The US real estate market has managed to rebound quite well following its unprecedented slump in the late 2000’s. Thus, providing aspiring real estate professionals with plenty of reasons to be optimistic. That’s right, whether you’re still working on your real estate pre-licensing courses online or you’re already scouting out your next deal, the housing market alone should provide you with opportunities to gather momentum in your real estate career. But then, how will you find out which locations are best for sellers right now? What is the average price of properties in your area? What kind of deals are worth looking at? Well, worry not, because here are 10 online marketing tips for real estate agents who are looking to make a comprehensive marketing analysis.
Assess the property. Take a look at the property as if you’re going to be the one moving in. First, take note of the essential characteristics of the property and make a list of any recent improvements, such as a new bedroom or kitchen remodel. How old is the house? How many years has it been vacated? Find out what makes the property unique and if there’s anything else you can do in order to make it more attractive to buyers.
Property location. Identify where the property is located with respect to roads, schools and public transportation. Is it an attractive neighborhood? How vulnerable is it to natural calamities and hazards? When gauging the value and appeal of any property, keep in mind that there are many buyers who are willing to spend for a safer and more convenient location.
Appraisal value. Professional appraisers are licensed or certified by an organization accredited by the Appraiser Qualifications Board (AQB). An appraisal is the industry’s formal process for pricing a property. For sellers, allowing professionals to evaluate the property early on can save them from unexpected losses coming from hidden structural damages and repairs.
Find comparable properties. Look out for listings of comparable homes in order to set a competitive and appealing price for your property. However, be mindful that when it comes to active listings, the listed prices are only prospective, not necessarily real property values.
Check expired listings. Most of the time, these are the listings that were priced too high or not appealing enough to draw buyers. These listings will help you set the bar for your own and are practically invaluable to your marketing analysis.
Price range. After going through the first few items on this list, you should now have an idea of the price range where your house would be most appealing. Work around the price range that makes the most sense for your listing.
Adjust for special features. There’s an extra value for properties which sit on convenient locations, while deductions are in order for houses which are not on its optimal condition. Simply put, you must be wary of these factors in order to price your house better and in accordance with its current condition and additional features.
Updates and upgrades. One thing you might consider is upgrading certain areas of the house to make it more attractive. After all, real estate data suggest that most buyers are likely to purchase properties that are already renovated or primed for moving.
Economic indicators. If you haven’t found a market yet, it’s best to have several options beforehand. Also, watch out for signals and indicators that tell you whether a market is on the rise or struggling, and adjust accordingly. Finally, use the data to avoid locations which are known to be very unstable or rigid for real estate marketers.
Check local trends. Is there a pattern between recently sold listings? What are people talking about the most? Properties, mortgage rates, or moving costs? Focus on trends within your area and take steps to improve your listing’s appeal by identifying common buying signals. The way the real estate industry is structured, it’s important for real estate professionals to stay in the loop and be thorough in analyzing their own market.