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Lot Lines: Every property has a story

It‘s been said that every person has a story; however, stories are not just limited to people, as every property also has a story.

It’s fascinating to examine the various types of property marketing packages brokerage companies produce. All packages are produced differently when it comes to photography, layout, mapping and how the numbers are shown. The goal is to entice investors to buy the property by creating a connection with them.

Obviously, location, property condition and financials are the three primary factors that attract a buyer to a property, but the best marketing packages are those that go the extra mile in telling the story of the property. In some situations, it may be the connection buyers feel to the story of a property that puts them over the edge to make an offer. It is much the same principle in the way people are drawn to those with an interesting story.

There are many ways to tell the story of a property. For older properties, the story may be derived from their rich history. Brokers should dig into the history and find those things that make the property stand out. Perhaps a famous person once lived in a downtown apartment or maybe one of the city’s largest companies began its journey in a building. The property may have historic significance that investors might find fascinating.

The story could revolve around the numbers. Some of the best marketing packages tell how occupancy and rental rates have trended and why. Instead of numbers simply residing on a page, the brokers give investors a vivid picture of where the property has been and where it can go.

Storytelling may also be a way to change the negative perception of a property. People love a comeback story. The ability to craft a narrative that shows how a property has or can overcome its negative past has the power to resonate with investors and help them visualize future visions for the property.

Sometimes numbers, location and property condition aren’t enough. Consider the power of storytelling to help investors find their point of connection that can turn them into buyers.

Darren Currin is an analyst with ARA Newmark who specializes in Oklahoma City and Tulsa commercial real estate. A version of this column originally appeared in The Journal Record (Oklahoma City, Oklahoma), sister publication to The Daily Record.

 

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