Tips for Becoming an Expert on Your Local Real Estate Market

Posted by Premier Commission on May 02, 2016 in Helpful Tips

The more high quality deals you can close, the more successful your real estate business will become. However, great real estate opportunities aren’t likely to randomly fall into your lap. You can only ensure that great opportunities happen for you when you’re an expert in your local real estate market. To this end, here’s what you need to do:

Learn about what types of properties exist in your local market

You know that one of the most important factors that affects the value of a property is the building that sits on it. The more rooms, square feet, amenities, etc. that a building has, the more valuable the real estate itself will be.

Relatively subtle shifts in building design can cause significant changes in a property’s value (in certain markets, an extra bathroom can make a home worth tens of thousands of dollars more than an otherwise identical home). That’s why in order to become a local real estate expert, you’ve got to learn about what types of buildings stand on every street.

Accept the fact that you don’t know everything

The biggest key to becoming a real estate expert in your local area is to never assume that you know everything. This is because the market conditions in your neighborhood can change significantly thanks to a single property transaction.

This means that you’re going to have to constantly watch the market very closely. Pay attention to trends in asking prices. Also keep an eye out for purchase anomalies, because these can impact the market value for every piece of property in the neighborhood.

Become a part of the community

Understanding your local real estate market will require you to constantly have your ear to the ground. This is because a real estate market can be whimsical; if you want to turn yourself into a true expert of your market, you must understand where it is headed in real time.

When you’re engaged with the local community, you’ll have an opportunity to hear about the latest trends and sentiments in the local real estate market.

Build business relationships

Your local real estate market has two components: residential and commercial. You’ll gain an edge in both by having connections to local businesses. This is for a couple of reasons.

First of all, local businesses make commercial real estate moves all of the time. If you’ve built connections with these businesses, who do you think they’re going to call to discuss their real estate options first?

Second, local businesses are run by real people. People are most likely to work with those who they trust — especially for a decision as big as buying a new home. This means that you’ll likely be privy to lots of info before any other ears in the market hear about it.

Don’t ignore your competition

Although real estate is a competitive industry, you can’t afford to completely separate yourself from every other real estate agent in the market. Other agents will often throw you tips if they aren’t able to take on an opportunity. Also, some of your biggest opportunities will come by way of other agents, since many buyers and sellers rely on agents to find that perfect deal.

Are you a local real estate expert?

Remember that no matter how much you know about your local real estate market today, it won’t matter next week. In order to be a true expert of your market, you’ve got to constantly keep yourself ahead of the curve. The only way to do this is to build connections and keep learning as much as you can about your community.

Looking to stand out from the crowd when it comes to your local real estate marketing? Premier Commission offers commission advances so you can get the cash you need to keep your business running smoothly and market yourself as a knowledgeable agent. Contact us today to learn more!

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