When it comes to market knowledge, many new commercial real estate agents struggle to understand where to begin. There appears to be a never-ending supply of things to investigate and keep tabs on.
Do you recognise that as a problem in your real estate business? Think about your property types, the precincts, the people and the transactions.
Prices, rents, investment returns and the supply of current and future listing stock are the factors of change to watch.
The real estate market is evolving, which is a positive development today. It is a welcome thing for real estate agents worldwide. So, you now have the ability to adapt to new property situations.
Local Property Changes
When things change with real estate investment and ownership in your location, you may be able to uncover new opportunities with clients and listings.
Concentrate your prospecting efforts on investors, business owners, and developers. Grow the essential property knowledge locally.
In this video, I’ll go over some of the best ways to quickly gather market data and understand the real estate landscape.
In fact, all of the techniques I’ve outlined here in the video can lead to a large number of conversations, connections, and high-quality listing opportunities.
Existing Data to Use
In all likelihood, your company has a database of old sales and leasing transactions that have taken place both within and outside of your territory. That is a great place to start real estate investigations. That will help you in learning about the property market and the various players in it.
Invest some time in thoroughly researching your old records, and take notes if necessary on any emerging trends, changes, people, and properties. Specific notes will focus you on property situations.
Property Transaction History
If you don’t have access to computerised databases, search through files or even old financial records from sales and leasing activity, because they may contain useful information.
The people in a transaction, the names and facts are what you are looking for. The types and areas of buildings sold, leased, rental rates, as well as recent significant deals are all things to keep an eye out for.
If you know what’s been going on in your market, it will help you establish agent credibility. That can make you invaluable when it comes time to the time where you make a listing presentation.