As a Real Estate Marketer, you are the all-knowing source for information regarding properties in your area. You are given that responsibility because buyers look to YOU for answers! In order to market local properties, you must know and understand both the area and your target audience. So what is it that these potential homeowners are after? This #MarketingMonday, we’ve come up with a shortlist of everything you need to know for how to analyze your local real estate market.
Every future homeowner, especially those new to the area, will want to know what the community has to offer! What are the best restaurants in town? Where can I grab a cup of coffee? What is the night-life like? What about shopping? Is there somewhere I can go for a run? These questions and many others will be in the back of every buyer’s head. Put an emphasis on local businesses that will set the town apart from others. You can even provide some of your personal favorites…where do YOU go for fun?
Everyone likes a town with some opportunity. Some people will arrive on a hunt for a new job…will they find one? Is growth on the horizon? Will we see any new developments in the upcoming years? What can we expect life to be like here? Think about ways you have experienced change and growth in the area and share that!
It’s what every potential buyer with children is wondering…what is the school system like? Are there some that are better than others? What are the options? As a pro-tip, don’t forget that place of residence can affect those options. It could be beneficial here to provide a list of surrounding schools and what you know about each. Not only will this provide the potential buyer with a plethora of valuable information, but brand you as a knowledgeable and reliable professional.
Are there any means of public transportation? Can you get anywhere without driving your own vehicle? Depending on who you’re dealing with, this could be an important question to have answered. For example, those in rural areas tend to drive more than those in urban areas. This means that if your local market is in a more urban area, highlighting options for public transportation will be key.
This is where you address the status of your market. Get down to the nitty-gritty. Trends in your local market will be influenced by economic, environmental, political, and social factors specific to the area. There are many questions potential buyers will consider when looking at the community as a whole. Is this a buyer’s or seller’s market? Are residential property sales in the area increasing or decreasing? How easy will their own selling process will be if they choose to move later on?
Crime rate can seem like a negative, but if done correctly, it can be a major selling point! Say you are showing a house in an awesome neighborhood with low crime rates. This will appeal highly to a potential buyer! But what if crime isn’t something you want to highlight? The best policy is always to be honest and transparent when asked.
As a real estate marketer, these are things you need to be sharing with potential clients!
Understanding how to analyze your local real estate market will help set you up for success in connecting with your community, meeting your real estate needs, and landing more local clients.