Currently Reading

Hyperlocal Approach to Real Estate

Advertisement

Hyperlocal Approach to Real Estate

Curating marketing for the entire neighborhood


March 6, 2018
Analog video camera
Photo: Unsplash
This article first appeared in the March 2018 issue of Pro Builder.

Zavvie, a Colorado tech startup billing itself as the nation’s first hyper­local marketing platform, released the results of a new survey of 350 real estate professionals. Some 95 percent of those surveyed said local market knowledge is either “very important” or “extremely important” to their consumer clients.

Lane Hornung, Zavvie CEO and co-founder, said in a statement that the survey results show there is a “great disconnect” emerging in the real estate industry. “When we asked how many specialize in neighborhoods, just 12 percent said that they do,” Hornung noted, adding that the study found that most real estate professionals are making their marketing area as broad as possible. More than 60 percent of agents and teams said they “specialize” in a large regional or metro area.

The majority of real estate professionals said they value local customer reviews from websites including Zillow, Yelp, Nextdoor, and Google, with many respondents saying reviews on these sites were “very” or “extremely important.” Additionally, 73 percent cited Facebook as their No. 1 marketing tool for connecting with customers locally. Yet the survey’s social media findings showed that roughly 44 percent of agents and 50 percent of teams believe social media is “somewhat” or “not important” to their business. One in 10 use Instagram, and only 1 in 20 use Twitter to connect with local customers.

Zavvie COO Stefan Peterson noted the difference between views and actions as an obstacle. “Few agents and teams report using hyperlocal marketing tools to share their expertise, like a blog or neighborhood website. All of these are core tools of a typical hyperlocal agent’s marketing system,” he said, adding, “‘Hyperlocalists know the local housing stock inside and out, not just the for-sale inventory but all or nearly all of the homes in their area.”

Land developers and builders may also see benefits from a hyperlocal approach. Peterson said, “The opportunity is to be rigorous about adapting projects to local market demographics and consumer preferences.” He also cited marketing strategies from outside the housing industry, advocating a local approach in business, saying, “Understanding demographics and consumer preferences is useful in determining the most suitable types of projects and developments.”

“I live in Boulder, Colo.,” Peterson continued. “Google is completing its new facility, a $130 million project of some 330,000 square feet. Boulder prizes its small-town feel and proximity to the outdoors. Google … deliberately designed an open cluster of buildings maximizing mountain views, walkability, and access to transit. Even at work, employees still feel like they are in Boulder. The [design] concept wouldn’t work nearly as well elsewhere.”

Attachment

Related Stories

Market Data + Trends

What to Expect in the 2022 Housing Market

The variables at play for buyers and sellers in 2022

Economics

Consumer Price Increase Reported for September

Accelerated inflation is breaking the bank, but maybe not for much longer.

Housing Markets

Housing Market Still Hot After 2020 Frenzy

Why buyers waiting for significant slowdowns or price drops shouldn’t hold their breath.

Advertisement
Advertisement

More in Category




Advertisement
Advertisement

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.