Education and news for smart DIY landlords!
According to a blog post by HOME BUYING INSTITUTE, “A recent Reuters poll of 40 housing analysts suggested that house values in the U.S. will rise more slowly in 2022. The surveyed analysts estimated that values would rise by 10.6% this year, followed by a gain of 5.6% in 2022.”
This could only mean one thing - the demand for houses will continue to increase with their values while the housing supplies continue to drop below normal levels. This also means that market competition will be fiercer for real estate investors like yourself. But don’t worry, I’m here to help you with your future investments.
In this article, you’ll discover various ways to make your listing, business, and services stand out above your competitors in a highly saturated local market.
Don’t just advertise your property or services on different real estate markets, advertise using multiple mediums as well. Utilize both ambush and digital marketing strategies. Condition potential clients in your area to call you first by being omnipresent in the market.
Make your ads entertaining and informative to potential clients, homebuyers, or home sellers. The goal isn’t just to capture attention. You must also make yourself and your service memorable. One good strategy for smart advertising is creating and sending newsletters.
Call back any missed calls you’ll receive as soon as possible. Follow-up on emails as well. You’ll never know that your next message or call will be the next big lead. Better yet, keep your communication lines open while identifying and ignoring spam.
Deals in real estate markets move fast. Financing that delays transactions has no place here. You won’t only lose plenty of bids, but you’ll also lose credibility. That’s why it’s important to prepare your down payment, loan pre-approval letter, credit score, and insurance in advance.
If being omnipresent in multiple real estate markets is hard for you to do, then choose a single niche like commercial real estate and be an expert in it. The best thing about specializing in a segment is you become the first go-to for clients in the field because of your vast knowledge.
Avoid being that real estate investor who’s all business and doesn’t foster personal connections. Plan a little celebration with your clients after a successful deal is made. Be friends with them - this is another good strategy to make yourself the #1 person to call for future deals.
If your current strategies don’t work in making you stand out in a saturated market, you must be ready to adapt to changes. This means researching new advertising tactics, doing a competitive analysis, and hiring a real estate virtual assistant for a helping hand.
Most real estate agents, firms, realtors, and other professionals lock their clients in long-term deals or partnerships to create a monopoly on their local market. The only problem with this is that these real estate professionals become complacent to the point of delivering mediocre service.
You can take advantage of this by giving potential clients the option to cancel if you can’t deliver their expectations. This will help you stay motivated in delivering results which would also attract other clients to avail your excellent service.
Look at the listings of your competitors. If their listings only provide a short description of their property plus a few photos, go the extra mile. Write detailed property descriptions with beautiful word choices, use a drone to take beautiful videos of your home, and provide a virtual tour.
Saturated markets make investing difficult at first but it does provide you with plenty of benefits in the long run. One example would be that intense market competition balances out the prices of properties for sale - this helps in attracting more house buyers and creating more property demand.
Once there will be another increase in property demand, the value of houses will keep on rising. No matter how long your listings will sit on the market, you’re still able to gain profit once they’re sold.