What’s the average square footage of the homes you sell? Though the modern home is much larger than those of eras past, limiting yourself to larger properties could mean you’re leaving money on the table. Let’s dive into four ways smaller properties can be a big advantage.
1. Nice for niche real estate markets
If you’re selling in an area with high populations of the groups below, don’t miss out on the opportunity to cater to such a large part of your community. For people in these demographics, homes of a more manageable size could be an ideal fit!
- Solo homebuyers
- Empty nesters
- People who travel often for work
2. Great size for a quick getaway
Homebuyers who are buying a vacation home in a popular travel destination may not need much space. A home that gives them less to manage while they’re away helps lighten the load!
With the elevated cost of housing in such communities, purchasing a smaller home can give your clients more convenient access to these hotspot cities and town, while also giving them a lower sticker price over time.
3. First fixer-upper friendly
For clients looking to purchase their first flip, having less home to rehab can make the project more approachable and affordable! Smaller homes also tend to be older, so renovating one of these homes can come with some special bonuses, like:
- Rare/expensive materials that make the home feel more luxurious
- Big savings on materials, as the home has less square footage
- Once insulated properly, lower energy costs
4. A fine fit for furry friends
Some pet parents value lot size over a home’s square footage. A smaller home with an abundant yard could be just what they’ve been looking for!
A dog friendly home is also great for clients who love to be outside and entertain, whether it’s for a lot of people, small children, and/or pets. A smaller home with plenty of yard space is also a blank canvas for these big backyard ideas:
- Transforming the backyard into a secret garden
- Elevating the backyard into a welcome retreat
- Opting for more elaborate landscaping at a potentially lower cost
BONUS: Less competition
While other real estate professionals may target larger homes, focusing on a less sought-after segment of the market could help you capitalize on this niche in your community.