The Importance of Location

There is no national real estate market, statewide real estate market, or even city real estate market. Every real estate professional and investor knows that real estate is local. Location is the fundamental fact of real estate. Even real estate forms are local to an area, or a region. Forms may be state mandated, but having local uniqueness. Location determines property value. Almost without exception, real estate on the coast, or lake will command higher value than real estate in a city neighborhood. A home on a cul de sac or on a corner will usually have more value than a home not on a corner or cul de sac. Location, location, location is the song, story, and rule of real estate. Once that concept is mastered both buyer and seller has started correctly, and have departed on the right course of determining where property values should be on the scale of numbers. Location is not the only determinant of real estate property value, but it is the most important element. Within a neighborhood there can be a range of property values. Some homes can be for lease, in which lease forms are used, and other homes are for sale, in which real estate purchase forms are used. A local real estate agent was struggling in his business and decided it would be prudent to market online, to all the many online buyers, and on numerous real estate forums, and other real estate sites. He began to devote all his attention to online prospecting and marketing, and neglected the offline channels of getting leads. He soon asked another agent for some advice as to how he can better improve his business, telling the other agent, that he has done everything, and opened an online account everywhere, including all the many social networking sites. It became apparent to the helping agent that what was needed was basic, old fashioned, face-to-face contacting, and prospecting. He suggested that he update his business card, to make it an offline reflection of his online presence. He suggested that he make his flyers more marketable, and that he attend all the local meetings, and events as possible. He also suggested that he join clubs, or groups and make constant face appearance. These suggestions were considered, and after presenting the materials, and explaining the new plan of strategy, the agent quickly gained more leads, and even customers who made it to settlement. At the same time, his offline marketing efforts improved his online presence, and he was able to direct through his marketing pieces, more prospects to his real estate website, and other online locations, where this agent frequented. He also found that people were going to his website, just to download, or locate real estate forms, and guides. His website became a resource library for his face-to-face contacts.