Want to be a trusted real estate advisor to your clients? Build your expertise by embracing these data points to help your clients and your own bottom line.
Key Data Points to Enhance Your Market Knowledge and Expertise
While cultivating your skills as a trusted real estate agent and advisor to your buyers and sellers, pay regular attention to the following data points specifically within your market area:
- Absorption rate based on pending and closed sales
- Months of available inventory
- Average days on market
- List-to-sell price ratio
- Average cost per square foot
- Appreciation rates
Real estate is a business…treat it as a business.
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According to Neda Perrina and Michele Schuler with Realogics Sotheby’s International Realty, relying on data “…confirms key decisions such as how to price a house, when to list it, what to offer on a home for sale, and when a price reduction may be called for.” Perrina added, “Data is a foundational tool that allows me to become my client’s trusted advisor.”
Key Data Points to Enhance Your Knowledge and Expertise about Potential Clients
Realogics Schuler said, “We should constantly be monitoring trends in marketing, demographics, interest rates, global challenges, economic disruptors, etc. and how these trends interplay with each other.”
Agents must pay attention to the demographics of their local market clientele, be that clientele potential individual buyers or investors. Do your marketing tools “speak to” the ages, income levels, and end-goals of your market’s demographics? Within your market’s age levels, do you marketing tools need to become more delineated or specific to Millennials or Boomers?
What does employment data indicate in terms of current and future job opportunities within your market area? What are the types of jobs within your market area and what is the income level of those jobs? What is the ratio of newly created jobs to new housing starts within your market area?
Delving into data about buyer trends within your market area is fundamental. Do potential buyers in your market want more space inside the home to accommodate remote working and/or learning? Outside the home? Are potential buyers downsizing from larger single-family homes to condo/apartments that provide ultra-amenities and extended services for their residents? Do potential buyers within your market area seek on- or off-site learning environments, classes, entertainment, dining, etc. to which they can walk or use public transportation? Are potential buyers within your market area seeking multi-family compounds or houses? Are potential buyers seeking housing units that can be used for short- and/or long-term rentals?
Essentially, real estate agents often provide concierge or match-making services to their clientele within your market area.
Using migration trends into and out of your market area is useful so you are able to “…tap into referral networks in key feeder markets…” said Perrina.
To quickly summarize, accessing, understanding and using specific market data and buyer/seller data are central to agent expertise. With that data-based market expertise, your clients will know you’re not just “winging it.” With that data-based client expertise, your buyers and sellers will trust that you know how to best represent their real estate goals.
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Thanks to Inman.