Create a Buyer Avatar

04 Sep Create a Buyer Avatar

Do you know who your property development project is for? I mean, do you really know your buyer avatar? Knowing your perfect buyer (or renter) before you start will help you create a property that’s irresistible to them. This is one of the ways to be sure that your project will give you a good ROI.

A buyer avatar is a representation of your ideal buyer or renter. It’s a specific and detailed picture of who will be the end user of your property.

Where do they work? What are their demographics: age, salary, gender, socio-economic group, etc.? What do they do for fun? Where do they shop? Are they single, married, and do they have kids? What ages are their kids? What are their transportation challenges? What do they expect in terms of fittings, amenities, shopping/dining, geographic location, schools, convenience and recreation? Do they value green space over parking?

Should you put in high-spec fittings or stick to budget-friendly but quality alternatives? How many bedrooms does your audience expect within a dwelling? Would your audience appreciate a gym in the building, or is there a great fitness facility next door? Will you need to consider parking, or do people rely more on public transportation?

The gist of this is that you have to know your end user so you can create the right space, at the right price – so it’s irresistible to them, and a quick sale or rental and a profit for you!

You have probably seen developers building something that in their minds, will appeal to pretty much anyone. This is rarely successful. It’s like trying to sell a weight loss product to everyone, including obese people but also athletes and pregnant mums.

You can get a decent idea of your ideal buyer by knowing the neighbourhood. Who’s already there? Families with school-aged kids generally won’t want to live in the same area as young single professionals, university students, or retirees. You want to develop to the demographic that’s already there, but at the same time if the area is changing, you want to develop to the demographic that’s moving in. For example, a university town needs plenty of cheap, shared housing – but if that area is becoming a hotbed for start-up companies, the demographic will change and there will be just as much need for more upscale housing for wealthy young professionals.

You can also follow migrations. In the example above, you may notice as you’re walking around town that where you used to see groups of university students and a few professors, you now see professionally-dressed people hurrying to work. These professionals migrated from somewhere and suddenly they’re here.

Over time, all neighbourhoods change. Former mansions get converted to apartments. Former warehouses get converted to upscale lofts. Former run-down neighbourhoods see a resurgence and suddenly property prices double.

Today, people are much more mobile than in the past. You have to have a keen eye to spot emerging trends but if you become part of a trend, you can potentially make a big profit.

Who has a keen eye on the market? Real estate agents! They see how prices affect a location’s demographics, so make sure to establish a good relationship with one or several agents who can tell you what changes and trends they are seeing. At White Gorilla, we’ve been following and anticipating market trends for many years, and we have great relationships with agents who truly have their fingers on the pulse of what the market wants (and where, and for how much).

If you really want to develop for a specific type of person, go ahead and create that buyer avatar and then see which locations are perfect (or emerging) for a development they will love. We can help you every step of the way with this – and, we can manage your project so that you get the return you’re expecting!

Social: Do you know who will ultimately buy or rent your property? Are you developing for “the general public” or for a specific audience? Knowing your buyer avatar will make you a lot more money – faster. Here’s what you need to know.

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