Don’t for­get pas­sive buy­ers

Herald Sun - Property - - FRONT PAGE -

RE­CENTLY, a new term has emerged — the ‘‘pas­sive buyer’’. I was un­fa­mil­iar with the term un­til this week, but as soon as it was ex­plained to me it made sense. So what is a pas­sive buyer? We are all po­ten­tial pas­sive buy­ers — it is a rather large, if un­pre­dictable group.

You may have been a pas­sive buyer be­fore, but you can­not know if you will be one in the fu­ture.

The very def­i­ni­tion means you will not know this is about to hap­pen. It oc­curs with­out warn­ing, prepa­ra­tion and, in some scary sce­nar­ios, with­out due dili­gence.

A pas­sive buyer is some­one who acts for no other rea­son than they see a prop­erty that is com­pletely amaz­ing for them and they buy it.

They can be the fam­ily search­ing for a four-bed­room home with pool and gar­den in a leafy sub­urb who sud­denly buy a unit by the sea, the cou­ple look­ing for a sub­ur­ban home who with­out no­tice buy a hobby farm, or the ur­ban cool funkster who sud­denly buys a ren­o­va­tor’s de­light on the edge of town.

A pas­sive buyer isn’t prompted to act, nor can they be pre­dicted. Out of the blue they see a home they fall in love with and they leap in.

They have been se­duced by some­thing they didn’t know ex­isted, or was within their bud­get. Or they may not have con­sid­ered the area.

If you are sell­ing, they can be a use­ful group to know about.

We are film­ing an­other sea­son of Sell­ing Houses Aus­tralia for Fox­tel’s Life­style Chan­nel, which is how I came to learn about this new buyer de­mo­graphic.

In the mod­ern world much of our prop­erty re­search is pretty fo­cused — it has to be due to the sheer vol­ume of data avail­able.

We fo­cus on ar­eas; we look at block size, prop­erty type, etc.

We look for bed­room num­bers, park­ing op­tions, new and old.

If we don’t, then you need to take a week off work just to go through the vol­ume of in­for­ma­tion at your fin­ger­tips and that is just too over­whelm­ing.

But as the prop­erty we are work­ing on does not fit the stan­dard cat­e­gories, there is a strong chance our buyer doesn’t know yet they are look­ing for a prop­erty like it.

They may have never con­sid­ered the idea of some­thing like it, never knew it even ex­isted, or be­cause they are not even re­ally in the mar­ket at all yet.

That means that this kind of prop­erty needs a broad­cast mar­ket­ing cam­paign.

A broader cam­paign will at­tract buy­ers from all ar­eas and at­tract at­ten­tion even from those who didn’t want to buy right now, but fall in love with the op­por­tu­nity. I have been a pas­sive buyer. It oc­curs when you see a prop­erty that ful­fils a brief you didn’t even know you had. If you find your­self in this sit­u­a­tion, don’t be scared.

Take a breath, do your re­search and get to un­der­stand the lo­ca­tion, me­dian prices of stan­dard homes in the area etc, so you can make a full and proper as­sess­ment.

Sell­ers of th­ese types of properties need to be aware and hon­est. If you think your prop­erty is not ‘‘typ­i­cal’’ in any way, you may need to at­tract pas­sive buy­ers, which means a big­ger, not a smaller mar­ket­ing cam­paign.

A stan­dard on­line list­ing will not be enough.

You will need to spend more, not less, on at­tract­ing buy­ers to your home with pro­mo­tion both res­i­den­tially, and pos­si­bly com­mer­cially.

And the good old real es­tate sec­tion in your lo­cal pa­per is es­sen­tial — be­cause that is where pas­sive buy­ers browse.

I won­der how many of you have been a pas­sive buyer and now just re­alise it? An­drew Win­ter is the host of Sell­ing Houses Aus­tralia on Life­style. Fol­low him on Twit­ter @an­drewtwin­ter and Face­book

16 The Oaks, Narre War­ren Prop­erty: Price range: Agent:

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