The second point in the Active Rain Weltanschauung relates to becoming a local market expert.
We believe that real estate professionals will thrive if they demonstrate their local market expertise. With ever greater access to listings, local knowledge is now the key differentiator.
In the beginning, I didn't want anything to do with market reports. I felt like they were boring and dry and as an ADD candidate, I didn't think they would hold my attention.
Through a little cajoling, I jumped in and wrote one, and then two, three, four and on and on and on. What I learned in the process is that I started to know my market at a level I would never had thought about prior to doing the reports.
There are a lot of benefits to writing market reports. For instance:
- You really do get to be a local market expert with consistent market report writing. Your level of local knowledge will explode. You'll find that few of your colleagues know the sales, distressed properties numbers, high sale communities and up and coming areas like you do.
- You see trends that others don't see. That gives you a heads up on preparing for future market changes. That gives you an advantage in changing your marketing prior to market changes. You're ready before your competition knows there is a change coming.
- You became the media "go to" person. I send my market reports to all local papers and radio stations. One local paper interviewed me a half dozen times last year. It's a level of marketing that pays huge dividends, and it's free. If the local media is seeking you out, so should sellers and buyers.
- You can provide data to other local professionals: lenders, builders, closing agents, investors, etc. These professionals also need to know about market changes, and trust me, they appreciate it.
- You will be exposed to areas of your market that you may have ignored. I found that one area of my local market makes up 27% of all sales month to month. I've ratcheted up my marketing in that area because of that.
Market reports and a deeper market knowledge do open a world of numbers for you that lay the foundation for your success. Don't ignore them like I did in the past, but find ways to make them fun, entertaining and exciting. You'll be amazed at how excited a seller will be when you can tell her what the month by month and year by year market data is in her neighborhood. Or, you can encourage a buyer to buy a home because you've seen the market increasing at a higher rate than other market areas. You really do become the market expert.
1. 2017 Jumpstart Challenge
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