It's a basic yet often overlooked ingredient for success in the real estate business...previewing and knowing the inventory. In this fast-paced, immediate gratification world, many real estate agents have simply gotten away from previewing available listings and really knowing what's happening in the market.
Excuses abound, "There's not enough time in the day"; "It's not the best use of my time"; "Isn't that what the MLS, the Listing portals, photos and Virtual Tours are for?" The bottom line is you can't afford to not know the inventory. It is after all the product you are selling! Take the time to be the expert in your niche market, farm area, price range, and/or geographical area of town you choose to work.
Major benefits to previewing and knowing your local inventory:
- You convey confidence, knowledge and expertise with prospective clients when you can talk about properties you have recently shown or previewed.
- You will be able to convert more ad and sign calls when you can discuss the details of a property the prospect called about and elaborate on other properties that may fit their needs better.
- It is the quickest way to learn a new target market or become an expert in an area you intend to farm.
Make Previewing an Ongoing Success Tactic- Try These Ideas:
- When holding an open house, preview all the available listings in the neighborhood
- Schedule at least an hour a week to preview listings
- Visit New Home/Construction neighborhoods and network with the onsite sales agents to learn about standing inventory, buyer incentives and any other insights or special offerings.
- Prior to a listing appointment, take the time to preview the competition
- Attend broker Open Houses and support office caravans or car tours if applicable
Be a student of your local real estate market and stay on top of trends in real estate (both locally and nationally).
- Your MLS will generally provide stats, charts and more about your market
- Check with your title marketing reps to see if they have market data, stats and analysis to share with you on a monthly basis
- Read the local newspapers and pay attention to articles on real estate and the economy
- Subscribe to Inman and RISMedia articles
- NAR has abundant resources on Housing statistics
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