Real Estate Buyer Personas

In order to understand a customer, it’s critical to ask the right questions. By knowing things like “who, what, where, when, how, and why?” a more comprehensive and satisfying experience is provided for clients. Becoming familiar with real estate buyer personas is a great way for real estate agents to learn to support their clients in goal-directed buying decisions. Regardless of whether a buyer is interested in an investment property or a home that can accommodate a new baby, a comprehensive understanding of real estate buyer personas helps them.

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Move-Down Buyers

Move-down buyers are looking to downsize from their larger homes. These buyers are generally high net worth professionals who want to move into a more manageable home after they have retired or their children have moved out. Move-down buyers are interested in homes with hardwoods, plenty of natural light and modern, high-tech appliances. Since these buyers are generally selling their luxury homes and buying smaller, pared-down homes that are easier to maintain, they’ll appreciate plenty of amenities and easy access. Move-down buyers will also welcome notable backyards with room for pets and grandchildren to play. While being near downtown isn’t always one of their hard-and-fast requirements, these buyers will enjoy being in a location that offers easy access to parks, trails, coffee shops and restaurants. Quiet locations filled with beautiful, low-maintenance homes, such as Palo Alto, Redwood City, or Burlingame are ideal for move-down buyers.

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First-Time Buyers

First-time buyers are generally middle-class families who are looking for a foot in the door to home ownership based on affordability. These buyers may also be college grads with planned downpayment assistance coming from parents or working professionals looking to find a more convenient Silicon Valley commute. Their wish lists include updated kitchens and plenty of natural light. First-time buyers are looking for a comfortable, livable home and are likely to be drawn to homes with sizable backyards that provide plenty of room for gardening and space for children to play. These buyers generally want at least two bedrooms and two full bathrooms to accommodate expanding families and room for company to stay. This group of buyers is likely to be receptive to fixer-uppers, and many individuals in this group will happily renovate an older home with plenty of character and an outstanding location.

Move-Up Buyers

Move-up buyers are generally entrepreneurs, tech professionals, startup founders and other professionals who want to trade their existing homes for larger, more luxurious houses due to a change in income, new baby or new marriage. These buyers want to live in and around the Silicon Valley area, although they may also be interested in properties in San Francisco, Hillsborough or Palo Alto areas. Move-up buyers are looking for a home that allows them to live the lifestyle of their dreams. Their must-have features include updated kitchens, luxury bathrooms and an ample amount of natural light. These buyers are generally interested in acquiring a home with a pool and spa and will appreciate modern, high-tech design. These buyers are likely selling their starter homes and looking to move into a new home that provides a more luxurious lifestyle.

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Luxury Buyers

Luxury buyers are generally high net worth individuals or international professionals who may have several homes in and around the Palo Alto area. These customers often work in Silicon Valley and are searching for a home that offers all possible amenities, including updated kitchens, high-end bathrooms, and a pool and spa. This type of buyer may also be new to the luxury home industry, for example, a startup founder who liquidated stock and now has the wealth to become a luxury buyer. These buyers are happy to spend the money needed to secure a home that offers luxurious amenities in the Palo Alto or San Francisco area. Luxury buyers are attracted to crisp, clean styling and will appreciate homes that boast natural light and modern, high-tech amenities such as heated floors and driveways and smart thermostats. Homes with hardwoods are a must for these buyers, and they will also enjoy features like vaulted ceilings, open floor plans, chandeliers and large bathrooms. Luxury buyers often look at many homes before committing to a specific location and may have a long list of requirements for their new home. While luxury buyers vary depending on their backgrounds and professions, it is safe to assume they will welcome high-quality, well-constructed homes that offer ample space and plenty of uniquely beautiful features.

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Investor Buyers

Investor buyers are generally high net worth real estate investors who specialize in buying and selling homes. These buyers often have several homes in the area and want to purchase another home to flip or rent to college graduates, middle-class families or professionals. Investor buyers may also be looking to secure a property for use as an Airbnb rental in San Francisco or the surrounding areas. When it comes to purchasing a home, these buyers are receptive, sharp and attentive, although they are generally also thrifty and savvy. They are likely to be interested in homes in areas ranging from Burlingame and Hillsborough to Redwood City and the San Francisco area. These buyers are also likely looking for fixer-uppers they can flip for a profit down the road. For an investor buyer, one of the most important traits a house can have is a good location that’s near downtown. They’re also likely to appreciate homes with notable backyards, plenty of natural light and hardwood floors because they can capitalize and expand on all of these things. While these purchasers may sometimes be interested in luxury features like a pool and spa or luxury bathrooms, these are generally less important to them than quality homes in good locations at decent prices.