It doesn’t matter what you sell. It could be a handbag, a computer, or a new kind of tinned dog food. You are always going to see better results when you know your market. That’s no different when it comes to selling property, either. A lot of different people buy property in different areas for different reasons. Knowing those reasons, areas, and people can help you have more accurate expectations of what you can get and maybe even break those expectations.
Get the numbers
Price is where you’re going to have the most to gain or lose based on how informed you are. You can get a valuation of the home to present you with a number, but more research can give you more wiggle room on that number, too. Beyond increasing a home’s value, you can ask for more by looking at the prices of other homes that have sold in the area. You can also look at the trends of how those figures have moved up and down in the past years to see whether or not you’re in a slow market with low prices and if it might be worth waiting for things to recover if you can.
What does the area provide and to whom?
Take a walk around, a drive out, and a look at a map. Start paying attention to what features are close by. Access to different things in the area can make it more appealing to certain people. If it’s close to a school and community centers, then young families might be your best audience. If it’s close to retail centers, then it could be a fit for young professionals. For homes and apartments close to colleges, buy-to-let investors might be the best call. It’s always about location, location, location.
Get a specialist
Unless you’re well-versed in all the different aspects of selling property, going private might not be the wisest decision. But when choosing a real estate agent, it’s always a better idea to choose one who specializes in the area the property is in. Look at the signs they do, too, like how Power House Real Estate focuses on the Beverly Hills area. That’s an indication that they won’t just know the basic access as mentioned in the last point. They’ll know the subtleties of life there and be able to sell buyers on not just a home but a lifestyle.
What should and shouldn’t be prioritized
Depending on who you’re selling to, the tactic of how you sell it should be switched up, too. For instance, high-end home buyers are less likely to care about small imperfections when buying a new home because most of them renovate before they move in, anyway, as Business Insider states. On the other hand, for people looking to buy-to-let, profit potential, often how many people they can fit in a home, will be what they care about above all else.
A little research, the right partners, and an understanding of the needs of the market will help you make a much more profitable sale of any property. Don’t put any house or apartment up on the market before you have an informed approach.
