We all have gut instincts, but when it comes to making smart real estate decisions or negotiating deals knowledge is power. Here is a list I’ve made of my top six ‘Best Practices’ for staying on top of the real estate market like a pro.
1. Become a student of your market…Study the data weekly “feelings aren’t facts”. And without an intimate knowledge of the facts you will never know your market well enough.
2. See as many properties as possible on broker’s caravan. View everything not just the properties you have buyers for. You must have a holistic view of the market and to find “propertunities” otherwise missed.
3. Stay current on what buyers want…Architecture, finishes, locations. This is extremely important when searching properties for buyers and for guiding owners contemplating selling.
4. Discover “spillover” markets that are trending. Know the markets with the most upside and potential for appreciation. They are emerging right now with the upward pressure on prices.
5. Know the anecdotal history of every sale. What are the details, motivations and circumstances around the sale? Who was the buyer, who was the seller? This provides the understanding of why a property sold for a certain price.
6. Understand finance options available for your buyers. Know the rates, lenders and broker offerings. Often you are selling a monthly payment more so than a sales price.
Our clients know a lot and are as savvy as ever but they will never know or understand the nuances like a professional realtor that really studies their craft. This is why our service is so valuable. Realtors are in the market day in and day out and one cannot undervalue their experiential knowledge or expertise.
