I believe a great real estate agent is a master of her market. Simple as that. She focuses on a few geographic areas and knows them inside and out. She knows, from the address, whether or not that house is on the bus route or if that condo is subject to highway noise (e.g. the west side is okay; the east side is too noisy). She knows if two-story houses are selling better than one-story houses, and she knows why. She knows if it's possible to get a two-car garage, or if off-street parking is as good as it's gonna get.
During my ten year career in Denver, I focused on the Charming Old Neighborhoods, particularly Highlands/Northwest Denver. That's where I lived, worked and roller-bladed, and I knew it inside and out. Give me an address and I could almost tell you what the house sitting there looked like.
I've been living in Alabama for the last two years, but am moving back to Denver next week. I know that the Denver market has changed (duh). Not just the values and marketability; in my beloved Highlands, there's development everywhere! Little Bungalows being torn down and replaced with custom duplexes. Lofty condos going up with views of the City. A trendy new shopping area in a previously rather seedy area, and best of all (for me) there's now a Sunflower Market just SEVEN blocks from my house. 
When I left Denver two years ago, I sold my house for $322,000. Apparently right after I closed, that little neighborhood skyrocketed and values shot over $400,000. Sheesh. The little Bungalow I'm moving into that I purchased as a rental in 2005 for $269,900 is now over $350,000 (for 950 sqft - wow - I'm a little spoiled by the Alabama prices I've enjoyed the last two years).
My point is that I have some catching up to do. My first order of business upon landing back in Denver is start previewing like a mad-woman. I LIKE being an expert and I intend to become one again, as quickly as I can. Believe me, it's great fun to be a Master of Your Market and I know of no better way to generate interest at a social gathering than to be able to talk real estate intelligently, at a local level. Seriously - if I'm going to a party, I'll actually preview houses in the area beforehand!
But anyway, I'm looking forward to the challenge of getting back up to speed. If you're in central Denver and you see a little yellow Subaru buzzing around, it's probably me, Re-Learning My Market.
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