My Top Reasons to Use Market Reports 

My feeling is there are many advantages to creating and sharing market reports for the areas you work in.

I focus on Carlsbad but produce market reports for other nearby real estate markets that I handle, including Encinitas, Cardiff, Solana Beach, Del Mar, Oceanside, Rancho Santa Fe, La Jolla and San Marcos:

Here are my thoughts on how to best use these reports, and the advantages to you of doing them

• INCREASE KNOWLEDGE - This is one of the biggest advantages. When you do market reports you become a market expert and a more knowledgeable agent. Not only do you understand what is happening that month but you can discuss trends that you see as compared to media reports which are far from accurate and clearly not local. How often do you get asked "How is the Market?". When you do these reports you can truly answer that question on a local level.
• SHARE THEM - open houses are a great place to pass these out. They will learn something about your market area, see how knowledgeable you are, and you're your branding will have yet another reason to follow-up with you or to look at your blog and websites (don't forget to include them on your hand-outs). Share them at other meetings and networking sessions you attend.
  
• INCLUDE THEM IN YOUR PRE-LISTING KIT - this will give prospective sellers the sense that you KNOW the market and the comps - it will be a competitive edge and they will also gain a feel for what is going on in their market that you can expand on
• PUT THEM IN YOUR BUYER PACKET so they see the kind of market data you provide to help them understand the market and make informed buying decisions. You will be better able to answer buyer questions about the market AND guide them when doing a home search that fits their budget AND when they are ready to write an offer.
• MAKE THEM PART OF A RELOCATION KIT (via email, snail mail, Google Docs) to educate people moving to the area
• MAIL OR EMAIL THEM - postcards, or in your email drip campaign with prospects. Getting the word out is key!
• NEWLSLETTER - why not include a summary on your newsletter, either by snail mail or email
• SHARE THEM ON-LINE - share in your blog to capture attention (with the side benefit of points on ActiveRain)
• SHARE THEM WITH THE LOCAL PRESS - they may be interested in a local expert. You might be able to wangle an interview, or perhaps a weekly column
• MAKE THEM A TOUCH POINT WITH PAST CLIENTS AND PROSPECTS - market reports will help them keep abreast of what is going on in their market and is a good way to stay in touch.

There are lots of formats, and you should do what feels comfortable to you.

Some people really like statistics and others don't, but any agent should be able to provide SOME information about market conditions and trends.

I suggest using charts and/or graphs since paragraphs of information can get tedious.

I also think it makes sense to interpret the data - what does the daye TELL YOU about the market. Buyers and selelrs may not understand what is really going on behind those numbers.

Some of my favorite and consistent market report writers (there are others) are Bill Gassett, Pamela St. Peter, Renee Burrows, Lynda Eisenmann, and Sally Cheeseman, because of the information they share (including photos and community details), the visual appeal, and more...but there are others, too. Take a look if you need some suggestions.

So what do you think?

How are YOU Using market reports? Or do you not even do them?

And how are you using them to YOUR advantage, and your clients?