Becoming an Expert on Your Local Real Estate Market
Becoming an expert in your local market can set you apart from everyone else in the world of real estate. Buyers and sellers want to work with someone who is knowledgeable and familiar with the area, and their confidence in your expertise can make or break a deal. Read below to find different ways to learn your market and become a respected local real estate expert, from getting involved in the community to using real estate data.
How to Become a Local Real Estate Expert
Where You Live
This is an easy start to becoming a local real estate expert – use your own in-depth knowledge of where you live as the base for your local expertise. As a resident of your own area, you already know the ins and outs of where you live. Buyers trust an authentic approach, and having your own history with an area gives buyers reassurance that you know what you’re talking about. Your personal experience can give you a genuine edge when selling in your community.
Town Council Meetings
Attending town hall meetings give you great insight into the community and changes taking place. While these meetings might not be the most exciting part of becoming a local real estate expert, they help you get a more comprehensive look at the ares. From schools and new businesses to potholes and construction, town council meetings address many topics your clients will be affected by. Your presence will also prove your commitment to being part of the local community.
Whether you’re local to the area or not, familiarize yourself with the market by studying local MLS data. Research trends such as median sale prices, average time on market, and available property types. Use this information to know what to expect in the area and become a neighborhood specialist. Once you know the data, decide on a niche to focus on, such as price range or property type, to become a true local expert.
Map of Local Amenities
A neighborhood helps sell a house, and the local amenities help sell a neighborhood. Map out all the local amenities that make living in the area an enjoyable experience. From popular parks to the favorite neighborhood cafes, these amenities make your area unique. Use this knowledge for great talking points in-person and build your online engagement by providing a real estate map widget to visualize points of interest that make your area special.
Connect with local HOAs to brand yourself as a neighborhood expert. Taking the time to learn the rules and regulations and to attend meetings proves you are invested in the neighborhood. In addition to the time investment, you will gain valuable information on what current homeowners are interested in and what issues may be present. Bonus points if you help actually find solutions for local neighbor problems and prove your dedication to the local community.
Nothing wins the hearts of the local community like the act of giving back. Realtors can buy and sell homes all day, but you can set yourself apart by investing back into the community. If you care about the local area, they will care about you in return. Help organize simple events such as book drives and fundraisers or sign up to volunteer with local groups to help make the community a happier and better place for everyone.
Joining local Facebook groups are a great way to understand the real-time happenings in the local area. While we mentioned town council meetings as a way to connect, Facebook groups include more voices and at a more frequent pace. These groups can also help you learn about potential new listings on the market. Don’t use this as a marketing tactic, but instead contribute to conversations and build relationships with community members through this forum.
Knowing the local demographics will help you properly brand yourself, connect with the community, and know who your clients are. If potential leads feel you do not connect with the local community and the social climate of the area, they may not trust in your expertise. Constantly stay in the loop for any community developments that may affect the demographics of the area and know your audience. Look for things such as average age, income, and family status to know who you may be working with.
Content for Your Real Estate Blog
Use your website to produce a real estate blog that shares insights into the community. Show you are a local real estate expert by writing articles on local events, community developments, and even simple tips on how to enjoy the area. Find the right posting schedule for yourself and make sure you are constantly adding fresh content to your site. Once blogs are live, share the links on social media and in your newsletter to increase visibility and engagement.
Building relationships with businesses in your area is an important step in becoming a local real estate expert. Create partnerships with local businesses that will benefit your clients to give your clients plenty of resources and help build the local economy. Feature these partnerships on your website for an easily-accessible guide to which services to use, where to eat, and what to do to increase user experience, boost visibility for local business, and improve your local reputation.
Understanding how to study the real estate market in your area is the main step in becoming a local real estate expert. It takes more than just buying and selling houses to be part of the community, and putting in the extra effort to study data and involve yourself in the community will go a long way. Not only will you be helping yourself be the local real estate expert, but you will also be an incredible resource for clients and a big factor in the betterment of the area.