237310 or messages to 07981 744003
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