How to choose a property location to specialise in

How do you choose the right area for your geographic listing and lead generation efforts? You should start with your successes. Figure out where you’ve had the most transactions in your career and think about building your niche from there

Here are some important factors to consider:

Evaluate The Average Selling Price

It’s no secret that for most locations, profit is built on the number of deals you close and the average price of each transaction. If you currently fall into a pricing niche and are seeing success, choose a target area that is the same as that price range. If you’re a new agent, it’s safe to focus on neighborhoods where homes/condos sell around the average price for your location.

Research The Opportunity

Make sure there is significant opportunity for sales. Do some research and find the sweet spot on property numbers: enough to make the return worth your time and efforts, but don’t focus on so many that your marketing budget is spread thin. 200 homes is a good starting point for agents just branching out into a new area, and of course you can expand as business grows.

Find Out The Real Estate Turnover Rate

Choose an active area to specialise in, the ideal turnover rates will vary from city-to-city, but a general rule of thumb is to target an area with at least a turnover rate of 6-8%. Regardless, you want an area that’s moving enough to give you opportunity and business.

Know The Competition

You will need to scope out who’s doing property deals in the area. There are two likely scenarios:

• The location doesn’t have any agents that are dominating the market share.

• The area has a clear agent in charge, which might prove a challenge.

Either way, this presents a good opportunity to win over residents with targeted real estate marketing. Once they see your brand and your value, they’ll come calling on the new expert in town.

Your Connection

While all the above criteria is pretty critical, its important to be mentioning that it can be a huge benefit to choose an area that you identify with on a personal level. Enthusiasm for a location will add authenticity to your digital marketing and enhance the positive interactions you’ll have with residents. When you love what you’re doing and where you’re doing it, it will show.

Although selecting the right area to specialise in can seem like a huge challenge on its own, it’s only the tip of the iceberg. If you want to see the best results from your selected location, you have to develop the right property marketing strategy to help you get more listings, and generate more leads to your real estate website.

Originally published at https://www.realestatemy.com on February 21, 2023.