4 Places to Find Local Market Data (Where Your Competitors Aren’t Looking)

Marci Sepulveda Leave a comment

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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AgentEDU® is a platform where agents at every level can come to watch 10-minute video courses for the many situations that successful agents must master. From essential to advanced level and everything in between, AgentEDU® courses help agents become top producers with increased earnings and a plan for continued growth. For a 7-day free trial sign up here.

 AgentEDU® is an Agent Publishing brand. For nearly two decades, Agent Publishing has been committed to providing residential real estate professionals with the information and training required to build successful and meaningful careers in their local markets. Agent Publishing’s influence extends to every career stage and reaches agents across print, digital, events and online learning. 

3 Cautions Before Joining a Real Estate Team

Marci Sepulveda Leave a comment

Traditionally, real estate was thought to be an individual venture. While some boutique brokerages did have teams that operated with the broker as the head, most real estate professionals acted as individual agents. 

However, the industry has begun to see a shift, with many professionals choosing to work in real estate teams instead, with each team member working in the positions that play to his or her individual strengths, such as a listing agent or a buyer’s agent. 

While there are no concrete procedures that all real estate teams follow, the basic principles of working within a team still apply. For instance, in a real estate team, all members pitch in to help move toward the common goal. What’s more, the team format is also helpful to clients, with someone on the team always being available to help out when the need arises. 

But before you join a real estate team, it is important to understand the ways in which real estate teams work are fundamentally different from the ways individual agents work. Before you join a real estate team, here are a few things you should consider:

#1. Structure and Responsibilities

Before joining a real estate team, it’s important to understand the structure of the team as well as the role that members play. Does the team have role-specific buying agents and listing agents, or do agents handle both roles? Perhaps there’s a transaction manager or a marketing person? Teams often increase role options as a way to scale the tasks involved in transactions.

Think about your strengths and your personality. Are there parts of your job that you love and excel at? Are there parts you’d rather give up, or tasks that you would prefer to be handled by someone else? Many agents report that their talents and abilities seem to naturally align one way or the other. If you feel this way, working as part of a real estate team may be a natural fit for you. 

Ask for a breakdown of the team structure, as well as who reports to whom and what the business goals are.

#2. Financials

While it can be uncomfortable to talk about money, anyone in sales can tell you that it’s a huge part of their job. When interviewing or considering joining a real estate team, don’t shy away from the topic! After all, financial structures and compensation models are often the biggest deciding factor when choosing a real estate team, so it’s important that you are informed in order to make the best decision.

Ask about the compensation. Is the team based on commission only, salary and bonuses, or a hybrid structure? Is there a cap on commissions? And, if the pay is commission-based, what are the commission splits? Also, be sure to ask about any training or franchise fees, as well as brokerage fees.

Keep in mind that some teams receive the commission split that the team leader has negotiated with the larger brokerage — if this is the case, it can be attractive to new agents who may otherwise have a lower split. 

#3. Technology

As with all other industries, technology is crucial to the real estate industry, which is rapidly changing and always adapting to new technologies. Those that embrace technology are more likely to thrive, so it’s important to understand how technology fits into the real estate team and how it is implemented on a day to day basis. 

Ask about the team’s advertising model, as well as their social media presence. Does the team have a CRM in place and, if so, is it optimized to be used on the go or in the field? Who handles the cost of the CRM? Ideally, the right real estate team will have a good system in place. They know how important technology is, and they know how to use it to their advantage. 

It should be noted that teams historically present some challenges for data and production reporting. Be sure to have a thorough understanding of how sales will be recorded in the MLS. 

Is a Real Estate Team Right for You? 

When it comes down to it, your personality and your personal goals are two of the biggest factors when deciding to work with a real estate team or go solo. One of the benefits of working with a real estate team is the team mentality — a “one for all and all for one” mentality. A solid real estate team can provide a huge source of support, but you need to be prepared to pull your own weight. It’s often said that a team is only as good as its weakest link. If you feel like someone on the team may slow you down, it may be best to strike it on your own. 

To learn more, sign up for our AgentEDU course Are You Ready to Join or Start a Real Estate Team? today. 

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AgentEDU® is a platform where agents at every level can come to watch 10-minute video courses for the many situations that successful agents must master. From essential to advanced level and everything in between, AgentEDU® courses help agents become top producers with increased earnings and a plan for continued growth. For a 7-day free trial sign up here.

AgentEDU® is an Agent Publishing brand. For nearly two decades, Agent Publishing has been committed to providing residential real estate professionals with the information and training required to build successful and meaningful careers in their local markets. Agent Publishing’s influence extends to every career stage and reaches agents across print, digital, events and online learning.