How can you identify your market?
Profiting from property is really possible even in a downturn
We’ll show you a step bt step guide to the ease of developing property through renting and buying to let!
Identify Your Market
It’s essential to identify your target right from the start.
Below are 5 basic targets for you to consider:
| Market Target | What they want… | They don’t want… | Property Type | |
| First time buyer | functional, up-and -coming area | high maintenance, expensive repairs | Studio, one bedroomed flat | |
| Professionals | space, luxury and entertaining | Large un-managable gardens | Generously proportioned apartment near trendy bars and shops | |
| Young Couples | 2 or 3 bedroomed house, value for money | no outside space, small kitchen | Terraced or semi near schools | |
| Growing Families | Flexible lay-out with a large garden and good storage | Open-plan and no outside space | Large house in a quiet residential area | |
| Retired people | Practicle , simple and comfortable | Lots of work and items requiring low level use | Maybe downsizing so a compact one or two bedroomed propert |
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This is a very simple way to divide up people into sensible categories
I agree that you must think about the needs of the person and avoid becoming too attached
This is probably the hardest test for property developers.
Not always as easy as you think making the correct identity.