Is this view for you? How to target your market.

By
Real Estate Agent with HI Pro Realty LLC RB-21531 RS-76763

 Waikiki Beach, Honolulu HI

Is this view for you? How to target your market.

 

Believe it or not, not everyone finds this view worth purchasing, but there are many who do. Professional Home Stagers have long touted that when preparing a property for sale the design aesthetic should appeal to as many buyers as possible. The nominative term is "Broad Buyer Appeal"; and it's marketing goal is to attract anyone and everyone looking to buy a home. On a visceral level this makes sense; why not attract as many buyers as possible, eventually the right buyer will come along. However, statistics and reality often tell a very different story; a story that involves a limited demographic pool of potential buyers from a specific socio-economic background. The question is "Is it cost effective to use broad buyer appeal as a marketing strategy?"

 

I would say in most cases it does, however, in vacation destinations like Hawai'i and especially Waikiki, trying to be all things to all people by using broad buyer appeal doesn't always work because consumers are often looking for the lifestyle along with the property. It means that the average consumer is savvy enough to recognize the difference between value(the actual appraised value of the property) and perceived value(the actual value plus the subjective value of such variables as the reputation of a neighborhood; the quality of the schools; proximity to shopping and amenities; climate; view; zip-code etc.) In other words a retired couple might see less value in a neighborhood that is close to schools with lots amenities for young families, than it would find in a resort or retirement community and vice versa.

 

When it comes to merchandising a property for sale the home should be tailored to reflect the lifestyle of the potential buyer pool. Knowing what that buyer pool aesthetic might be allows you to target market the look of the property to attract the right demographic. So a suburban home in a family neighborhood, with lots of kids should have design that is attractive to family's with children. A spare room might be designed as a media room or playroom and outdoor spaces might be arranged to provide a designated play space with an outdoor eating area. Parents are often considering the space requirements for their children when purchasing a home and taking out the guess work by designing specifically for this demographic increases the likely hood of a faster sale. In Waikiki storage is a premium especially for outdoor recreational equipment like surf boards, outrigger canoes, and kayaks. Because of the year round tropical weather heavy fabrics and upholstered furniture is often dispensed for more environmentally appropriate decor such a rattan, wicker, teak, and mahogany. Cultural cues found in Hawaiian and Hapa Haole design aesthetics are very popular and widely used.

 

 

 

How does one determine if their home for sale needs Merchandising versus just Home Staging? It's easy hire a professional Home Stager or Real Estate Merchandiser who specializes in lifestyle marketing, but if your budget precludes this expense you have to do the research. For starters go outside and take note. If you live in an area with a lot of people who enjoy the same lifestyle; have families with children; are retired; work in a certain occupation; enjoy a particular past time; you should strongly consider merchandising your property for sale instead of just staging. When you target market  the buyers who will most likely purchase your property you don't have to appeal to everyone just the lifestyle that best fits your home for sale. Many staging professionals intuitively understand this concept but not all. Real Estate Merchandisers focus on lifestyle marketing and are an excellent rescource for your Real Estate marketing needs. If you live in Hawaii or Waikiki check us out!

 

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   HI Pro Realty - PET FRIENDLY HONOLULU REALTOR, PROPERTY MANAGEMENT

  

HI Pro Realty LLC - REALTORS®, PROPERTY MANAGERS® is a boutique brokerage firm offering responsive, dedicated, and professional Real Estate Sales and Management Services in Honolulu, Hawai'i. 

 

    Office: (808) 941-8866    Mobile: (808) 926-7667

 

 

 

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Topic:
Real Estate Best Practices
Location:
Hawaii Honolulu County Honolulu
Groups:
Stage It Forward...
Honolulu, Hawaii Real Estate
Almost Anything Goes
Vacation and Second homes
Hawaii Real Estate Professionals
Tags:
waikiki
marketing strategy
real estate merchandiser
real estate merchandising
hawaii
lifestyle marketing
return on your investment

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Rainmaker
342,709
Julia Maher
Nestings: Connecticut Home Staging and Model Homes - Fairfield, CT
Connecticut Home Stager

Helloooo Kimoooo!  Excellent, well-thought out points.  Especially crucial for homes that have been lived in a long time.  For example, down-sizing seniors living in a family-oriented neighborhood may have to "reclaim" the bedrooms currently being used as offices, craftsrooms, dens, etc.  Often a smart REA will make these suggestions, but it may take a professional Stager to bring it to life!

Aug 28, 2013 06:43 AM #1
Rainmaker
820,733
Maureen Bray Portland OR Home Stager ~ Room Solutions Staging
Room Solutions Staging, Portland OR - Portland, OR
"Staging that Sells Portland Homes"

Aloha Kimo ~ I've never agreed with the concept that staging should appeal to the "masses" or as many people as possible. The best home staging appeals to the target buyer of the particular property.  The other concept, IMO, is a dated one. Today's buyers are savvy -- and as stagers, we need to be as well :-)  I always ask the seller and the listing agent (and use my own resources, too) to find out who they think the target buyer will be.  That's who I stage the house for.

Aug 28, 2013 01:28 PM #2
Rainmaker
766,442
Kimo Stowell
HI Pro Realty LLC RB-21531 - Honolulu, HI
REALTOR Associate® RS-76763 - Honolulu Hawai'i

Aloha Julia,

Thanks for commenting. Nice to see you and yes I agree it's the great baby boomer migration into retirement redefining the square footage of their former spaces to accomodate up and coming families with different living requirements. It's all about recognising the changes and acting on them.

 

Aloha Maureen,

Long time not no see! Mahalo, for sharing your wisdom and experience.

Peace,

Aug 28, 2013 05:50 PM #3
Rainmaker
227,102
Michelle Finnamore
Toronto GTA, Alliston, Newmarket - Vaughan, ON
Preparing your property for sale

Hi Kimo, you've really hit the nail on the head with this post Kimo. In our area we have many homes that will only appeal to a certain demographic. I put my sellers fears to rest in that most people won't want their home but that doesn't really matter.  That's actually a good thing.

We only want the buyers that do find their home appealing. 

Works every time.

My last home was a four split. It served the original families well for 30 years that had large families. Todays buyer with a family typically does not want all those stairs and baby gates. When we sold, I marketed our home to an older buyer that would not have children. Definitely a MUCH smaller market as we were near 3 schools and a community centre.

The agent said it would take 28-30 days to get an offer. It was sold in 10 days with multiple offers, over list. That is the power of merchandising a home to a target market. We sold to a single lady teacher with no children. The other offer was from an older police officer with a teacher wife. Again, no children to worry about baby gates.

Sep 02, 2013 12:48 AM #4
Rainmaker
766,442
Kimo Stowell
HI Pro Realty LLC RB-21531 - Honolulu, HI
REALTOR Associate® RS-76763 - Honolulu Hawai'i

Aloha Michelle,

Mahalo for your comment and observations.

-peace

 

Sep 05, 2013 02:49 PM #5
Rainmaker
5,578,513
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

I love this view. It is snowing in Maryland and we expect a very cold night.

Jan 02, 2014 05:01 AM #6
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Rainmaker
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Kimo Stowell

REALTOR Associate® RS-76763 - Honolulu Hawai'i
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