How to Spot Market Trends & What They Mean to Sellers

Successful real estate agents have one thing in common – they know the market inside and out at any given time or they know where to find answers. Click To Tweet

If you want to make it as a professional in this industry, you need to understand the following about the market:

• The basic principles that shape the economy of an area
• Where to acquire market specific date to ensure you have access to up to date information
• How to use that data to benefit clients

In other words, you need to become an expert in the local market to attract and retain clients. If you are new to the profession, this might seem daunting at first. However, by understanding the market as it stands you can improve chances of your success significantly and shape how you deal with sellers. They are the ones who have the most to lose if they sell in an unfavorable market. Here are some real estate marketing tips to live by. There are some signs that can indicate the market is on the rise. Here are some of them you can tell your sellers:

The job market recovers

If a neighbor starts getting up in the morning to go to work after months of hiatus, that means they finally got a job. When people start returning to work, that means the unemployment rate has dropped which in turn means the house market is improving.

Properties are sold rapidly

If there are a number of For Sale signs in front of homes in an area, that means there aren’t enough buyers and the market is slow. Excess inventories can also reduce sale prices which is bad for your sellers. If those signs start disappearing rapidly though, that means the market is recovering and you can tell your client to sell.

Distressed sales go into decline

You know the market is turning around when there is a reduction in the number of foreclosed or short sale properties. This situation comes about when sellers are confident enough to feel that they can place their houses on the market and still turn a profit. All of the abovementioned strategies can be used to collect invaluable data that can result in big payoffs for you. For instance you can use it to:

• Determine market performance and see how many agents are performing against you along with their experience levels and how you rank against them. You will also be able to gain valuable insight into financial goals and other objectives.
• Understand market conditions by understanding how it is driving the seller’s market. That way you can keep your client informed and meet their expectations as well.
• Offer better advice to clients such as an informed evaluation of a listed property and help them make profitable decisions. This will help you grow your business.
• Compete against other real estate investments in the area by determining how much buyers are willing to offer on a property beforehand. This can be gleaned through MLS along with the age of the average listing and what percentage is actually selling. This also includes active segments of the marketing and home features that buyers are looking for.

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