Most real estate agents know too little about the markets in which they operate. That’s one reason consumers think they know more than – or atleast as much as – their agents do and why they don’t hold their agents in higher regard.
You can establish yourself as a regional real estate expert by simply doing your homework and researching your area properly. A new agent takes time to acquire market knowledge and developing a sixth sense takes time. Instead of waiting to acquire the instincts to make good guesses, you can begin today to acquire data and knowledge that translates almost immediately to power and influence.
The Law of supply and demand
The appreciation in the market, the expectations of the buyers and sellers, and the velocity of market sales are all dictated by the supply of – and the demand of – real estate for sale.
The Law of cause and effect
Positive situations cause positive outcomes, and vice versa. For e.g. a vibrant economic growth leads to a vibrant real estate market and strong appreciation of homes, while loss of jobs and a languishing economy produce exactly the opposite effect.
History repeats itself
In any marketplace, you have cycles. Periods of rapid real estate appreciation are followed by stagnant periods, where values stabilize or even decrease. By acquiring marketplace knowledge, you can foresee trends both for your own benefit and for the benefit of your clients.
Be a part of real estate associations in your area, where you meet other agents regularly and exchange information on market trends.
When you have access to solid facts and figures, take the time to interpret your findings in order to arrive at conclusions that can steer your business in the right direction.
