Functional Obsolescence

FUNCTIONAL OBSOLESCENCE: is a reduction in the usefulness or desirability of an object because of an outdated design feature, usually one that cannot be easily changed. The term is commonly used in real estate, but has a wide application.

IN OTHER WORDS: Features of a home that are not practical or desirable that typically affect the price negatively.

EXAMPLES OF HOW IT RELATES TO REAL ESTATE:
Walking through one bedroom to get to another;
Front stairs that are taxing for buyers to have to walk up to get into the house;
A two level home with only one bathroom… on the first floor

Epoxy Paint

EPOXY An adhesive, plastic, paint, or other material made from a class of synthetic thermosetting polymers containing epoxide groups. Epoxy paint is supplied in two liquid components — the epoxy resin and a hardener — which must be mixed together immediately before application. Once applied, epoxies are tougher and more abrasion-resistant than ordinary house paints. Because of their chemical-resistant properties, epoxy paints are often used in industrial facilities, but they also fill some very practical needs in the home.

IN OTHER WORDS: A magical paint or reglazing process that easily and inexpensively updates porcelain, ceramic and fiberglass.

EXAMPLES AS IT RELATES TO REAL ESTATE:
Bathroom tub seen better days?
Pepto-bismol pink tile giving you a stomach ache?
Why let buyers think these updates will cost waaaaaay more than they actually will when you can paint them?
The result is an updated space that looks clean and bright.

 

 

 

Grassroots Marketing

GRASSROOTS MARKETING: sometimes known as guerilla marketing, starts from the ground up. Instead of launching a message you hope will appeal to many people, you target your efforts to a small group and hope the group will spread your message to a much larger audience.

IN OTHER WORDS: It’s like panning for gold by finding creative ways to get the community involved in marketing and selling a home. The concept is to promote a creative idea that appeals to the right target audience and will ultimately have a successful impact on the sale of a home.

EXAMPLES AS IT RELATES TO REAL ESTATE:
Host a unique event that gathers the public, like a pre-open house for the neighborhood;
Go viral by creating video that introduces a property while highlighting what it has to offer; and
Connect directly with current potential buyers and tell them about a new property for sale.