Good reminder Kent, Research is an essential element of the job we do. While it can be time consuming it is most rewarding with a job well done at closing.
Yesterday, I co-hosted a class on Downtown Growth Trends (poolside at a condo complex I have the exclusive on). Tucson's Downtown is undergoing a huge surge of interest due to the new streetcar connecting it with the University of Arizona - between public & private investment, upwards of $900 Million has been spent in the past 3 years, rivitalizing & invigorating the area.
For part of the class, I presented research compiled over the past 3 years, comparing the trends in residential real estate with other areas & the Tucson Metro itself to illustrate the growth, not only in interest, but in property values. A couple of agents came up to me afterwards to thank me for sharing the info - and saying something that made me think of Scooby Doo & his "HUH?" sound: "I don't have time for research."
Later that evening, I posted a graph up on Facebook for one of the segements I analyzed - and another agent in my market said the same thing, "I don't have time for research." Scooby Doo rides again!
How can a professional in any field dealing with market factors of a commodity not have "time" for researching the market? I guess doing a CMA or attempting to understand what is happening in the marketplace isn't seen by some agents as valuable knowledge. Perhaps their focus is on being able to open doors at a moment's notice or knowing what celebrity sighting in town is trending at any particular notice. I feel bad for their clients - but have to admit the show must be pretty good, yet lacking in substance...kind of like seeing a movie with great special effects but no plot (I always find myself wondering why I paid full price for the ticket). Different strokes and all that stuff.
I HAVE TIME for research - in fact, I'm known for it. My clients appreciate the time it saves them wondering if a property is over or underpriced, an emerging area, rebounding neighborhood or one that has been flat. Local officials & business leaders ask me about trendlines in different areas once in a while, as well as media sources. Maybe I'm not as "up" on what restaurant or video is this week's latest buzz...but a major part of my business is repeat clients and people referred by them or leaders in the community. Taking time to understand the market is not a "business strategy" or "marketing angle" - it is my job, and a basis of credibility for my brand.
Below is a quick overview of the past year's performance of single family homes in the Downtown Tucson area compared with the base Tucson Metro - the trendline is obvious...think that might be valuable to a savvy buyer?
Over a 3-year period, one can see what an effect the revitalization that Downtown Tucson is undergoing has had on the single family home market in the area (not all value growth is because of that single factor, but it is a very significant part).
If you'd like more detailed & specific information on a particular type of property or neighborhood - call or email me...I make time to do research!