Because of this, it is important to know that you must build vital skills long before you need them.
One thing that will separate you from the rest is continuously building your market knowledge. Not many people know what market knowledge is. Getting an email alert from realestate.com.au about new listings is not market knowledge.
To build great market knowledge take all of the new listings that have come to the market, physically print out a brochure, and put the list in a folder that carries all of the properties on the market today. Organise them by price range and continuously review them.
The next thing to do is go out and view as many properties as possible. Get to as many open for inspections as possible so you can get an idea of the value proposition of the property, not just its listed price. Doing this will allow you to build pricing knowledge.
Market knowledge is important as it helps you with 3 types of people:
• Buyers
• Potential market appraisals
• Existing sellers
To be a true property professional you’ve got to spend time researching market knowledge. Now, the great thing is, if your days or market in your area are 30 or 60 days, it will only take you 30 or 60 days to have really good knowledge of every single property that’s actually in the marketplace. The challenge is that, when you think you’re too good to be doing the market knowledge stuff, you’ll stop doing the activities that you know will actually lead to significant momentum in your career.
So today we offer a vitally important message for you: If you’re not already doing it, I want you to spend more time at actually building your market knowledge so that you can provide better advice, not only to your buyers, but also to your potential sellers and your existing clients.