How to Know the Real Estate Market Better Than Your Competition
Knowing the real estate market better than your competition is essential for success in the real estate business. By looking at the Multiple Listing Service (MLS) hotsheet daily, visiting open houses, setting up saved searches for your market areas and tracking market statistics, you can stay ahead of the game and be successful in your real estate endeavors. Let’s dive into how this works.
The MLS Hotsheet
The MLS hotsheet is a compilation of all new listings, price reductions, sales activity and other data that agents need to know about when it comes to buying or selling a home. Staying on top of what’s happening in your market area will give you an edge over your competition. Make sure you check it daily to stay up-to-date with any changes that may have occurred overnight.
Visiting Open Houses
Open houses are an invaluable tool for agents as they allow you to view properties firsthand and get a feel for the local market from both buyers and sellers alike. As well as being able to monitor trends in pricing and features, open houses also provide you with an up close look at inventory. It’s hard to sell a product you’ve never seen.
Setting Up Saved Searches
Saved searches (sometimes called “alerts”) are one of the best tools available to real estate agents today. By setting up saved searches with specific criteria such as location, size, number of bedrooms etc., you can be alerted immediately when any property status changes in that area – giving you the jump on any potential opportunities before anyone else has even seen them! This can also help you gauge current demand levels within certain markets too.
Tracking Market Statistics
As well as monitoring listings and open houses, tracking market statistics is an important part of staying ahead in the real estate industry. Keeping an eye on things like average sale prices and days on market can help you predict future trends within certain areas – allowing you to plan accordingly and focus your energy on those markets with higher potential returns.
Conclusion:
Keeping track of the ever-changing real estate market is essential for success as a real estate agent. By looking at the MLS hotsheet daily, visiting open houses, setting up saved searches for your market areas and tracking market statistics regularly – you will be able to stay ahead of your competition and maximize profits from each deal! So don’t forget these key elements when planning out your next move!
Not sure where to go from here in this unstable market? If you’re looking for guidance in your business, check out my 90 days to Success Coaching Series.. In just 90 days, you’ll have a clear plan for taking your business to the next level.
If you’re looking for more ideas to implement into your real estate business to achieve success, be sure to read The Standout Agent, available on Amazon and everywhere books are sold. There’s a reason why it quickly became a #1 seller!
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Until next time…
