It’s coming to the end of the year, and real estate market experts are rolling out all of their predictions. These experts are comparing patterns, studying data and making educated guesses on what pattern will fall into place next and while those are great, but we also need more than the 2022 predictions.

Here we suggest other patterns to study, ones that can make an immense difference in your business as a real estate professional.

Local data gives you the upper hand  

What matters for your market, wherever you are, is what patterns are developing near you. Studying listing information for the current year and comparing with past years — list prices, new listings, sold listings, days on market, off-market listings — will help you identify the trends and patterns that are unique to your market and will allow you to identify any spikes, dips, or peculiarities that may occur.

Once you’ve noted a change in a pattern, you get to put on your investigative journalist hat. What forces might be causing a certain neighboring market’s homes to sell quicker than before? Brokers, this might be an opportunity for an additional office location. Agents, you might have a new area of interest for prospective buyers.

Being a market expert helps your brand

Whether you’re a broker or an agent, having a deep knowledge of your market is impressive. Brokers, you’re able to identify what share of the market your firm has and what goals your team needs to keep you at the top. Your agents are trained on market activity and are seen as trusted sources.

When Admin adds a new Subdivision, we request that the Listing Agent provide a map and a plan of the development so that we could eventually build a Polygon on the map, around its perimeter. And we ask for an official plan or document showing the officially recognized name.

Agents, one of the biggest factors in property sales is pricing. Homes that are priced correctly sell faster and often sell higher than those that were priced too high and sit through several rounds of reductions before they finally sell. Being able to lead a data-backed pricing discussion with clients helps you all settle on a price that is competitive, fair, and more likely to move. Guiding your clients to a price that sells quickly will leave a lasting, positive impression.

Market data can help you build your business

Agent production reports are gold for real estate brokers looking to recruit and retain an agent team. Whether assessing current agents on your team or co-op agents who might be a good fit for your office, these reports hone in on all of the local sales data that can help you recruit or coach a stellar real estate team.

Agents, do you know where most of your business is coming from? Knowing your own sales activity can be eye-opening in understanding where you are busiest, and you can refocus your lead nurture and marketing activity to take advantage of that.

At the end of the day an informed real estate professional is an empowered one, and data is truly a foundational building block for any stage of the process, from establishing yourself as a new real estate agent to a respected brokerage with multiple offices who wants to keep an eye on the competition. So, keep reading the 2022 market predictions and also ensure that you know exactly what’s happening in the most important market — your own.

– Sabrina Heise

Source https://www.housingwire.com/articles/heres-the-key-to-being-an-empowered-real-estate-professional-in-2022/