The current U.S. housing market is continuing to see low supply and high demand across the country. However, certain up-and-coming neighborhoods may offer a good deal for prospective buyers.
For real estate companies listing and promoting properties in these neighborhoods, it may take some clever marketing strategies to capture buyers’ attention and encourage them to buy or rent in an overlooked area. To help, a panel of Forbes Business Council members offered their best methods for attracting customers to your property in an up-and-coming neighborhood. Follow their advice to sell your clients on a neighborhood’s future potential and investment value.
1. Leverage Modern Tech
We have found smart homes that are fully equipped with modern technology are attractive to younger buyers who are looking to own and invest in their first home. When the property location isn’t offering an immediate financial return, we focus on creating a welcoming and ready-to-move-in vibe for first-time homeowners. For example, doors with electronic locks or curtains that respond to remote controls. – Xueyan Hua, Zhongtian Myhome Group
2. Consider Unlimited Access Points
Every device is “smart” in today’s world, meaning it’s connected to the internet. Every property needs to be “smart,” meaning it should have unlimited access points throughout the property which are secure, reliable (with no dead zones or low bandwidth issues) and scalable (any provider). Potential customers should be able to get online with the same ease as using water and electricity. – Biju Chandrasekharan, ByteWave Digital Inc.
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3. Highlight The Positives
Highlight the positive things in that neighborhood. If there’s nothing to highlight, then promote and reward the good people currently living there by featuring them in local papers and on media channels like Youtube. – Kiara Cancer, Extraordinary Headhunters LLC
4. Show Examples Of Rent Growth
Highlight in-place and project revenue in multifamily properties. What makes a neighborhood up and coming is rent growth. In your marketing, show solid examples of projects where improvements lead to higher rents. Proforma this for the building you are selling. – Lee Kiser, Kiser Group
5. Divulge The Price Appreciation Trend
Highlight the year-over-year sold price for comparable renovated properties going back 12, 24 and 36 months to display the price appreciation trend. Choosing to focus on renovated properties is the best metric because they usually represent the “high water mark” in terms of price. Renovated properties usually sell for the most money in any market—and if the trend is strong, so is the neighborhood – Daniel Breslin, Diamond Equity Investments
6. Exhibit Surrounding Businesses
Up-and-coming neighborhoods often have up and coming businesses that create buzz. Whether it’s a restaurant, coffee bar or spa, partner with the buzziest venue to host an event like a broker’s open for the neighborhood. Invite potential home buyers to the event and line the walls with property posters. Project virtual tour videos or a slide deck of properties on a wall so that it’s running on a loop. – Kristin Geenty, The Geenty Group, Realtors
7. Utilize Social Media Tools
Real estate companies have shifted towards geotargeting through social media tools. This allows us to both target our exact audience when they are shopping in real-time and connect buyers and renters with property owners at the very moment they are shopping and when inventory is actually available. This leads to higher conversion rates, lower marketing costs and faster closings. – Cindy Diffenderfer, Orion Haus Homes and Hotels Inc
8. Market Success Stories
Marketing the success stories of the up-and-coming neighborhood will attract the attention of potential customers. These stories allow prospective buyers to see and understand the potentials of investing in these relatively unknown areas – Sabeer Nelliparamban, Tyler Petroleum Inc / ZilBank
9. Know Your Buyer
A grand open house might make for a fun event, but it’s a waste of time and money if it’s not targeting your prospective buyer. You get one chance to create, hold events and distribute collateral before a listing starts to get stale; and stale listings beget lower offers. Who’s that audience? It will save you both time and money, resulting in a good outcome for the buyer and the seller. – Alex Argianas, Arginias & Associates
10. Customize Marketing Materials
Focus on the up-and-coming aspects in marketing materials. You should inform your potential customers about the location as well as the property so they can better imagine their life if they decide to move there. Information on school districts, proximity to landmarks and attractions and coming-soon building developments help showcase the property in the best light by building auxiliary value. – Udi Dorner, SetSchedule
11. Use Video Marketing
Video marketing is the most powerful way to attract potential buyers. Good videos will help you stand out from other realtors. Leverage the power of 360 videos where you can showcase the complete property. You just need the right type of video and the right platform to promote them on. There are so many types of videos you can make to make people aware of business and generate more leads. – Sanket Shah, InVideo Innovation Pte Ltd.
12. Appeal To Buyers’ Core Values
Human beings are motivated by how we see ourselves conceptually. There’s an old axiom in sales of “If you can’t fix it, feature it.” To sell the vision it’s important that we appeal to the values at the core of that vision. If the neighborhood will have services, cafes and walkability, then you must drive home the value of freedom (from driving) and connection to appeal to the right buyers. – Hilmon Sorey, ClozeLoop
13. Clearly Communicate
Use well-written content that is conversational rather than sales-pitchy. Clients see right through the hype. Simple, clear, concise language is best. Bring in a content creator to write for you. A good writer can capture the essence of the neighborhood, the local coffee shop flavor, set the mood so a client can imagine living there. It goes beyond the house (or product). Set the stage for them. – Beth Jannery, Titan Strategic Communication
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