Making Properties Appealing in the Highly Competitive Real Estate Market

The Current market 

The real estate market is highly competitive. In fact, according to the National Association of Realtors (NAR), there were approximately 1.5 million realtors in the United States in 2021, while in Canada, there were about 135,000 members in 2020 based on Canadian Real Estate Association (CREA) report.  These numbers are comparatively high compared to the number of active listings of existing homes which only amounted to 1.45 million active listings for sale based on a 2020 NAR report. The need for more homes for sale versus the number of realtors makes it challenging for realtors to source properties that would appeal most to homebuyers. Thus, they need strategies to make the properties they sell appealing to the market by differentiating  them from others (all other things constant–the location, interest rate, etc.)

Ways for realtors to make the properties stand out 

In today's highly competitive real estate market, it's crucial for realtors to discover effective methods to distinguish the properties they're selling.  In this article, we'll explore different ways for realtors to make the properties they sell appealing to potential homebuyers.

1. Highlight the Property's Best Features

Every property has something special about it. Realtors should find these unique features and show them off. For example, a home might have a great view, a big yard, or a newly redone kitchen. By talking about these things when advertising the property, real estate agents can get potential buyers interested.

Taking really good pictures and videos is also important. Good images and videos help people imagine what it would be like to live in that home.

If a property looks a bit outdated, realtors can utilize computer-generated images to visualize how it could look with some updates. These pictures inspire potential buyers, giving them ideas about renovating the place to suit their preferences. To access more of these renderings, realtors can team up with a home rendering service provider. Some companies in this field even offer realtors unlimited 3D renderings and additional perks through a flat monthly subscription. Subscribing to these services is a convenient way for realtors to consistently benefit from 3D rendering without the hassle of continually searching for a new provider whenever a new rendering is needed.

Image: 3D Render of Modern House by HomeRender

2. Staging the Property

Image: Living room virtually staged by HomeRender.

Staging is the process of setting up a property to look its best for potential buyers. This can include furniture placement, decor, and lighting. Staging can help potential buyers visualize themselves living in the space and connect them emotionally to the property.

Realtors can work with professional stagers to create a welcoming and inviting atmosphere in the property. This can be especially helpful for empty properties or outdated furniture and decor. Another option is virtual staging, which can be done through 3D render studios that offer virtual staging services. This type of staging can be very helpful, especially for realtors just starting their career in real estate, as it allows them to showcase a property's potential without needing physical staging.

3. Enhancing Curb Appeal

Coastal Home with Enhanced Curb Appeal from HomeRender

First impressions matter, especially in real estate. Enhancing the curb appeal of a property is key to attracting potential buyers. Simple enhancements like landscaping, maintaining a well-kept exterior, and adding welcoming touches to the entryway can significantly elevate a property's attractiveness.

Realtors can advise sellers on simple yet impactful ways to enhance curb appeal, such as adding fresh flowers, repainting the front door, or ensuring the yard is well-groomed. These small changes can make a big difference in how appealing the property appears to potential buyers. In addition, emphasizing these improvements in property listings and photographs can draw initial attention and interest.

Remember, a property's exterior is the first thing buyers see, so investing in enhancing its curb appeal can significantly influence their perception and desire to explore further.

This step complements the efforts made in showcasing the property's interior, offering a well-rounded appeal that entices buyers from the moment they lay eyes on the home.

4. Pricing Strategy

illustration of a home with a dollar sign inside

Pricing is a crucial factor in the success of a property sale. Realtors must find the right balance between pricing the property to sell quickly and pricing it to maximize profits. A property priced too high may turn off potential buyers, while a property priced too low may leave money on the table.

Realtors can work with appraisers to determine the property's market value and set a competitive price. They can also monitor the market and adjust the price accordingly to attract potential buyers.

5. Engaging in Targeted Marketing

Tailoring marketing efforts to reach the right audience can significantly boost a property's appeal. Realtors can employ targeted marketing strategies to reach potential buyers who are specifically interested in the property's unique features and characteristics.

Utilizing various channels such as social media platforms, real estate websites, and local community publications can help in reaching the intended audience. Highlighting the property's distinctive features, recent renovations, or unique selling points through targeted online advertising, virtual tours, or neighborhood-specific promotions can capture the attention of buyers looking for those specific attributes.

Moreover, hosting open houses or virtual events exclusively for potential buyers who have expressed interest or fit the property's demographics can create a sense of exclusivity and urgency, further elevating interest and engagement.

By focusing marketing efforts on the audience most likely to appreciate and desire the property's offerings, realtors can maximize the property's exposure and appeal while minimizing efforts directed toward less relevant audiences.

Conclusion

In conclusion, thriving in today's competitive real estate landscape demands realtors to employ strategic approaches that set properties apart in the market. Highlighting unique features, leveraging visual aids like high-quality images and 3D renders, and staging properties effectively are pivotal steps. Additionally, adopting the right pricing strategy and engaging in targeted marketing tailored to the property's distinctive traits can substantially enhance its appeal to potential buyers.

For realtors seeking efficient and quality-driven solutions in acquiring 2D floor plans, home rendering services, and more, HR Talent offers a comprehensive marketplace. This platform serves as a valuable resource, connecting real estate professionals with specialized services, enabling them to elevate their property presentations and ultimately stand out in the competitive market. Embracing these diverse strategies and leveraging platforms like HR Talent can significantly empower realtors to effectively market properties and meet the demands of today's discerning homebuyers.