Putting your Research to Work

Most agents, even the successful ones, are far from being experts in their field. They create clients and sales through strong relationships rather than through superior knowledge and expertise. To differentiate yourself, acquire a deep understanding of current and past clients and others in your sphere of influence. Doing so helps you position yourself as a leading expert in your market area. Whether you are making contact by phone or in person, gets the conversation going by presenting questions that prompt interest, inspire urgency and convey your market knowledge and authority. For example

• Are you aware that we have less than two weeks of inventory in the price range you are looking for?
• Did you know that the average home price has appreciated over 15 percentage in the last six months, meaning that this same house you called about today would have been 5 lacs less six months ago?
• Do you know that, on an average, a high demand house is on the market only 21 days in today’s environment?

Sharing your market place research to build prospect relationships

The use of key statistics, such as list price to sales price ration, days on the market averages, and absorption rates, demonstrate your mastery of market place knowledge. It also creates a competitive gap between you and your competition by establishing you as the one who can use market forces to your client’s advantage, raising the probability of a higher sales price, a shorter time on the market, and increased net proceeds.

To put your knowledge to work, do the following

• Use your marketplace knowledge to prompt prospects to act now instead of procrastinating until a time when market conditions may not be so ideal
• Share your market analysis as a way to stay in contact with past clients and others who can positively influence your business. Most of these individuals already own a real estate, so they’re “vested” and interested in the local marketplace. For many, their single largest investment asset is their home. They care about market’s equity position and appreciation. What’s more, most aren’t in their final home for life. By establishing and reminding them of your expertise, you place yourself in position to counsel them on future home or investment property purchases.
• Quarterly, assemble and mail your most recent statistical findings to your business contact list. While other agents are sending out trash, you are sharing something of real value – the state of the real estate market, and the state of your recipient’s major financial holdings – their homes.

Distribute your findings to gain publicity

Another way to enhance your credibility and public image is to publish your monthly or quarterly market analysis in the form of a newspaper display ad.