One of the biggest mistakes a real estate broker can make is marketing a lifestyle property or a rural property the same way that works for high density residential real estate. The difference is the target buyer's location and interests.
Let's say Seller A enlists Broker A to sell his 3-bedroom, 2-bathroom single-story, ranch-style house in a residential neighborhood. Broker A prices the home competitively compared to other homes for sale in the area. Buyer A lives in the adjacent town. He sees the listing in the local newspaper and has been looking to upgrade his family's living situation to allow for more space and a guest room. Buyer A engages a buyer's agent and makes an offer.
The example above illustrates how most residential house listing appeals to a wide audience of potential buyers. A buyer looking for a house generally has a good idea about where they want to move and a small list of wants and needs. The only determining factors for Buyer A were that the house was in a specific location and had a third bedroom.
All Broker A had to do was market Seller A's property as a "3-bedroom, 2-bathroom home for sale in XYZ neighborhood."
Why Location-Based Marketing Doesn't Work For Lifestyle Properties
Lifestyle properties do not appeal to the same kind or same amount of buyers as do residential properties. Therefore, lifestyle real estate brokers have to take a different marketing approach.
Buyers seeking lifestyle properties for sale care more about how a property serves a specific interest than they do about the address. Many already have a permanent residence and are looking for investment properties. These kinds of buyers evaluate properties for their business, hobby, or income-producing opportunities. Some examples of lifestyle properties include:
- Country homes
- Golf course properties
- Hunting properties or hunting lodges
- Log homes and cabins
- Equestrian properties
Why Does This Matter To You?
If you're selling a lifestyle property in Colorado, reaching as many buyers as possible is the key to getting the most money. Your challenge is to find a real estate broker who understands how to optimize listings for interests instead of a location.
The most critical component of making a listing searchable by interest is incorporating keywords and key phrases into the listing copy. Whenever I get a new listing, I conduct keyword research to determine national search volumes for certain words relevant to the property. To further solidify that location-based marketing for lifestyle properties is obsolete, a specific address rarely returns results.
Take my listing for this Colorado Log Home Bordering BLM in Delta, Colorado. This property features a 3,300 square foot log home and four-stall barn on 44 acres, irrigated farmland bordering BLM. Notice how the listing copy is full of terms that a buyer interested in a property like this might search: "Colorado Log Home," "Western Colorado Horse Property," and "Country Home For Sale in Delta, Colorado," to name a few.
Sellers, Take Note
We're currently experiencing a seller's market, which, in theory, is great for you. Inventory is low, so many properties for sale in Western Colorado are selling for more money than the listing price.
But, don't take this as an excuse for lazy marketing. Lifestyle properties appeal to a very specific buyer, so you can't let the pace of residential real estate fool you. Interest-based marketing will always produce better results and more offers for lifestyle properties in Colorado.