The results of the burst of the American housing bubble and the following global economic slowdown have put a renewed emphasis on urban real estate. The majority of new homes and therefore the majority of unsold homes are in the suburbs, and the shrinkage of income and future possibilities for many American families prompted many of them to rethink centralized city living, something we’ve been shunning since the end of World War II. It’s apparent that the future of successful real estate wheeling and dealing is in urbanized areas and not the suburbs, which was where real estate has historically seen the most success.
Fortunately, for modern real estate agents, this shift toward urban living fits nicely into the confines of the simultaneous shift toward a more tech-savvy way of selling property, for the following reasons: Urban areas carry a stronger digital presence: from the Wikipedia article on a specific city to the details of their municipal website, bigger urban areas tend to inherently have more information about them available on the web. Agents can refer potential buyers to links that lead them to enriching history regarding a neighborhood or part of town, as well as use this knowledge to their own benefit.
NYC Apartments for Rent950 Third Avenue25th Floor New York, NY10022Ph: 212.319.2220Centralized property means centralized knowledge base: As previously mentioned, real estate agents should always have a somewhat detailed knowledge of the history and ongoing status of a particular area. By focusing on urban real estate, agents can zero in on a specific area and focus on that part of town specifically, instead of learning about a multitude of townships and lowly populated regions.
Google Street view is more likely to cover the streets you’re selling: People care tremendously about the neighborhoods they may possibly be entering into as homeowners. Google Street view allows for individuals to scope out the streets of potential homes–but doesn’t cover everywhere. Urban areas are much more likely to be covered, which does a service for your sale
. Social media gives neighborhoods an identity: Throughout the last half of the 20th century urban neighborhoods suffered from having their character be suffocated by population. Until you lived somewhere, it was impossible to tell how the people were and how the neighborhood existed as a single entity. Thanks to social media, neighborhoods have been able to build digital identities, which potential buyers can consult. City neighborhoods reveal much more character than they used to, so take advantage of it.
It’s easier to make short distances a selling factor: Thanks in part to the national realization that gas is not unlimited and commuting does indeed cost money, people are much more interested in living in centralized locations than they used to be. But thanks to Google Maps and other digital representations of cartographic knowledge, potential buyers can have a much firmer grasp on how beneficial an urban environment is, as opposed to the suburbs when you consider the advantages of short distance between your home and schools, shops, parks, et cetera.
The rules regarding urban real estate have changed over the last few years. Tomas Carrizo of the CFH realty group says the market is still stabilizing. But urban real estate seems to have fit nicely into the evolution of digital real estate marketing.
Agents need to take advantage of this fortunate course of events, and embrace the idea of a technologically-improved way to sell urban real estate. Considering the options, do we have a choice?