Real Estate Prices and Activity are Influenced by Local Factors
Whenever the financial news is bad on a large scale, or there’s negative press concerning home sales nationally, it’s made quite clear by many that real estate is local. Each neighborhood, village, town, city and state all have their own unique characteristics. Lot sizes and terrain are different, home types and styles are varied, and so much more. It’s no coincidence that real estate prices and activity are more influenced by local factors. These same factors should influence your decisions in choosing a broker or agent, whether you’re a buyer or seller.
Economy and Jobs are Local
People move in and they move away in large part due to the availability of jobs. Using a real estate agent who’s not located in the area of choice could be a problem. The local broker or agent makes it their business to keep up with industry and the local economy. That includes not only what’s common knowledge about trends, but also what might be in the rumor mill or early stages of consideration that could influence your home purchase decision.
Regulations and Building Codes
Even buying an existing home, you might have ideas later for an addition or renovation. It’s not a fun experience to find that you can’t do what you wanted because of local zoning, or building codes. Your local agent can discuss your needs and make sure that, at least when you make your purchase, any plans you might have can be realized.
Multiple Listing Services are Different
Some areas are covered by more than one Multiple Listing Service, or MLS. Listing with an agent from outside the immediate locality can result in your home being listed in an MLS that’s not frequented or even used at all by the agents that need to see your home. Those are likely the agents that have the buyers you need as their clients.
Marketing Your Home is Hands-On
There can be pressure to use a relative or friend to list your home outside the area where they live and work. It would be far better to politely decline at the beginning than to change to a local agent later when things don’t work out. Close proximity to listings allows the real estate broker/agent to service them better. Whether it’s meeting another agent or buyer there for a showing or refreshing brochures in the box at the sign, being in the immediate area will assure that it’s done well.
Effective Marketing is Very Localized
Whether a buyer or a seller, it’s always better to be working with an agent who lives, works and specializes in the local area. Knowing what media works best can make a huge difference to sellers. Knowing keywords, phrases and local home peculiarities can save buyers time and headaches. Knowing what not to say in descriptive listing text can be a value to sellers. Knowing that it isn’t said can benefit buyers a lot.
“Real estate is local” is an oft-repeated statement for a reason. It’s very much the truth. That big name brokerage across town might boast reputation and numerous deals, but that local boutique brokerage right around the corner could be a much better choice. Just remember that it’s not large or small that can make all the difference. It’s location, location, location.