Fact: Downsizers are NOT the elderly.
They still lead highly active, fulfilled, and incredible lifestyles.
They’re also richer, healthier, and more educated than ever before.
The latest report by the Australian Housing and Urban Research Institute revealed that more than half of Australians over the age of 55 are open to downsizing/rightsizing.
However, whilst a large number of active downsizers have embraced this concept, their biggest challenge remains to be the lack of choices that meet their needs.
Have trouble understanding the psychology of this cashed-up and active buyer group?
Here are our top three tips to tap this golden market segment:
1. Inject energy and vitality into your project
In its 2018 Build Well to Live Well Report, the Global Wellness Institute revealed that one of the key trends for the $134 billion Wellness Lifestyle Real Estate market is reviving vibrant communities where there’s a greater diversity of ages, life stages, backgrounds and social classes.
This response to the growing dislike for highly segregated neighbourhoods became prevalent in recent decades due to the interplay between policy, planning, economic, and social conventions. Baby boomers particularly expressed that they absolutely find it boring to only live with people within the same age range.
So prioritise marketing the vitality of your project and how it is designed for all stages of life. Highlight how it evokes a sense of belongingness and fosters a vibrant community. Talk about the leisure facilities and location amenities around your project that encourage engagement and social interaction.
Note: By 2025, most baby boomers have already retired, and Australia is forecasted to have nearly 9.4 million people above the age of 55 by 2036.
2. Leverage the right marketing platforms
Did you know that Australians aged 75 and above are using social media more than ever before?
And about one in five Australians over the age of 55 is on Facebook with the total number of users in this age group being a staggering 550,000?
This presents a massive opportunity for Australian property developers.
You might like : 7 Ways To Improve Your Facebook Lead Generation
As you must also know, young users (18-24 years old) spend 75% of their Facebook time on video ads compared to 65+-year-old visitors.
Traditional media also remains a powerful tool to connect with today’s downsizers.
In fact, real estate agent Gayle Walker of Sydney Sotheby’s International Realty truly understood the effectiveness of this tool on empty nesters after she had over $3.7 million in sales for Kirribilli apartment in 2021 by capitalising on print media.
In particular, she invested in local newspapers like The Mosman Daily and The North Shore Times where she highlighted the apartment’s legendary river views, close proximity to the CBD, and the location’s scenic surroundings.
3. Lifestyle is king.
According to the Australian Housing and Urban Research Institute, lifestyle is the most prevalent reason for downsizing (27%) together with financial reasons (27%). This is followed by a garden or property requiring too much maintenance (18%).
Armed with this knowledge, every property developer should highlight how lifestyle is at the heart of their project. Talk about how it sets a new benchmark for convenient living on a granular level by devoting a spotlight for each key location amenity close by.
- Highlight how your property is in close proximity to natural beauty and provides access to exquisite views. Downsizers love nature so make them feel that serenity is at their fingertips by talking about the mature trees, high-quality nature zones, walking paths, and lakes in or surrounding your project.
- Talk about your apartment’s high-quality finishing, materials, and appliances. Make them feel that your apartment would truly provide the convenience, comfort, and privacy they’re after in this next chapter of their lives. Our internal research shows that some of the most sellable features for downsizers are stone benchtops, generous cabinetry, and top-of-the-range appliances.
- Accentuate how they have access to beautiful amenities that need zero maintenance on their part. Remember, property maintenance is one of their primary reasons for downsizing so this lifestyle would truly capture their attention. You might also want to emphasize your apartment’s balcony and how it gives the same tranquility as a garden with minimal maintenance.
- Highlight the size and volume of your apartment and how it’s perfectly oriented to capture natural sunlight, million-dollar views, and fresh breeze. Whilst downsizers don’t want a backyard anymore, they’d still want to have generous bedrooms and living rooms where they can entertain guests.
- Stress how your apartment satisfies their need for ample storage. Downsizers are sentimental and have valuable items they can’t let go of yet so storage is a vital component of an ideal downsizer property.
By intimately understanding your target market, you can create the winning formula that can crush your competitors in a heartbeat.
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