You can't be the market expert if nobody knows you exist.
You can't be the real estate market expert if nobody knows you exist. In a case like that, you may be a really smart person with a head full of knowledge that benefits very few, if any. I love helping people learn about my real estate market. It's exciting, vibrant and full of opportunities, but if no one knows that, what does it benefit anyone?
There very few things I don't know about my market, and how can I say that? It's easy. I do market reports constantly. At one point, I hated them. I found them boring and mind-numbing. Ironically, I didn't really understand them or their value when I felt that way.
Once I figured out the whole market report thing, I realized that it not only educated me, but it made me an expert in my market. One local lender colleague always says that I'm the smartest broker in our market. Why? Because I can give details about nearly every neighborhood, every month of sales, and every ebb and flow of our market. How did I gain that info? Market reports.
OK, you get it, do market reports, but that's not enough. You need to take it to the next level. What is that? I make sure that I do monthly, quarterly, semi-annual and annual market reports. I do subdivision, zip code and area reports. I do distressed property reports. I do "days on the market" reports, and more. Yea! for me, right? It doesn't stop with writing the reports. No, there is more.
There is no reason to have a head full of knowledge if no one knows what's in your head. Every time I write a market report I do more than just post it online. That's good, but there is another avenue that will get your name out there in your market. I send my blogs out to every newspaper and every radio station in my market. I want them to be informed on how the real estate market is doing. I always state in my email that they are welcome to use my data if they choose.
Do any of them contact me about the blogs? Yes they do. I've been the featured market expert in my local paper for the past two months. That happens every year, multiple times, and it gives would-be home buyers/sellers confidence that I truly know my market. If the local media is willing to interview me, use my blog material and quote my views on the market, then I've established myself as a local real estate authority.
Just a few minutes ago, I received a text from a local physician which said, "Hi, Mike (famous expert quoted in the paper) I have a question for you." That was a good indicator that my often quoted real estate expertise is making an impact on people who read the local paper. Don't just write market reports. Make sure they end up in the hands of the people who can showcase you as the local expert. And the best part yet, it's free.