As an agent, learning your market is an ongoing process. So how do you go about making it happen? By following these seven steps to getting all the information you need.
If you’re one of those TL,DR agents, click here to start your free seven-day trial of AgentEDU and watch our two-part series, “Learning Your Real Estate Market.”
#1 – Research and sign up.
Thanks to the internet, real estate agents have much of the info they need right at their fingertips, with info on the local real estate market, jobs, community growth, schools, taxes and more.
#2 – Interview an agent
A great real estate agent is going to be in the know about what’s happening in the community. Find an agent currently working in the area and propose a lunch or coffee meeting. Ask the agent to share his or her perspective on the current market and who else you need to know. Making a new friend of a successful agent could be the best thing to happen in your career.
#3 – Befriend a lender
Another great way to learn about your market is to befriend a lender. Talk to a local mortgage broker, and if you don’t know one, ask around for a referral. Pose the following questions:
- What are your thoughts on the market?
- What challenges are homebuyers facing?
- How do agents combat these challenges?
- What else should I know about the market?
- Is there anyone else I should meet and can you make the introduction?
#4 – Go to open houses
You’ve likely seen open house signs around your neighborhood, but special open houses just for agent viewing can be found using the MLS. These are called broker opens. Walk the home and meet the agent running the open house so you can learn more about the market.
#5 – Talk to friends and family about the market
Your family and friends will often valuable information about what’s going on in the neighborhood. Most people love to talk about who is moving on their block, how much homes sold for, and other local gossip. They will know if a neighbor had a great kitchen or if there was a flood and remodeling had to be done. Ask them if prices are rising or stabilizing. How are taxes in the area? These questions can provide important insight.
#6 – Attend local events
It’s the people of a community that make it all happen. Attend community events and and spend time meeting local community members. Hang out at the area hot spots, like restaurants, parks and other places of leisure. In order to be successful, you’ll need to be familiar with the places that locals want to go.
#7 – Organize your info
Now that you’ve collected all this information, what are you going to do with it? It could be overwhelming to anyone, but organize it from the start so there’s nothing lost as you learn. Keep all your notes and records from your favorite websites and publications.
To learn more about how you can become an expert in your local market, start your free seven-day trial of AgentEDU and watch our two-part series, “Learning Your Real Estate Market.”