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Source (https://pixabay.com/photos/concept-man-papers-person-plan-1868728/): Pixabay Market research (https://www.mashvisor.com/blog/real-estate-market-research/) is vital in real estate. Reading through published surveys can be very informative, but a great way to conduct your own research into buyers’ needs and wants is, of course, to ask them! Open houses offer an interactive, personalized way for you to meet people who are in the market to buy a house and to get to know what they’re looking for. For example, if you specialize in helping millennials find condos, you could ask questions about the types of building amenities they want, the max limit of HOA fees they’re willing to pay, and their preferred location. The more people you ask, the clearer the needs of this audience becomes. Agents use research to understand how to price properties, how to market them in different neighborhoods, and how to evaluate the level of demand for homes in individual areas. Traditional market research includes an in-depth analysis of the properties in different neighborhoods. Buyers are interested in factors like the size of a house and the distance to amenities, like schools, grocery stores, entertainment, and restaurants. The fees for the local homeowners association (HOA) are also taken into account in many cases. Comparative analysis of homes that sell in different areas allows you to gain granular insights into the market by looking at things like sale price vs. sold price, the time on the market before sale, price reductions involved in a sale, and the number of offers placed on a home before the final sale. These key data points enable you to learn what buyers want in a home, allowing you to strategize and price accordingly. To do this, simply talk to open house visitors upfront when they arrive to view the property. Ask them what they like and don’t like about the property or what their ideal home would look like. Here’s a comprehensive list of 44 questions to ask potential buyers (https://www.flaggship.com/blog/44-discovery-questions-you-need-to-ask-your-buyer/)when they visit a property; while you probably don’t want to swamp visitors with all of these questions in one go, you could follow up with an email survey if you gather their details into the Spacio app first. With the information they provide, you’re not just learning about the market but also about your ideal customers, so you can better serve them and close more deals. 3. Open houses give agents exposure in local markets

real estate open houses for exposure

Published October 16, 2019 at 1920 × 1285 in Real Estate Open Houses Aren’t Just for Selling Homes: 4 Reasons Why You Need Them.

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