By: Tara-Nicholle Nelson
In real estate, we often use the term “under market” to describe a home that is priced or purchased for less than it’s fair market value. But I sometimes see an unrelated real estate phenomenon I think Webster would rank as a second definition for “undermarketing”: to list a home and fail to mention features the homes have, which buyers would have been attracted to, had they seen them in the home’s listing description, flyer or online marketing.
For example, my first home was a very modest rancher, lots of fixing needed, located in a quiet part of town that I’d never heard of. At my agent’s insistence, I finally went to see it. Only then did I realize that the property just so happened to be situated with panoramic views of the San Francisco Bay. Bizarrely enough, this massive selling point had not received even a passing mention in the listing!
If your home has commercial-grade European appliances, sits on acres of land, or is in the most prestigious neighborhood in town, it’s pretty easy to know what to lead with in your marketing. But if you have a normal house in a normal neighborhood, there could very well be things you take for granted which a first-time or relocating buyer might be magnetically drawn to – if you mention it in the listing.
1. Storage. When aiming to avoid undermarketing, keep this in mind: showcasing your home in its best light is not just about what you love about it. You might already have outgrown the place, and started to see its flaws more than its finer points: that’s why you’re moving. But the goal of good marketing is to highlight the things that will allow your home to shine in the eyes of your target buyers and against the competition.
So, it’s important to know what buyers care about and how your home offers a more comfortable lifestyle than the competition. First-time buyers, for example, are not simply comparing your home to other homes, they are also comparing it to the lifestyle of being a renter and to every bad rental property that inspired them to move forward with becoming a homeowner. One very common beef of renters is that rental homes lack storage, which leads to belonging overflow and a cluttered life. The vision of having a place for storing everything is a big motivator for many first-time home buyers. So, if your home has been tricked out with extra closets, pantries or other built-in storage amenities that you plan to leave, make sure your agent boasts about that in your home’s marketing materials.
Click on the above image to read the rest.