Real Estates Sales Professionals Must Know Neighbourhood Demographics

What do the words neighbourhood demographics mean to you? Pretty much everything you want to know about who lives in a particular neighbourhood and the composition of their families. How is this useful? A number of different way. For example, neighbourhood demographics can help you tell investors where there is high rental potential in a particular neighbourhood or perhaps highlight an area that a family starting out may not want to live.

So what demographics are really relevant and how can they be leveraged? When looking at neighbourhood demographics there are 4 key areas that you may want to hone in on.

1.    Population – this deals with family composition. Naturally people want to live in neighbourhoods where other families similar to theirs live. You can’t tell by looking at the outside of a home how many people in the neighbourhood are married, single, have children or don’t, age distribution, etc… Perhaps seniors that are downsizing would like to live in a quiet community that has a higher population of older residents. On the marketing side, looking at trends in the population can enable you to adjust your messaging to hone in on niche markets in the area you serve.

2.    Households – this deals with the types of properties in the area and how they are being used. You want to be able to know percentages of owned vs rented properties for both investors and families who may not want to live in neighbourhoods that have a high % of renters. Average sizes and ages of homes in the area are also very relevant demographics that you want to know and be able to discuss with your clients. You can also use this information to identify shifts in neighbourhoods and what it could potentially mean to you later if you cater to a particular market but the face of the community you are working in is changing.

3.    Socio Economic – Back on the theme that people want to live in communities that have other people like them – many buyers would probably like to know things like the education levels in a community. The type of worker – white collar vs blue collar, dominant professions etc… Socio economics also play a huge roll in marketing. The needs of a family can change depending on income levels, likes and education. Targeted marketing works better. Again, knowing the people in the community you are marketing in enables you to come up with marketing initiatives that connect with prospects.

4.    Cultural – Cultural demographics are important not just for your clients but also to you in terms of your marketing efforts. Cultural demographics highlight ethnicities, religions and dominant languages of people who live in a community. From the perspective of your marketing – identifying neighbourhoods that have common cultural demographics can enable you to look at marketing in ethnic magazines or even in other languages.

Knowing the demographics of the neighbourhoods you serve, for obvious reasons, makes you more knowledgeable and able to offer a higher level of service – and it also makes you more agile because you can diversify your marketing and even messaging according to the communities you are marketing in.

If you would like information about a tool that helps you access all of the above neighbourhood demographics information and more please visit www.geowarehouse.ca.

The Importance of Knowing Demographic Information About a Particular Neighbourhood

One thing that Canada is known for around the world is its multiculturalism and diverse demographics. It is what attracts people to this country, and it is also what makes this country unique. The things that someone new to Canada may look for, in terms of choosing a country to live in, are similar to the ones that a homebuyer may look for, when choosing a community to lay down roots.

As a real estate sales professional, you know that where your client chooses to live is based on a number of different factors. Features such as location, proximity to parks, schools, public transit, etc. may influence the decision to settle in a given area, but what about elements that, perhaps, cannot be determined with a drive through the neighbourhood? Do you want to have to drive through a neighbourhood to be able to learn demographic information? Is what the eye can see even accurate? Demographic information, especially when it relates to your client’s neighbourhood of interest, is very important, and your ability to provide it improves your customer’s experience when working with you.

Is a subdivision the right fit for your client? Is the area abundant with young children or a mature community with less young families? Are a vast majority of properties in the area rentals? What is the average income in a community? Many people want to live in a community with others who are like them, and these are things that you, as their real estate sales professional, should be taking into consideration when researching potential properties.

The Neighbourhood Demographics Report, available on GeoWarehouse, can help you to determine neighbourhood demographics, and is the best way to collect this information. The information included in a Neighbourhood Demographics Report can help you answer your clients’ questions regarding age distribution, marital status of residents in a given community, and average household income. The structural types of housing, as well as the percentage of rented homes versus owned, are also key elements of this report.

Demographic information is not always evident when driving through an area; being able to provide this information will make your client more informed and lead to more referral business as more and more clients are wowed by their experience working with you! 

For more about the Neighbourhood Demographics Report please visit www.geowarehouse.ca or call us today at 1-866-237-5937.

How to Skyrocket Your Real Estate Lead Generation Using Technology

What makes the difference between a somewhat successful real estate sales career in Ontario and one that is very successful?  The answer is a rock solid plan for real estate lead generation. In this blog, we will cover some proven techniques that successful real estate professionals have adopted, and that can accelerate your real estate lead generation.

Social Influence

We all know that the arrival of social media has changed the way that we communicate, network and generate new business. In this regard, social influence is the key.

Put yourself in the shoes of your prospect.  Imagine you were having coffee with a colleague, and shared that you were thinking about purchasing a property. If your friend offered a recommendation, how likely would you be to take that recommendation? This is the whole premise of social influence, the only difference is that now recommendations occur online.

Let’s take Facebook as an example of social influence: if you were to ask a happy client to visit your Facebook page and post about their experience, the result would be that their connections would see the post in their feed. Someone else, who may be in the market to buy or sell a home, may be influenced by their connection’s positive experience with you.

In fact, statistics show that 1 in 3 people make a buying decision based on recommendations from those in their social networks. We know that finding time to manage social presences can be daunting, but starting with a single presence, that you check regularly, is a start. Here are techniques that you can employ to improve social influence within your networks:

1.       Create a Facebook presence that caters to your real estate endeavours (not your personal Facebook page).

2.       Anytime you meet someone invite them to join your network on Facebook.

3.       Anytime you close a deal, ask your client to post on your Facebook page with respect to their dealings with you.

In no time at all you will begin to see the fruits of your labour.

Thought Leadership and Recognition

Consumers want to deal with a professional who is a thought-leader in their field. You have access to many tools and resources that help you discover an abundance of information, so why not blog about them? Showing your prospects that you are knowledgeable and able to address all their questions is key.

Here is a great example: in Ontario, thousands of real estate sales professionals use GeoWarehouse to learn about sales histories, neighbourhood demographics and more. Why not share this knowledge with your online networks.

Here is how to do it: If there is a particular demographic that you want to speak to, write a quick blog about neighbourhoods that cater to that demographic. This will speak directly to those you want to market to and establish you as a thought-leader in an area that is important to them.

Being in the Right Communities to Expand Your Referral Networks

Referral relationships are an awesome way to generate ongoing volume business with little ongoing marketing investment. Sites like LinkedIn are amazing for this purpose. On LinkedIn you can join groups that are frequented by target referral sources; CAAMP is a great example. If you want to establish new referral relationships with mortgage brokers, the CAAMP group on LinkedIn is the perfect place to find them. Get connected to new referral opportunities on LinkedIn and then leverage the “Projects” module inside your LinkedIn profile to post listings and keep your connections in the loop with respect to your current listings. More exposure of your listings equals more sales.

Some other ideas could include posting to free classified sites like Kijiji, Craigslist and, where possible, paying to be a top sponsored listing. Sponsored listings on Kijiji are a very affordable way to gain a lot of exposure. Kijiji also gives you the ability to access a list of people who are posting looking for your services.

These are just a few examples of ways that you can leverage technology for the purpose of real estate lead generation. Join the conversation - what best techniques are you using to generate more business?

If you would like information about GeoWarehouse please visit www.geowarehouse.ca or call 1-866-237-5937.