Buyer Behaviour

Know your Buyer

Buyers play a major role in how successful a sales campaign is—without them, there’s no sale. If an agent hasn’t properly qualified a buyer, there’s no way to know if the best possible price has been achieved.

In today’s market, buyers are all looking for different things, even in the same property. Understanding what draws each buyer in helps with negotiation. While most buyers want to pay the lowest price, those who have been searching for a while or feel a strong emotional connection to the home are often willing to pay more to avoid missing out.

That’s why it’s so important to understand where a buyer is in their journey and why the home suits them. Just as important is helping them picture themselves living there—this emotional connection can shift buyers from thinking about value to offering at the top of their budget.

I do this by qualifying buyers from our very first conversation. The more I learn about their needs, the better I can guide the process and maximise the result.

Self-Imposed vs Bank-Imposed Buyers

When buyers are searching for their next property they always have a budget they have to stay below. This budget is either decided by themselves or by the bank. Around 80% of buyers self-impose a budget; however, when they desperately want that special property, they will switch to bank-imposed buyers and will happily pay more than what they had initially planned to for the right property.

Where do Buyers generally come from?

Roughly 3 quarters of the buyers who engage with a property reside either in the same or neighbour2ing suburb. Of the 16% that come from outside the local area, they either have a friend, or family member or previously lived in that suburb, and that is how they connect to the property. Interstate & overseas buyers often target suburbs based on facilities like schools, medical & shopping precincts. Other search factors include proximity to work / public transport or reviews of the suburb from trusted sites.

10 Habits of Buyer Behavior

  • Buyers choose an area first & a price second.

  • Buyers don't think exact price, they think price range.

  • Buyers tend to pay 10 - 15% more than what they had initially planned to spend.

  • Buyers will make the best offers early on in a property's campaign.

  • The longer a property is on the market, the less buyers will expect to pay.

  • Buyers always want to pay as little as possible

  • Buyers shop with their eyes but qualify with their brains.

  • Buyers often will have already decided on whether they like the property before inspecting it

  • Buyers want social proof, if nobody else is at an inspection they will be less likely to buy it.

  • On average buyers need to inspect 15 properties before knowing what they want from a property.

A cozy bedroom with a wooden bed frame, beige bedding, and pillows, a wooden bench at the foot of the bed, a side table with a decorative plant, a modern floor lamp, a wicker chair, a black metal shelf holding books and abstract sculptures, and a large abstract painting on the wall.