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We’ve written about how the Canadian real estate market is in a state of flux. And that’s likely to continue in 2019. This means you need to evaluate the methods you’re using in your real estate business and look for a better way of working.
If the last time you reviewed your property search technique was when interest rates were still 0.5%, read on.
Tip #1: Be Non-Traditional
Traditional housing styles, like single-family detached homes, are still popular, but there are many non-traditional dwelling types rising in the ranks.
Condos, row houses, multi-family living, and the like are becoming the new norm, especially in larger areas.
Consider shifting your sales focus to include dwelling types you may not have thought about before.
Tip #2: Think Outside of the Box… or the City
Large cities like Toronto and Vancouver are still popular but are also some of the least affordable areas of the country. More and more people are opting to live further away and commute in for work… or potentially not commute at all if they have the option of working remotely.
Some people are leaving the GTA for homes in Niagara Falls, for instance. This may seem like a long trek, but if you only have to be in the office one or two days a week (or less) it may be worth it.
Don’t be afraid to consider properties outside of your normal selling area and tell clients about opportunities they might not even have thought about.
Tip #3: The More, the Merrier
Another trend that’s been blowing up in 2018: friends buying homes together and multi-generational living.
As homeownership becomes more expensive, some buyers are choosing to go in on real estate together rather than continuing to rent. This is happening across generations, from younger women buying a house together, to widows moving in together and hiring help rather than moving to an assisted care facility.
Check out this story about these modern day Golden Girls: https://www.theloop.ca/watch/entertainment/fun/meet-the-real-life-canadian-golden-girls/5850964297001/5850860215001/the-social/.
If a buyer is not finding anything in their price range, consider suggesting some outside-of-the-box living arrangements.
Tip #4: Use Demographics
A savvy property searcher doesn’t only look for dwellings that are already on the market. They put them on the market themselves.
While it’s ideal when a client approaches you for help selling their home, you can also source homes to sell by using demographic reports. For instance, if you search in your selling area for neighbourhoods populated by older couples with no children, you might identify properties where homeowners are looking to downsize.
If you find a neighbourhood popular with millennials, they may be considering starting a family soon and looking for more space.
Demographics can tell you a lot about potential clients and help you discover leads before they are even on the market.
Tip #5: Get Social
Networking has always been one of the most important parts of a real estate professional’s job, and social media has made that easier than ever.
Join neighbourhood groups, participate in discussions, and look for connections online. If you don’t have a social media presence already, start one. If you do have one, consider how you could be making better use of it.
Social networking can help you find new leads and clients before they come to you. See a friend or neighbour who is thinking about starting a new business? Message them to chat about commercial space opportunities.
Have an acquaintance welcoming a baby? You might consider sending a gift basket and asking if they are considering looking for more space.
Tip #6: Review the Tools You’re Using
Are you using the most accurate, up-to-date property search technology available? It may be time to reassess the tools that you’re using for your searches.
For instance, GeoWarehouse’s property data comes from the Province of Ontario Land Registration Information System (POLARIS). The information you receive is the most accurate you’ll find. Plus, it’s updated in real time, so you can trust that you’re receiving the latest numbers.
If you’re serious about upgrading your property search techniques, consider switching to GeoWarehouse!
Want to learn more about our tools? Call 1-866-237-5937 or visit www.geowarehouse.ca.