HGTV aside, real estate is a complicated business. Buying, selling, renting or renovating, each comes with its own set of challenges.
It’s not realistic or pragmatic for a single agent to be an expert in all of these areas. But a great real estate agent knows what to ask and where to look for answers.
Know Your Local Market
Getting to know the real estate market in your local area is an important first step for any real estate professional. You’ll want to understand not just the current state of housing in the area, but also its history. Having that understanding will help you provide better advice for both home buyers and sellers, as well as uncover new listing opportunities when they occur.
The best way to know your local market is by reading the latest local real estate news and staying informed of what’s happening in your community. This could include subscribing to a number of different online publications and newsletters, or simply keeping an eye on what other agents and brokerages are doing in the area.
Another great way to stay in the know is by creating your own content and sharing it with the local audience. For example, you can create an email real estate newsletter with information about homes for sale in your area and tips for buyers. You can also include any relevant local events or volunteer opportunities in your newsletter, which will show that you are invested in the community and have a strong connection to it.
Many agents and brokerages also work to develop their sphere of influence by participating in a variety of community-building activities. For example, they may host a local happy hour or charity event to promote themselves. This will give them a chance to interact with potential clients and get to know them. This is a great way to build trust and establish themselves as the go-to agent for their real estate needs.
You can also become an expert on a specific neighborhood by learning as much as you can about its characteristics, rules and regulations. This can include knowing how much parking spots are worth in certain areas, or what kinds of features home buyers value most in a given location. This kind of detailed knowledge can give you a competitive advantage over other agents in the area.
Lastly, you can become an expert by using a service that provides pre-screened agents in the area. By using a service like Clever, you can be confident that the real estate agents you are working with have a deep understanding of the local market and will be able to help you find the perfect home for your needs.
Know Your Buyer
Knowing your buyer is vital for real estate advice because it allows you to target marketing efforts in a way that will resonate with them. If you know who you’re looking for, you can craft content that speaks directly to them and the challenges they face. This will help you build trust with your potential client, which in turn increases the likelihood of them becoming a customer.
Getting to know your buyers can be as simple as asking them questions about their homebuying or selling experience. You can also get to know them by talking to their friends and family members, as well as by paying attention to what they post on social media. This information can be helpful in determining their goals and motivations, as well as their current challenges.
For example, if someone is buying their first home, they might be interested in hearing about the homebuying process from an agent who has helped other first-time buyers. Likewise, a seller who has recently made a large profit on their previous home might want to hear about the steps involved in selling that property.
To get a more in-depth understanding of your buyer, you can also ask them questions about their professional lives. This will allow you to learn more about their career paths, what type of companies they work for, and how their careers may have changed over the years.
In addition, you can also get a better sense of who your buyer is by reviewing analytics from your own website, social media pages, and pay-per-click advertising campaigns. By reviewing these reports, you can find out more about the demographics of your ideal clients and how they interact with your online content.
In order to grow your business and become a trusted source of real estate advice, you must continue to seek out new leads and keep up with existing ones. One great way to do this is by creating a real estate newsletter that includes listings, client testimonials, local events, and other relevant information. You can send this newsletter via email, text, or Facebook, and you should make sure that your contacts are aware of the different methods in which they can reach you.
Know Your Seller
Real estate is a complicated business, and it’s only going to get more complex. Home buyers and sellers have their own expectations and goals, and it’s up to real estate professionals to help them meet those needs. They need to be able to manage their clients’ expectations, and reign them in when they start setting their sights too high.
They also need to understand the true market value of a property. It’s natural for a homeowner to think their home is worth more than it actually is, but overpricing can be costly in the long run. Lastly, real estate agents need to be able to offer home preparation services that will make the property more marketable to the highest-paying buyer demographic.
The best way to get new business in real estate is through referrals, so it’s important for agents to keep their ear to the ground for potential leads. Ask all of your past clients to refer their friends and family, and follow up with them after they do. They’ll appreciate your efforts, and they may be more likely to refer you to others in the future.