There is a famous saying in the real estate industry that can not be denied: “Sell your neighborhood and sell your home”. The truth of this quote is well known to experienced real estate sellers, real estate agents, and of course, to home stagers. All property marketers know that selling the entire neighborhood is the first step in getting potential buyers to view any homes located in the vicinity. If the buyer is not sure about the quality of the area, then they will always be hesitant to make an offer on any property there, even if a given home suits their needs perfectly.
Of course, not every neighborhood is perfect and many communities have flaws that might make buyers think twice about moving in. Therefore, it is always wise to consider a neighborhood marketing plan as an inherent component of any home staging endeavor in order to sell buyers on not only the property itself, but also on the surrounding community at large.
This tutorial explains the need for, and methods of, selling a neighborhood as part of a property marketing campaign. We will focus on proactive measures that can charm buyers, assuage their fears and build their confidence in a decision to purchase in a given area in order to sell virtually any home quickly and profitably.
Importance of Selling Your Neighborhood
It is easy to “sell a neighborhood” when the area is idyllic and contains no obvious downside. In fact, the vast majority of interested buyers will already know just how great the area is and will have already made up their minds that this place is where they want to live. In these circumstances, it is sufficient to gently and subtly reinforce what buyers already know and accept about the region. This is especially important when it comes time to bargaining over a final sales price, since the reminder of the area’s worth will help to keep offers high in fear of losing the home to another rival bidder.
Neighborhoods that are “up and coming” take more work to market effectively. Most of these areas have not fully realized their potential and therefore still have some downsides to consider. Buyers will always use these negative factors in negotiations, trying to bring down the price of the property in order to get a great deal. Therefore, it is crucial to counter these tactics with the introduction of all the good points offered by the neighborhood. In these circumstances, neighborhood marketing must be a carefully planned part of the property selling strategy.
In cases where the neighborhood is not at all desirable, the challenge imposed on sellers and real estate professionals is even greater. Buyers will be there looking for rock-bottom deals and it is your job to convince them that the neighborhood actually has lots of positive attributes to offer. In these cases, the marketing of the neighborhood might mean the difference between selling the home quickly or not selling the home at all, since some buyers might not commit despite a low pricetag on the residence.
How to Sell Your Neighborhood
In the first scenario detailed above, buyers already know that the area is incredibly desirable. All it takes to maintain this opinion is some casual mentions of the positive attributes offered by the area and how these features have created a great demand for the property in question. In most cases, this will be the truth, since location is the single most important characteristic in the entire real estate marketing sector. Remember to extol the school district, the high and steady property values, the quality of the individual residents, the caring demeanor of the neighbors and the amenities offered nearby to have buyers salivating at the very chance to live in the esteemed area. Of course, price the property appropriately, given that the area will do more to sell the home than any other single factor. It is rather easy to sell any property in the best neighborhoods, even if the home itself needs complete renovation.
In “up and coming areas”, it is vital to make potential buyers aware of all the great things offered by the neighborhood, while simultaneously downplaying any negative things that they have heard or experienced for themselves. It is often necessary to concede some negative things about the area, in order to sell the good points that can overshadow minor buyer concerns. Be sure to tell possible buyers about the positive changes that have already occurred in the area over a recent timeline, as well as any plans that have been instituted to continue this trend. Real estate agents are wise to show rising property values in the area, providing incentive that buyers should get in now while there is still plenty of equity to build by buying before the neighborhood fulfills its ultimate destiny of desirability. If possible and applicable, mention that the area where the property resides is the best part of the community and cite evidence to back-up the statement, proving to buyers that positive changes will continue to come first in their particular section of the neighborhood.
In undesirable areas, buyers usually consist of people who want ultimate bargains and are often investors, rather than people who intend on occupying the home themselves. It is challenging to sell some of the worst neighborhoods, but it is still possible, using expert research, statistical evidence and the citation of positive trends in the region. Of course, it is always great to find whatever positive statistics and evidence that may point towards improvement in the region. If this is not available, it is almost as good to cite transformations that have occurred in neighboring communities, with the inference that this area is next to improve. Be sure to stress the long-term value of an investment here, if and when the property values do rise considerably through gentrification. For investors and professional landlords, be sure to mention that renters will always be in abundance in these low value areas, making the property easily managed with minimal time and effort.
Sell Your Neighborhood and Easily Sell Your Home
Regardless of where your neighborhood falls in the above examples, there are ways to make it more appealing to prospective purchasers. In the final section below, we propose tactics that are proven to work in selling the value of any neighborhood, no matter how a buyer perceives it originally.
Sometimes, even negative factors can be made into positives, with the right spin. After all, this is not lying; it is merely looking at things from a different perspective. Find your marketing angle and seek to exploit it using all the tools at your disposal. Just do not be dishonest when portraying any area. It is one thing to make a seeming negative factors into positives by highlighting the characteristics from a new point of view than it is to invent or imagine community attributes that are complete fabrications.
Here are some of the most important bullet points to consider when attempting to sell any community:
The actual high present property values and the possibility that property values will rise in the future are both great selling points.
Community improvements in the recent past or in the planning stage should always be extolled and the benefits of these improvements should be explicitly described.
Excellent school districts should be praised, while areas with poorly rated schools might still offer the prospect of private schooling at excellent academies nearby. For buyers without children, be sure to mention that poor school districts often involve lower taxes and will not directly affect their families anyway. Why pay for resources that you will not use?
Community facilities and public works should be taken into consideration during property marketing. Be sure to find how each attribute might personally benefit a buyer and make these circumstances well known when describing the community.
Be sure to have an answer for common concerns that are sure to come to light about less desirable areas. Never dismiss buyer concerns, but instead use facts,statistics and firsthand experience to allay fear and apprehension, while acknowledging that things still have room for improvement, which of course means room for property values to grow substantially.