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Archive for the 'Neighbourhood Demographics' Category

Prospective buyers want to know the most information possible about a community that they are planning to buy in. When it comes to neighbourhood demographics, this means far more than just those things in the area that a buyer would be interested in like schools, grocery stores, proximity to transportation, etc.

Buyers also want to know about who lives in their community.

  • What are the age ranges?
  • What about job categories – blue collar vs. white collar?
  • What about cultural make-up?
  • Family composition is huge – is the area primarily young families?
  • Is there a high number of families in the community that speak other languages?

This information is highly relevant to individuals who are buying a property and choosing a neighbourhood to live in. People want to live in communities that are populated with people like them. Young families want their kids to live in a community where there are lots of families with children for their kids to play with, while older couples may not be as interested in living in this type of community. In a country that has a massive immigrant population and many newcomers to Canada, knowing if other families of the same culture are predominant in a particular area can have a huge influence over their decision to buy.

How about investors?

  • They will be very interested in the types of professionals who live in a community
  • Renters vs homeowners
  • Rental ranges, etc.

This kind of information is quickly accessible and shows your client that you are a seasoned expert who is able to tell them everything they need to know about a community they are considering buying in.

In 2013, BMO released survey results that highlighted the top 7 things that customers indicated are most important to them in a community they live in:

  • Safe neighbourhoods
  • Quiet street
  • Good neighbours
  • Short commute to work
  • Near family and friends
  • Near stores and restaurants
  • Near public transit

We thought it would be worth including it in this article as it is still quite relevant. Check it out in full here: https://www.theredpin.com/blog/canadians-list-priorities-when-buying-a-home-bmo-bank-of-montreal-survey/.

Accessing neighbourhood demographics information also enables you to increase your coverage in terms of areas that you can serve. Many real estate sales professionals focus on key neighbourhoods that they have experience working in and that they know a lot about. Neighbourhood demographics tools enable you to be the expert in more areas than just the ones you know personally because now you can quickly access the information your client is interested in. This means, when a client wants to sell their home but buy in another area, you can feel confident serving them.

For more information about how you can access neighbourhood demographics information please visit the NEW GeoWarehouse at www.geowarehouse.ca today.

 

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October 3, 2016

sm-neighbourhood_demographicsHaving a good understanding of the neighbourhood demographics in the area you are selling in is absolutely critical to you doing the best possible job for your clients. Being able to point out that particular demographics in an area you are recommending are suited to what your client is looking for could make or break your deal.

Neighbourhood information, such as the location of schools, transit and other amenities are a given, but when we say neighbourhood demographics we are talking about really digging into ‘who’ lives in a particular neighbourhood.

Step 1 is going to be to understand your clients’ needs. How do they plan to use the property? What is the make-up of their family? What are their personal and financial goals? Different clients will have different needs when buying a home, which we neatly separate into 4 groups: population information, household information, socio-economic information and cultural Information.

Population information – Potential homebuyers want to know the population distribution in a particular area, information like the percentage of male vs. female residents, distribution of population by age and even population distribution by marital status. Homebuyers with families want to know, for example, the % of married families in an area with children.

Household information – It is important to understand how your client intends to use the property that they are buying, as this may change what type of demographic information they are looking for. For example, a buyer who plans to rent the property they are purchasing may want information like average rents in the area, % of homes that are owned vs. rented, etc. Most buyers like to understand information such as the percentage of single-detached homes, apartments, semi-detached homes, townhouses and even the % of occupied dwellings in a particular area.

Socio-economic information – This is extremely valuable information for a potential homebuyer because it tells the homebuyer critical information about residents in the area. Things like the employment rate, education (high school vs. college vs. university), employment type (white collar, blue collar, etc.) and dominant professions can all have an impact.

Cultural information – Some homebuyers want to know dominant language, ethnicity and religions in an area that they are considering buying in.

Being able to answer these questions can make or break your deal because this could significantly increase a buyer’s interest in living in a particular area. The question is, are you equipped to provide your clients with the information that they need to make a buying decision or are you properly equipping your potential buyers with the information they need to choose your client’s property?

If you don’t use a tool that places this information at your fingertips, then you may want to consider checking out GeoWarehouse. GeoWarehouse gives you access to all of the information discussed in this blog and more.

Find out more about it here: www.geowarehouse.ca.

 

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geo 11Sometimes it can be a challenge to understand a client’s entire list of needs as it relates to an area they want to live in. This can sometimes simply be chalked up to political correctness and while things like ethnicity in an area or the languages spoken may really matter to the client, they may beat around the bush on the topic.

You want to help your buyer make a deal so it is important to give your client all the information they need to make an informed decision about a neighbourhood.

While what is in a particular community (transportation, schools, amenities) matter to people, what matters even more in many cases is who lives in a community. Family make-up, cultural cohesion, even similar backgrounds may be important.

Your buyer likely wants to know things like:

  • Percentage of homeowners vs renters – some may want to live in an area that is more populated by homeowners while others may want to rent out all or some of their property so this data really matters.
  • Income ranges in the area
  • Education level of families – people want to live amongst people like themselves so education level of families is important to many buyers.
  • Types of families – mature, young families, seniors etc…
  • Age ranges of people in the community
  • Race, religion and languages spoken in the community and more… This is a big one and while some may not come out and ask you this information – it should be presented for consideration.

Preparing a neighbourhood demographics report for your client is a great way to share the demographic information with them in a way that they can review it with their family at home. Give them everything. The more you give, the more value you provide in your service because you are helping them to make the most informed buying decision as it relates to the property they are interested in.

GeoWarehouse has the tools to give you clients more, including access to neighbourhood demographics.

Find out more at www.geowarehouse.ca.

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geo2What do the words neighbourhood demographics mean to you? Pretty much everything you want to know about who lives in a particular neighbourhood and the composition of their families. How is this useful? A number of different way. For example, neighbourhood demographics can help you tell investors where there is high rental potential in a particular neighbourhood or perhaps highlight an area that a family starting out may not want to live.

So what demographics are really relevant and how can they be leveraged? When looking at neighbourhood demographics there are 4 key areas that you may want to hone in on.

  1. Population – this deals with family composition. Naturally people want to live in neighbourhoods where other families similar to theirs live. You can’t tell by looking at the outside of a home how many people in the neighbourhood are married, single, have children or don’t, age distribution, etc… Perhaps seniors that are downsizing would like to live in a quiet community that has a higher population of older residents. On the marketing side, looking at trends in the population can enable you to adjust your messaging to hone in on niche markets in the area you serve.
  1. Households – this deals with the types of properties in the area and how they are being used. You want to be able to know percentages of owned vs rented properties for both investors and families who may not want to live in neighbourhoods that have a high % of renters. Average sizes and ages of homes in the area are also very relevant demographics that you want to know and be able to discuss with your clients. You can also use this information to identify shifts in neighbourhoods and what it could potentially mean to you later if you cater to a particular market but the face of the community you are working in is changing.
  1. Socio Economic – Back on the theme that people want to live in communities that have other people like them – many buyers would probably like to know things like the education levels in a community. The type of worker – white collar vs blue collar, dominant professions etc… Socio economics also play a huge roll in marketing. The needs of a family can change depending on income levels, likes and education. Targeted marketing works better. Again, knowing the people in the community you are marketing in enables you to come up with marketing initiatives that connect with prospects.
  1. Cultural – Cultural demographics are important not just for your clients but also to you in terms of your marketing efforts. Cultural demographics highlight ethnicities, religions and dominant languages of people who live in a community. From the perspective of your marketing – identifying neighbourhoods that have common cultural demographics can enable you to look at marketing in ethnic magazines or even in other languages.

Knowing the demographics of the neighbourhoods you serve, for obvious reasons, makes you more knowledgeable and able to offer a higher level of service – and it also makes you more agile because you can diversify your marketing and even messaging according to the communities you are marketing in.

If you would like information about a tool that helps you access all of the above neighbourhood demographics information and more please visit www.geowarehouse.ca.

 

 

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