Master Your Market Knowledge… And Make Good Things Happen!

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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.

 

How Lynn Got a $550K Increase on a Counter-Offer

Lynn’s market knowledge has paid off in more ways than the price reduction mentioned earlier.

She recently listed a brand-new property at $3,695,000 and soon received a lowball offer of $3 million flat. At first, she wasn’t even sure if she should justify this offer with a counter, but then she decided to counter in good faith.

Using her in-depth market knowledge, she was able to demonstrate the actual market value of the property to the same people who offered the lowball offer, and she received a counter – and sold it – for $3,555,000.

 

What Can You Learn from Lynn’s Example?

Not to take anything away from Lynn, but like she said, what she does isn’t exactly anything groundbreaking. What is impressive about it is her commitment to it.

So here are some questions for you to help up your game when it comes to knowing your market:

  • Do you have any time scheduled in your calendar devoted solely to reviewing your market?
  • Even if you said yes, are you giving yourself sufficient time to do it thoroughly? (Remember: Lynn devotes one full hour every day, no exceptions!)
  • Do you preview all the properties in your market and/or relevant to your listings?
  • Are you making the necessary calls to other listing agents to track changes in the MLS?
  • Do you have a spreadsheet or an efficient way to make sense of market trends, etc.? (Lynn says her builder clients have become so familiar with her practices, she’s able to simply share her spreadsheet with them rather than sending them all the comps.)
  • When things get busy, how will you hold yourself accountable to ensure you don’t stray from this daily routine?

Start doing all of these things, and you’re sure to see great results.

Remember: The more the market shifts, the more consumers will become fearful, and the more they need your information, insights, advice and hand-holding. It all starts with you knowing your stuff.

Are you up to that challenge?

In the comments below, let me know what changes you’ll make to increase your market knowledge as we move into 2019.

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