Most real estate agents can’t intelligently answer the question, ‘How is the market?’

Don’t be that agent! 

The more you know about how the real estate market works, the more confident you will feel, and the better you will be able to serve your clients. 

Take the time to learn these things:

Learn your market 

Understand what your market area is. A good rule of thumb: draw a line from your house, office, and other most-visited location. This might be the gym, church, your child’s school, etc. That is the market area you are most likely to be able to serve well. Then, understand what is being listed and sold there– Go to MLS tours and broker open houses. Host public open houses for other agents and get to understand buyer expectations at specific price points.

Learn economics 

If you managed to avoid Econ 101 in college, you will have to educate yourself. How does housing fit in the larger economic picture? What do these terms mean: Pending data, mean vs. median, months of supply, appreciation. What is the normal flow of inventory and buyer activity in your market? What’s the relationship between bond rate, treasury rate, and mortgage rate?

Monitor both 

Follow these numbers in your market: List price to sale price ratio, days on market, back on market, etc. Get on an alert for changes in mortgage rates. Follow local, regional, and national housing economists.

Talk about it 

Market data makes great content! Once a week, look at the data, then shoot a short video about what you notice and what it means for your market and your clients. Post it to all of your social media channels, send it in a personal message to specific buyers, include it in a newsletter, share it with your colleagues, etc. 

Knowledge is power! Being comfortable talking about the real estate market does wonders for your confidence, makes you a better real estate agent, and translates into more business for you.