Pipeline 2010: Attracting Business by Mastering Your Market
What being a Master of your Market doesn't mean is that you're a walking encyclopedia of facts, figures and statistics. No amount of research sitting behind your desk will give you the level of intimacy and familiarity with your market that you'll need to be a master of it. Again, a good definition of a market master is the ability to visualize a neighborhood when given an address -- and there's no way you'll get that from MLS research.
How does being a Market Master help you attract business? Well, as a real estate agent out there in the world with your antenna up, what do you have to offer the Average Joe who strikes up a conversation with you? Does he care how many listings you have? Does he care how gorgeous your home brochures are? Does he really want to hear about your 32-step marketing plan for selling houses? Probably not. But if he's at all interested in what $300,000 buys you in his neighborhood (and you know), or how much it costs these days to get into South Park Hill (and you know), your ability to make intelligent conversation about the market will get him, if he's gettable.
But if the best you can come up with is something like: "I'm not sure about that, but I'd be happy to find out for you;" well, it doesn't have quite the same effect.
The same thing applies when you're sitting on floor time or at an open house. If the best you can do is hand a visitor a list of other homes in the neighborhood, but can't really make conversation about them, the possibility of watching that stranger walk back out your door just went way up. But if you can chatter about nearby listings or comparable neighborhoods, you just dramatically increased the chances that your visitor will ask for your business card.
When you're on floor time, or take a sign call, again, if you can speak intelligently about the market either surrounding your listing, or that your office specializes in, you'll easily capture those leads.
So, how do you become a Master of Your Market? First, if it's customary to "preview" in your market, do that. A lot. (If previewing is customary in your market, you might be surprised to hear that it's frowned on or flat-out not allowed in some! If that's the case in your market, you might want to move)
All new agents should spend some serious quality time previewing in their first few months. By "serious," I mean every other day if they can. The best way to effectively preview is to practice what I call "Opinionated Previewing" or "Previewing with a Purpose." That means to look at somewhat similar homes and compare them to each other or against your "subject" property. You would practice both when you preview in preparation for an open house, or preview for a new buyer. If you don't have a new buyer or an upcoming open house, go preview all the houses in a certain price range or architectural style. Whatever your excuse, being able to compare homes to each other helps you internalize the data you're gathering (so you can spit it out intelligently if the opportunity arises).
A great side benefit of pro-active previewing is that karma always seems to provide you with an audience to share your newly-found expertise with. If you go out and preview all the Bungalows in your neighborhood between $250,000 and $350,000, within a week or two, you'll almost certainly meet someone with one of those to sell, or who knows someone who'd like to buy one! It's previewing magic! Another way to Master Your Market is to always have your antenna up for opportunities to show properties to buyers. Even buyers who probably won't ever lead you to a paycheck.
It's one thing for you to go out alone and preview, but quite another to have someone else with you to provide feedback on what you're seeing. And if you make conversation with this person, you'll get to hear their impressions of neighborhoods and styles and features, which will help you better understand what's important to the consumer. So, drive across town for a sign call. Take a buyer out to look at properties even if she says she won't buy til next summer.
If you've chosen to master a particular geographic market, you'll want to learn about the flow and amenities of the area as well as the housing stock. Drive the area using a variety of access points. Visit the grocery stores and the neighborhood parks. If you have friends who live there, ask them what they like and dislike about their neighborhoods. Read local neighborhood newspapers and subscribe to other agents' newsletters who specialize in your new favorite neighborhood.
Do open houses in that neighborhood as often as you can, even if you have to do them for an agent in a different office (if your office policy allows this).
The job of "becoming" a market master is never really done. Markets change (no kidding) and in order to truly be a master, you have to keep up with the changes. Don't go overboard; you do have other things to do besides preview (I hope), but try to keep Market Mastery on your to-do list. You'll feel awfully smart the next time you capture a great new client at a party because you knew how much that Victorian down the street sold for!
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