It’s time for another fun-filled and information-packed Q&A episode of the #TomFerryShow!
As usual, I encourage you to watch the full show to get the complete picture, while here in the blog I’m breaking down three of the most interesting questions.
What’s the Best Way to Learn Your Local Market as a New Agent?
Demonstrating exceptional market knowledge is the fastest way to overcome the stigma of being a new agent. When you can speak to homeowners with conviction about the market and make it obvious you know your stuff, you’re going to win more business.
Here are my three tips to become the “knowledge broker” in your market:
- Look at the Daily Hot Sheets
Studying your market activity on a daily basis is critical to building local knowledge. It’s more than a superficial glance. Dive in to the recent sales and new listings that come on the market. Why did they sell for the price they did? Why are new listings priced where they’re at. Review any recent price reductions and try to determine why they’re not moving. Do the same for Expireds.
The more you keep your finger on the pulse of the market, the faster you’ll become a local expert.
- Preview Properties
Looking at data and listings from your office is a great start, but there’s no substitute for actually getting out in the field and seeing the inventory with your own eyes. It’s the best way to streamline the process for buyer clients, and they’ll appreciate that you doing your homework saves them time. It also allows you to get intimately familiar with the properties for sale – the feel you get when you walk in the door, the sights, the sounds, the smells of living in that house.
BONUS TIP: Today’s top agents turn their previews into great pieces of video marketing content. Not only are you gaining the market knowledge by previewing properties, but you’re sharing that knowledge and establishing yourself as the local expert in the process. Do it!
- Buddy Up with a Veteran
The more you can build relationships with veteran agents to pick their brains and get insight into the market, the faster you’ll get up to speed.