Marketing Floor Plans - Who Do They Help?
According to the National Association of Realtors, over 97% of home buyers are searching for properties online and 51% of buyers purchased homes that were found via the internet. The days of calling a real estate agent from a big red “For Sale” sign in the yard are rapidly decreasing, and so is the patience level of the potential buyer.
After the Covid-19 pandemic when agents were forced to suspend open houses, just 7% of buyers found the home they bought by visiting an open house or seeing a yard sign. (NAR) With websites and apps being the preferred method to quickly narrow down the home search, it is essential that buyers have the ability to understand the flow of a home prior to an in person visit.
Floor plans have evolved from an informational tool into a marketing tool for listings. Each floor plan has the opportunity to be an engaging standalone image and tell the story of the home. Just like photos, colorful and detailed floor plans can make a listing stand out and assist the potential buyer in fully understanding the layout of the property.
Floor plans provide an opportunity for property validation with accurate square footage information. Obtaining updated calculations can often result in an increase of square footage by 20-40% compared to old tax record information. For a majority of tax records, the square footage information is obtained by quick assessments or information from the builder rather than a detailed measurement. Not updating this information with an accurate measurement greatly affects the sales price of the home. The added benefit of providing a visual representation of measurements for each level of the home is not only a helpful tool for the buyer; it is a way for sellers to ensure they are accurately pricing their listing.
Have you ever seen a property that had a lot of potential, but just isn’t currently in its marketing prime? Residences like these are great for a marketing floor plan. Potential buyers are able to see what the home could be by focusing on the layout and dimensions - not the cosmetic details that need a refresh.
Another benefit of listings including floor plans is the ability for buyer agents to gain a better understanding of what their client wants. Without having to do legwork, the buyer can compare a few different floor plans and clearly explain what they like and do not like. That information can then be used to only visit the properties in which the buyer would be interested.
Helpful details on a floor plan include accurate room dimensions, visual depiction of the changes in flooring type and representation of the exterior elements of the home. Detailed floor plans assist a selling agent immensely by ensuring that anyone inquiring about the listing already approves of the property size, room sizes and general layout. The potential buyer is also given the opportunity to view the home as their own, imagining where their personal possessions would fit instead of seeing the home staged with someone else’s things (or worse, completely empty).
Ultimately, marketing floor plans are useful to the selling agent, the buyer agent and the potential buyer. When used correctly, they not only make a listing stand out - they can close a deal.