When coaching member Lynn Hurley recently found herself with a listing that just wouldn’t sell, she turned to her coach for advice.
“You’ve gotta know your market,” he advised her.
Like many agents, Lynn considered herself knowledgeable about her market. But she soon realized how much deeper her knowledge could go… and how meaningful that intimate market familiarity would be to her bottom line.
Lynn took her coach’s advice to heart and began truly studying her Naples, FL market to fully understand exactly what was going on. She then called a meeting with the sellers, showed them where the market is, got the price reduction needed and had a buyer within two days!
Suddenly, Lynn was fully convinced there’s huge value in truly knowing your market.
And that was just the beginning of where this journey would take her…
How Deep is Your Market Knowledge?
Part of your job is to know the market.
You know this. But how committed to it are you?
Especially in a changing market, there’s a lot of uncertainty out there amongst homeowners who might be reading negative headlines but don’t know the real story.
It’s your role to provide that insight. And using Lynn’s story, I want to show you how upping your commitment to knowing your market is easy to do and can achieve a lot of great objectives:
- Build trust with people faster (Remember: 86% of consumers say trustworthiness is “extremely” or “very” important when choosing an agent)
- Stand out from the competition in your listing presentations
- Get listings priced correctly
- Win more Expireds
- Improve your confidence and increase your enjoyment of your business
“It’s Not Anything Special. I Just Do It Every Day.”
Here’s the really good news…
Knowing your market inside and out doesn’t take any advanced degree or specialized expertise.
It just requires time, commitment and discipline. And maybe a little attention to detail.
Lynn says it best: “It’s not anything special. I just do it every day.”
At 10:00 a.m. daily, Lynn sits down to review her MLS. She specifically monitors new listings and active or pending properties comparable to her own listings. In a spreadsheet, she tracks their price, price per square foot, whether or not the property is furnished, the price paid for the lot and days on market. (Lynn works primarily with builders, so adjust these categories accordingly for your own needs.) She also calls the listing agents associated with any changes in the market, and makes it a point to physically view each relevant property in person.
She admits at first, it took some discipline to make this “market review” a daily habit. But she started seeing the impact it had so quickly, it actually became fun for her.
Now it’s obvious that she’s passionate about tracking her market and takes pride in building that strength every day.
“It’s just given me so much confidence,” Lynn says. She goes on to say she’s now able to better inform consumers when their perception is influenced by negative headlines all saying the market is slowing down.