Buyers and renters look for certain amenities, while sellers and landlords look for amenities which could give them advantages over 'competing' properties. The "hidden" features can make a difference in the choice of a potential buyer or tenant that others on both sides of the transaction would not think about.
A tenant might be willing to pay $20 a month more for a unit with extra built-in shelves which could hold their book collection. Someone using a walker might prefer the unit next to the elevator instead of the quieter one at the far end of the hallway. In this day and age where customer service continues to fade into oblivion, knowing the 'particulars' of the potential buyer or seller could be a difference maker in getting a deal done.
An investor I know that has his real estate license will access similar properties on the market to compare those amenities against what he currently has (or plans) for a property his team is about to fix up or renovate. He knows that he will be competing for some of the same potential buyers or tenants that will be looking at those other properties. His goal is to be able to tell them things like, "You won't find A or B in any other currently available property" or "This unit has the biggest closet in West End". It could be he finds another unit using "cheaper" tile and being something he can pick up on for his benefit.
It's a two-pronged process to be ready in these situations. Knowing as much as possible about competing properties is one element, but knowing what the "customer" wants is another. Each property, even if in the same building or within the same development, is or can be made to be unique. Same with each potential buyer or tenant.
Knowing how to uncover that information brings success.
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