3 Tips to Become a Local Real Estate Market Expert
Real estate brokers and agents operate in a highly competitive market. Not only do you need to compete with other brokers and agents in your area, but you must also compete with online resources like Zillow and Trulia. Becoming known as a local real estate market expert is the best way to overcome your competition.
The Benefits of Being a Local Real Estate Market Expert.
It’s easy for some leads to think of real estate professionals as commodities. You all have the same list of homes to sell and you all operate under the same rules and regulations. The thing that will make you stand out is being an expert who can offer knowledge and expertise that will make a difference during a real estate transaction.
How to Become a Local Real Estate Market Expert.
The best way to become an expert is to illustrate your expertise to your marketplace. You can do that by being active in providing the information that your prospective clients need. For example, if you maintain an active blog and social media presence, you can prove your expertise without sounding like a sales pitch.
Content marketing is a key to attracting new leads. If consumers visit your website’s blog or social media pages and find interesting information about real estate and the local market, they will start to think of you as the “go-to” person who can help them with their next real estate transaction.
Leveraging Information That Will Make You an Expert.
There are a variety of topics you can focus on to establish your expertise. You have access to information that consumers don’t have. In addition, many of your local competitors won’t take the time to develop the knowledge they need to become experts, and others may have the knowledge but don’t communicate well with their target market. If you do both, you’ll establish a solid competitive advantage.
1. Up-to-Date Knowledge of the Local Real Estate Market:
Buyer and seller leads have questions about the state of your local market. With your access to information from your local MLS, you can answer those questions. For example:
- Knowing the indicators for both a buyer’s and seller’s markets and publish information about what the type of market means to buyers in a seller’s market or seller’s in a buyer’s market.
- Knowing the overall statistics for your market area including current Days on Market (DOM), inventory levels, median sales prices and sales prices compared to last year. Publish blog posts that analyze how those statistics are affecting sales. You can even leverage your original conclusions in email marketing and newsletters, too!
2. Lifestyle Information by Neighborhood:
Even when a lead is moving locally, the odds of them knowing the details about specific neighborhoods are low. You can write blog posts highlighting specific neighborhoods, but you can also publish neighborhood pages on your website that describe each neighborhood’s lifestyle and display homes for sale in that neighborhood. Neighborhood landing pages are excellent for SEO which will drive organic leads to your site and into your CRM. Neighborhood overviews can include things like whether a neighborhood is gated, has community amenities, is close to public transportation or frequently used commuting routes, offers large lots, has historic homes and more.
3. Financing Alternatives:
Become an expert in the type of financing your potential clients might need. If you target luxury homebuyers, learn about jumbo mortgages and establish relationships with lenders who specialize in that type of financing. If you target first-time homebuyers, find out the best financing alternatives for them in your area.
Another way to become a local real estate market expert is to listen to your prospects and clients. Make a note of the questions they ask and use them for blog topics. In addition, make your blog a place to learn about the real estate market and your community. Write posts about new restaurants opening or special events that illustrate your community’s personality.
Attracting new leads will be much easier when you prove you’re the expert with all the answers. It will help you build agency and drive more referral leads from past clients when you understand the local market inside and out. Schedule a free demo today to learn how Chime can run your lead generation campaigns!