If you are a landlord or even someone who is thinking of getting into the market, it pays to have a solid idea of the concerns of the people in your area. These people are your potential clients.
The Metropolitan Washington Council of Governments (COG) released a report last week that indicated that a lot of people in Washington DC are very concerned about the availability of affordable housing. 14 percent of people polled revealed that the lack of decent places for people to live at a reasonable price really bothered them.
Traffic and transport issues came even higher up the list with 54 percent of people worried about this issue. It appears that availability of public transport close to where they live to efficiently move them around is also a top priority for the citizens of Washington.
Crime came in just below affordable housing with 13 percent.
It is important to note that this poll was done across the whole region not just in D.C proper and the results may be different depending on which specific area you are looking at but the bottom line is that these statistics are available to you and they should be used to inform your choice about where and when to invest your money in property.
If people are bothered about decent but affordable housing in their area then it is a message to the landlords that this is the area of the market they need to concentrate their investments in if they wish to maximize profit. The rules of supply and demand dictate that this is so.
The fact that people are so concerned about traffic and crime also speaks volumes and has large implications for the location you chose to have your rental property. It is very rare that you are going to find an affordable house in an area with none of the problems on the list. No property is perfect, but these lists allow you to prioritize. If you have to accept faults make sure that there are the ones that bother your potential clients the least.
For example if people in your area are so concerned about traffic you may want to choose to invest in a property on a quieter street. By the same token, clearly, if your potential clients express an overwhelming interest in transport then you would do well to buy your Washington real estate near a bus route.
This type of research does not take that much effort now that everything is computerized and it is well worth the time. Giving the people what they want has got to be one of the first rules of business. Especially the real estate business.
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