As with any industry, a big part of a real estate agent’s success means keeping up with market trends and conditions and knowing the ins and outs of your community. But, outside of the data and statistics that you (and every other agent) can gain from your local MLS, where can you find valuable information to set you apart from the pack?
Knowing that you’re only as good as the information you have and share, it’s important that you know where to look for trusted and reliable market data. Here are a few sources of market data that you may have not considered.
#1. The Bureau of Labor Statistics
The Bureau of Labor Statistics is a great place to find out more about the median or average income in your local area, as well as how strong your local labor force is and more. This information can be very valuable when advising your seller clients whether it’s a good time to sell — or not. You may also learn of new companies that are coming into your market, which could be a good source for new buyer leads.
Pro Tip: The BLS puts out local area unemployment statistics that you can sort on an interactive map linked here. You can use this map to drill down to your local market-level statistics.
#2. Builder Associations
Local builder associations can provide pertinent information on how many new builds were started in your local market recently, or what the building growth is year-over-year. This can be helpful in determining the overall strength of your market.
You can also use this resource to find out which finishes and features are popular with home buyers in your area. This can be great information to guide your seller clients in updating their house before listing.
Pro Tip: The National Association of Home Builders website is a great resource for monitoring national trends, as well as their Housing Market Index, which takes the pulse of the single-family housing market.
#3. The Board of Education
Information gathered from the local boards of education can help you become somewhat of an expert on local school zones, school ratings, and more. The Washington Post reports that good schools are one of the top deciding factors for home buyers with children, so being able to confidently give your clients through local school zoning information can give you a competitive advantage in the local market.
It should be noted that the Fair Housing Act prevents agents from “influencing a buyer’s choice of communities based upon the buyer’s race, color, religion, gender, disability, familial status, or national origin.” It is best to point your clients to resources on schooling rather than giving your personal opinion, but having these tools ready for buyers can set you apart!
Pro Tip: Create a section of your website that’s dedicated to school resources and tools for your prospective buyer clients. GreatSchools.org and your local school board websites are a great place to start.
#4. Utility Companies
Another question that is often asked by prospective home buyers is about typical utility bills. And, while individuals’ billing will vary greatly depending on personal levels of usage, local utility companies can be a great place to turn to get information on average bills or local connection information.
Pro Tip: Some utility companies will provide you with an average bill estimate (based on past historic data) if you just call them and give them the address. UtilityScore.com is another great resource for estimating.
Finding Resources that Make You Stand Out
As you can see, local market data isn’t always just sales numbers. Rather, you can use these unexpected sources — and more — to help build and foster a better understanding of your community. To find out about more unexpected sources of local market data, sign up for our AgentEDU course Learning Your Real Estate Market today.
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