One thing that will really set you apart from other agents is your level of market knowledge. No one knows more about this than Shannon Whitney of BresicWhitney.
Shannon says, in order to be a great agent you need to go through as many of your competitors’ open for inspections as you possibly can. This is the best way to know what is selling in your market and for what prices. This is also the best way to learn the details of properties that add value for buyers, such as the view from a top floor vs. a bottom floor, access to golf courses and other areas of interest, and how details like these influence pricing in various locations.
Whenever you are not conducting your own open for inspections you need to be going out and looking at other open for inspections. This is an ongoing process because the market changes constantly and it is vitally important for you to keep current on those changes. Maintaining timely and thorough market knowledge helps you to price your own stock more competitively, and also increases your expertise in advising and negotiating with your clients. Market knowledge includes volume of transactions, sales prices, and activity in the different sectors of your market. Market knowledge establishes you as a trusted advisor to your clients. Your competence in this area will gain you loyal clients as well as new business.
You may be tempted to simply view other properties online, but there is no substitute for actually walking through a property. You need to see details and experience the nuances that make a property more attractive to buyers in order to make the best evaluation of how pricing is influenced by those aspects. The more accurate you become at evaluating pricing on an ongoing basis, the more accurate you will be in pricing your own properties for your best possible sales. It is better to set market trends than to merely follow them, so train yourself to become a market leader. Good market knowledge drives active market momentum, and that momentum will grow your business.
I hope you’ve enjoyed today’s Coaching Tip, and look forward to seeing you next week.