Want a better way to BECOME A LOCAL EXPERT??? Over the past few years I have shared with all of you here on AR what my thinking is about being or becoming a LOCAL EXPERT.
As we appear to be moving tentatively out of the depths of the Great Real Estate Recession, there are questions we need to ask our buyers and sellers. As real estate professionals. we know what is REALLY going on. We can pull this information together, USE IT FOR OUR "NEW" MARKETING and FARMING EFFORTS and we can even put it out there for our buyers and sellers too! We can actually be in a better position to serve the public in a more efficient manner.
We can, and should be, the guiding light when working with new buyers toward home ownership and giving sellers the confidence needed to list their homes and to NOT over-price them.
As an example: How many of the recent transactions in your area have been new construction? This is a very important statistic that will help you in guiding anyone who has money to spend on a new home.
Or if you know that new construction is moving at a quick pace and at higher price points---why not let your buyers know that too? Why not then target your "farming" to the new construction market, and let that part of the industry know you are THE go to person, informed and prepared to handle the large numbers of "New" home buyers in your marketing area.
This applies to other segments of the market as well; for instance, do you know about an area or part of your marketing community that is a place that young buyers prefer to purchase a home? The school could be a draw for their children; the playgrounds and parks could be another one. If you become knowledgeable about all the details that the average agent does not know, that will qualify you as a local expert!
There are still many pathways to home ownership!
Since ALL REAL ESTATE IS LOCAL, there is a critical need to get the right information out there to our individual markets. In most markets, for instance, the mid-priced end has been hit harder than any other segment of real estate
CREATING A PROFILE of your current buyers/sellers
1. Are your "new" buyers the same sellers who sold at the height of the market?
2. Are they first time buyers?
3. How many are "all cash" buyers?
4. How many are going for financing?..and what % are they financing?
5. Is new construction getting top dollar in your area?
6. How many of your total sales fall under the "New Construction" category?
7. Is there a "desperate" seller syndrome?--buyers looking for the seller who HAS to sell?
8. Is the seller "getting it" when it comes to properly pricing their home?
9. Are sellers in your area now convinced that the worst is over and as a result, not listening to low bids?
10. What is the discount now on prices from the height of the market in '07?
11. Do you foresee further declines in prices in your area as we go into the crucial Fall market?
12. Since most markets have had significant price adjustments, do you feel like your market has reached the bottom?
When you look at the valuable information available to your buyers and sellers by evaluating the sales that have taken place in the last 6 months, there is tremendous value there! Then if you pull them together, compile them into a concise "handbook" or flyer which you can then hand to your customers and clients, The rewards for getting to the bottom of these questions could be priceless!!!
WHAT BETTER WAY IS THERE TO PROVE YOUR KNOWLEDGE OF YOUR INDIVIDUAL MARKET, AND BECOME A LOCAL EXPERT???
**ALL INFORMATION AND CONTENT IN THIS BLOG IS ORIGINAL TO PAULA I. HATHAWAY
Paula I. Hathaway, Senior Vice President, Douglas Elliman Real Estate
Southamtpon Village Real Estate Specialist since 1995; Also Specializes in North Sea, Noyac, Water Mill and Bridgehampton, New York
Diamond , Gold and Chairman's Circle Awards; Top Producer since 2005
Click here to see my Hampton's website to see all my listings; please email me or call me for all your real estate needs in Southampton, Bridgehampton and Watermill: http://www.elliman.com/paulahathaway
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