Learning Your Local Market
As a professional in the real estate industry, you already know that being present in your community is the key to gaining success. By staying in touch with your local market, you can build up a stellar reputation and become a reliable resource for your community’s real estate needs.
One of the first things you should do is to learn your local market and get to know the people in the community. This is the best way to start gaining recognition and visibility, making you a reputable source both online and in-person. At Peak Real Estate Academy, we know firsthand how understanding your local market can affect you in positive ways.
Understanding the Financial Details of Your Market
The first step to being able to help your future clients is to understand the ins and outs of your market economy. You’ll be of no use to your clients if you don’t understand the local school rankings, available properties, neighborhood safety statistics, and more.
Initial Questions and Points of Research
There are some initial questions you may want to ask yourself when starting to research your local market. What’s most important is that you gain a thorough understanding of where your market ranks financially, socially, economically, and more. Here are a few sample questions to consider:
● What are property taxes like in this area?
● What are the mortgage rates in the area, and how do they affect people’s ability to buy homes?
● Where are the luxury neighborhoods? Where are the more affordable neighborhoods?
● Where are the schools, and are they of high standing?
● What is the local job market like?
● What are the biggest businesses in the area?
● What are the most popular restaurants in the area?
● Does the neighborhood have HOA fees? What benefits do they offer?
● What are the local crime rates in the area?
Appealing to Your Local Audience
Your target audience, of course, would be your community. The best way to appeal to your future clientele is to understand what they are interested in, and how you can better connect with them. An easy way to help your customers become accustomed to your presence is to dedicate different activities to different target audiences. Below, we’ve broken it down into two categories so that you know how to get a feel for what certain audience members want.
Appealing to Buyers and Sellers
Most buyers and sellers are average residents of your local area who are looking to either expand or downsize their homes. Whether they want to buy, sell, or both, there are several things you can do to help them feel comfortable while discussing options with you. Buyers and sellers are most interested in school rankings, local dining and shopping, the quality of life in the neighborhood, the neighbors and learning what their day-to-day may look like.
Appealing to Investors
Investors are interested in specific types of real estate, and they are well-informed and knowledgeable about current real estate standings and market values. That doesn’t mean they don’t need your help, though. You can assist local investors by providing them with resources and tips about new construction, recent foreclosures, and neighborhoods with potential future value increase. Investors are looking to make a profit, so understanding financial data is of the highest importance.
Real Estate School in Los Angeles
The biggest thing you can do to help yourself stay in the real estate game is to stay relevant. There are constant changes to your local market, and by staying on top of those changes, you can create a bond of trust and reliability with your clientele. Whether you’re working with buyers, sellers, or investors, you need to make sure that you will always have the answers to their questions. If you have more questions, or would like more information about the top real estate school in Los Angeles, you can contact our Peak Real Estate Academy team today! Or, you can give us a call at (818) 363-1717 to speak with a friendly staff member right away. We look forward to helping you jump-start your real estate career!