The real estate market changes constantly. As an agent, you are already busy with your current clients and always searching for new ones. It is no wonder that it can be a challenge for many agents to stay on top of trends and changes in the market. When you monitor and understand the changes in your market, you become a much more valuable asset to your clients. It is worth your time to stay up-to-date on changes in the marketplace. Here are five helpful ways to keep up with changes in your market.
Networking can be one of the most fruitful sources of information in your market. Networking can also be a source of fun and a positive social outlet for a busy agent.
Look for lunch and learn events catering to realtors. There are usually many learning events offered monthly in most metropolitan areas. These sessions are a great way to learn new things about the real estate business. They also give you the opportunity to network with other agents in your area.
Other networking events may be offered by your broker or real estate board. Consider going to as many of them as you can. Speaking with other agents about their experiences in the market can be an outstanding source of information about where the market is headed.
2. Educate Yourself
While, as an agent, you are required to obtain a certain amount of continuing education to keep your license current, you should consider taking more online real estate classes than the bare minimum.
Identify areas of real estate that you want to focus on and find the classes that will give you the most current educational opportunities. Take any classes you can find that focus on market trends.
3. Read and Listen
Identify some superstars in the real estate field. Buy their books and read them.
Find a few industry-related podcasts and listen to them while driving. Podcasts hosted by the right people can be an outstanding source of up-to-date market news, information, and trends.
Make good use of the many hours you spend in your car each week by listening to real estate related podcasts.
4. Market Research
While gathering market data can be a little time consuming, this information is crucial to your understanding of the market and where it is headed. Gather data on comps and demographics within your market on a regular basis.
The real estate market varies wildly from city-to-city and often neighborhood-to neighborhood. Be sure you collect information that is pertinent to the market you work in.
While knowing information based on national statistics and overall trends may make you sound smart at a cocktail party, for the most part, that global data will have little to do with your day-to-day business.
Information can be found in county records, through your broker, on the Multiple Listing Service, and from your local real estate board.
5. Telemarketing Campaign
Consider executing a telemarketing campaign that is conducted like a market research study. Come up with questions about the market that you would like answered. Obtain a list of home, apartment or commercial property owners in your area, based on your specialty.
You could hire an intern to make the calls, pose the questions and record the answers for you to review. However, the best way to go about a telemarketing campaign is to do it yourself. Yes, this is good old-fashioned cold calling
What you may find during your calls is that you uncover some interesting insight from property owners. As another great potential outcome, you may run across someone who is looking to buy or sell a property and gain a new client.
Being a realtor is not a job. You are running a business. In order to provide the best possible service to your current and future clients, it is imperative that you stay on top of, and even try to anticipate market trends.