One of the many challenges I look to overcome when consulting or coaching with brokers or investors is getting my clients or students to think in terms of how they handle situations. In real estate marketing, the focus should always be on what potential buyers and sellers may be looking for.
The below linked article focuses on various demographics and shows definitive trends toward financial gain, or lack thereof, based on economic conditions. Those without sufficient funds tend to carry on differently than those who have them. In real estate terms, it means that people won’t see an opportunity to “advance” in the same way if they are having different experiences.
People seldom acquire or decide to sell a property because of the same primary considerations, regardless of what the broker or investor thinks. The same property could be a “move up” for one potential buyer and a “down size” for another. One potential buyer may be looking at its proximity to public transportation while another may be looking because of the school district it sits in.
You may think you have the best “selling points” for potential buyers, but what really matters is what those potential buyers are looking for. Maybe they are willing to walk an extra block or drive another 5 minutes if it saves $50 a month off their mortgage.
Sometimes a buyer is really buying common amenities, the school district, proximity to transportation or shopping, being much closer to work, or being closer to family members. The color of the living room, whether there is an island in the kitchen, or having a designated parking space may not matter nearly as much.
If you have two properties which are in the same complex and have the same amenities, you should look at it like two separate marketing opportunities. It could help you attract different buyers for different reasons.
It is part of the process of creating ways to be “first in” on opportunities to complete your next transaction!
https://www.emarketer.com/content/income-sharpest-dividing-line-financial-recovery
