Archive for the 'Real Estate Marketing' Category

As interest rates increase and mortgage rules shut some would-be buyers out of the housing market, there are less real estate leads available for business.

But there are still the same number of real estate sales professionals — and perhaps even more.

So, with more people going after less business, how can you stay competitive?

One word: agility.

Agility is the key to keeping your real estate business afloat and finding leads even when the numbers appear to be dwindling. Here’s how to put it into practice:

  1. Create relationships.

Relationships have always been important in real estate, but that is especially true in a crowded marketplace. You want to make sure that you have people in your corner to send referrals your way.

This might look like the people you know in your neighbourhood — past clients, friends, family, etc. — but it also applies to other people in the real estate industry.

Think about the people who are your allies. For instance, if you are a real estate agent, who else do you work with regularly — mortgage brokers, private lenders, real estate lawyers, investors, etc.

It could help to expand your industry networks. Chances are that the real estate market is getting tighter for everyone, so creating alliances could be a big help to landing good deals.

It can also help if you are on the same page with the tools you are using. For instance, if you source your property data from GeoWarehouse, your partners can access the same data (either through GeoWarehouse or our tool for mortgage professionals, Purview), which can make working together that much smoother.

  1. Look for motivated sellers and buyers.

When the market is flooded, it can be easy to find motivated clients — they might come right to your door! But as leads are scarcer, you may need to do more legwork to find opportunities.

Think about the demographics of your neighbourhoods. Are there elderly couples who may be looking to downsize? Or younger families who might be looking for more space? If you have a large condo selection you may be able to find renters who are motivated to buy.

Another motivated opportunity — divorce leads. Consider creating relationships with your local courthouses or family attorneys.

  1. Up your digital real estate marketing.

The last two suggestions can be significantly easier using digital marketing.

Social media, SEO targeting, and the like can all help you identify more real estate leads, but it can also help you create partnerships.

For instance, you might search Facebook or LinkedIn for groups with other mortgage professionals in your area.

You may find the local college or university groups and advertise affordable condo opportunities — or break down the true cost of renting vs. buying.

Or you might look for a support group in your area for divorces or consider creating a pay-per-click campaign centred on divorce leads.

A well-rounded approach is critical to remaining competitive.

  1. Search for properties that aren’t on the market yet.

If you are only searching for leads based on properties already on the market, or those seeking you out, it will be harder to stay competitive.

In some cases, you need to take lead generation into your own hands and plant the seed in your clients’ heads.

Demographics can be a great way to do this. You can use a demographic report to search for up-and-coming neighbourhoods, niche markets, areas popular with cultural or generational groups, and the like.

You can then use this information in your real estate marketing.

  1. Consider expanding your listing sources.

If you have traditionally sold one or two dwelling types, it may be time to expand your reach.

Condos, multi-family dwellings, and commercial real estate is rising in popularity even as single-family dwelling sales fall. Assess your portfolio and see whether there is room for you to enter a new market.

  1. Make use of data for up-to-the-minute information.

To truly stay agile, you need to make sure that you are working with data that supports your cause. If you’re using outdated information, inaccurate numbers, or real estate tools that don’t tell the whole story, then you’re already behind the competition.

That’s where a comprehensive property tool is your best ally.

For instance, our tool, GeoWarehouse, allows you to access demographic reports, comparable sales, advanced property searches, and much more. All of this combined can help you find the most qualified leads and stay ahead of your competitors.

The competition may be heating up, but that’s not necessarily a bad thing — it just means that you need to look for ways to stay even more agile.

GeoWarehouse’s tools put in position to focus your marketing and find the most qualified real estate leads. Learn more today. Call 1-866-237-5937 or visit www.geowarehouse.ca.

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November 26, 2018

There is one real estate opportunity that seems to only be growing in popularity: selling condos.

The Canadian condo market continues to boom. From 2016 to 2018, more than 14% of private mortgages came from condominiums.

In June 2018, residential construction starts across Canada surged to 248,000 units, driven by condos.

“While there has been some moderation in price growth and less speculative demand in the single-family home segment, prices for condominiums have continued to increase rapidly in some markets,” the Bank of Canada noted in its July 2018 Monetary Policy Report.

Condos have also benefitted from tougher mortgage rules and increased interest rates. As house prices have gone up, condos have remained the more affordable option. This means that not only are younger buyers opting for condos over traditional homes, but so are older buyers. For instance, some members of Generation X are choosing to move into condos for a smaller mortgage.

In 2017, three out of every four homes built were multi-family units, compared to 65% the decade before.

If you sell real estate in Canada, the signs are there that this is the time to consider selling condos, too.

Should you decide to join the condo market, or ramp up your efforts, here are some best practices to keep in mind:

  • Look at property details. Just like you would request a property report for a single-family dwelling, you should do the same for a condo. For instance, with a GeoWarehouse report you can see all condo units in a building, search by level, look up related PINs, access the full legal description, and more.
  • Don’t only consider constructed condos. Look also at pre-construction condos. New condo buildings are being constructed quickly, especially in larger urban areas like Toronto and Vancouver. Sell clients on making a decision early to beat the rush.
  • Condos aren’t just for younger buyers. As we mentioned above, condos used to be the millennials’ residence, but that’s not always the case these days. More and more older generations are choosing condos amid new mortgage rules, increased interest rates, or wanting to stay in an urban area. While millennials are certainly still a big market, they’re not the only market.
  • Look at what else the building offers. There may be additional assets included with a condo sale, like a parking space or storage lockers. Unlike a traditional dwelling type, a condo can come with other perks, too — security guards, an on-site gym, a luxury view, etc. Play up these features in your sales pitch.
  • Focus on unique features. Condos are a space sacrifice, especially if a potential buyer is used to a larger home. But because they are rising in popularity, there are many more options for comfortable condo living today, like urban agriculture, unique storage ideas, and two-in-one furniture items. Don’t be afraid to get creative with your staging.Access condo status certificates online. There is no need to request your condo status certificates by fax anymore. Instead, use a tool like GeoWarehouse to do it all online.

While the condo boom is continuing to thrive, it makes sense to take advantage if it’s in your area. GeoWarehouse can help you stay on top of the latest condo trends and access property information.

Learn more by calling 1-866-237-5937 or visit www.geowarehouse.ca.

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April showers (or snowstorms as is sometimes the case in Canada) bring May flowers — and in the case of the Canadian real estate market, spring home buying season.

Historically, the highest number of residential listings occur in May. In May of 2016, for example, there was an average of 94,000 listings, according to Canadian Real Estate Association data. May and June also tend to have the highest number of sales, with an average of 52,000.

How can you be prepared for the spring Canadian real estate market? Our top tips can help you get started.

  1. Assess Your Market

The spring home buying season of 2018 could look different from spring buying seasons of years past due to new factors — specifically, rising interest rates and new Canadian mortgage rules. Understanding your real estate market and how they may be affected by these changes is important to being prepared. At the very least, you may receive questions about these changes and if your target market is particularly affected, you may want to look into different products and promotions that could help your clients.

There is an easy way to understand the make-up of your target market — a Demographics Report. For example, the Demographics Report from GeoWarehouse tells you age distribution, marital status of residents, average household income, and much more. Another tool that can help you understand the current real estate market is the Teranet Market Insights report. View the latest edition here.

  1. Reach Out to Your Network

Leading into the spring buying rush is a good time to get your ducks in order, and that might include connecting with your network. There are two main networks you might want to consider, the first being mortgage agents and lenders. Reaching out to your contacts in these fields can help you understand what products they are offering that your clients can access.

The second market you can touch base with before the rush are your leads, prospects, and current clients. Checking in to see how things are going could alert you to new opportunities or you could notify potential clients of opportunity they may not even be aware of — such as the value of their home or comparable sales in their neighbourhood.

  1. Have a Real Estate Marketing Plan in Place

The spring season can be competitive, but you can stand out from the crowd with a solid real estate marketing plan. Knowing where you’ll spend your advertising dollars and having your marketing components, be it real-world or digital, created in advance can save you a lot of time and effort once busy season hits.

Identify the top places for new real estate leads with tools, such as the GeoWarehouse Property Details Report, or the Comparable Sales Report. This data can help you target up-and-coming neighbourhoods and prospects.

  1. Prepare Your Team

If you work with others in your office, make sure you are all on the same page. Understanding who does what and how priorities might shift during the busy season can help you cope when the rush does come. Any tasks that aren’t essential to you can be delegated, giving you more time to work on identifying new leads and working with clients.

  1. Use Technology to Speed Up the Sales Process

Once the spring home buying season is underway, you’ll want the sales processes to be as smooth and efficient as possible. Technology can help with this. For example, GeoWarehouse’s reports, images, and searches make finding property information quick and easy so you’ll be able to identify the value, mitigate fraud risk, and save time and money.

Are you a GeoWarehouse subscriber? If you are a real estate sales professional, you may already have access through your real estate board. If you’re not and would like to become one, learn more about our services at www.geowarehouse.ca.

We’ve also got even more great reports in our online store, including property ownership history, instrument images, surveys, plans and other vital data that could make or break your deal. Get more information at http://www2.geowarehouse.ca/buy-now/.

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Normally, springtime is when the Canadian real estate market starts to heat up – just like the weather. As the snow melts, more prospective buyers come out of hibernation and those who have spent the winter considering listing their home are more likely to put it on the market.

In 2018, however, experts are predicting the Canadian real estate market will remain cool in spring due to new mortgage rules and increasing interest rates. While this isn’t a certainty, it does warrant taking a closer look at your spring real estate marketing approach. Even if you’re selling real estate in an area that’s unaffected by the potentially cooling market, springtime can be the perfect time of year to dust off your marketing plan.

Just like you spring clean your house, having a proverbial spring cleaning plan for your real estate marketing can help you evaluate where your efforts are going and how effective they are. You likely have a bucket of tools for spring cleaning your home — sprays, mops, rags, and the like — but do you have a bucket of tools for your spring marketing?

The following may be tools you want to add to your real estate marketing:

  1. Property Details Report

This report from GeoWarehouse contains valuable information such as the Land Registration data, MPAC assessment, property ownership, sales history, property images, and more. It can be used when determining a property’s market value and is completely customizable.

  1. Demographics Report

This GeoWarehouse report is just what it sounds like — it tells you about who lives in a particular neighbourhood. Information includes age distribution, marital status, structural types of housing, owned/rented properties, average household income, and much more.

  1. Client Report

The Client Report from GeoWarehouse gives you the best of ALL worlds. It contains the information that is included in the Property Details Report, Neighbourhood Sales and Demographics Reports, along with new options such as Market Statistics. Like other GeoWarehouse Reports, it is completely customizable and doubles as a great sales tool. Many real estate professionals use the Enhanced Sales Report as a client-facing document and marketing tool.

Using tools in your real estate marketing, such as the ones provided by GeoWarehouse, can help you glean valuable information to assess your properties and neighbourhoods. In turn, you can evaluate your marketing plan to either a) gain peace of mind that your efforts are being directed in the best possible way, or b) find new avenues to focus your marketing even more.

GeoWarehouse’s tools offer data that can make marketing for real estate more effective. To see all of them, visit www.geowarehouse.ca.

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