What if the best buyer targets are outside your local area?
The NAR’s latest research reports that the median distance between an American buyer’s new home and their last residence is just 15 miles. This lines up with our data and we’ve found that most listing ads perform best when targeting a local audience.
However, many buyers exist outside that local radius, and we don’t want agents to miss out on areas with high buyer potential. That’s why we designed Boost’s targeting to be flexible and agent-controlled. Every time you run a listing campaign, you can (in seconds) set your ads to target the hottest prospects for your property — even if they are located outside of your local area.
Here’s what you might be wondering:
- How can I determine if I should target out-of-market buyers?
- Is it easy to update my Boost ad settings if I decide to run ads outside the typical local radius?
Let’s quickly cover all your questions, so you can get started on running the most effective ads for your sellers.
Long-distance buyers: What to watch for
Some markets always have plenty of long-distance buyers searching within city limits, while other areas may see an uptick due to real-time external forces.
Watching suburban markets during the COVID-19 era
As the global pandemic continues to shift our collective sense of normalcy, it is also forcing many to reassess their housing needs. Whether because of a layoff or furlough; the reality of working from home long-term; the need for more space for distance learning; or simply the threat of more long-term lockdowns, many cities are seeing an exodus as city-dwellers of all ages seek out suburban alternatives.
If your market specialty is in a suburban area outside a larger metro, you may want to expand your ad targeting to within city limits in upcoming months. (And if you’re an agent who works in a big city, keep in mind that we don’t know how long this market shift will last. While some folks may be leaving behind the hustle-and-bustle forever, others are simply waiting for the time when the city they know and love comes back.)
Assessing vacation markets or second home markets
While COVID-19 has created a brand-new buzz for suburban America, second home and vacation markets have gone from hot to red-hot. If you operate in a mountain community like Aspen or Big Sky, or a seasonal escape destination like Scottsdale, Palm Springs or Naples, you are also likely to see even more outsider interest in coming months.
Pay close attention to the inquiries you’re receiving on your vacation or second home listings, so you can tailor your ads to communities you may not have targeted in the past.
How to determine if your market is primed for out-of-area buyers
While it can be fascinating to read national news stories about this “great migration,” it’s imperative that you pay close attention to the data and realities occurring in your local market. In addition to watching the interest on your own listings, talk to your fellow agents, lenders and title professionals to get a sense of what they’re witnessing. Are most buyers really coming from outside the area, or are they more often moving that ~15 mile distance from a starter home to a larger property?
You know your market best. Be sure to weigh your own data and professional anecdotes alongside news stories getting outsize coverage.
Changing your ad targeting with Boost
If you find that out-of-market buyers are prevalent and that the best potential fit for your property doesn’t live in your local market, Boost lets you find them. As you enter the checkout process, simply adjust the pin from the listing’s address to the market where you’d like to begin targeting potential buyers.
In just a few seconds, you can target those eager buyers who are looking for a house outside their current neighborhood or city.
About Boost by HomeSpotter
Boost empowers agents to run effective, optimized digital ad campaigns. New campaigns take less than five minutes to create, even if agents add their own designs or reset targeting options. Get started and run your first listing ad today.
If you represent agents as a broker or marketing or tech stakeholder, reach out today for a no-pressure enterprise demo.