You’re A New Realtor, Pt 3 – “Know The Market, Be The Expert”
Knowing the market as a real estate expert is the key ingredient in actually being the expert. Sound redundant? You would be surprised how many realtor’s say they are a real estate expert but know very little about the market, the neighborhoods, the community in which they run their business in. This is a key part many new realtors (and sometime experienced realtors) overlook in their daily tasks. As a real estate agent and Realtor, it’s part of your job and skill base to really know every day the market stats where you operate, PLUS, all the community knowledge you can.
Many agents come out of school with a working knowledge (if they are lucky) of how a real estate transaction in their state should flow. But there is always more to learn about that aspect. Now add on to that the fact you need to really know the stats (the numbers) about the market where you work. That means checking the MLS system daily from a purely studious vantage point. Learning your inventory, days on market, price median, sold-to-list price ratios, etc. You need to be able to intelligently talk about the real estate market from a higher level when interacting with potential clients and customers around you.
In addition, a full knowledge of your community will set you even further apart. Schools, small business, local cuisine, minor political overview, where certain churches or grocery stores are; all this give you a credibility in your profession that will set you apart from your peers. It can even set you apart, or at least make you comparable, to those who have been in the business for years. Some people forget to keep up with the changing community around them – so stay on the forefront of knowledge about your city or town, constantly being out and about and involved.
So for all you new Realtors (and old) – here are the 3 things i recommend to make sure you are increasing in knowledge about from day one, making it a part of your learning everyday:
- MLS statistics and market knowledge
- The transactional process and real estate paperwork
- Your city/town/community
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