Nothing Replaces Market Knowledge
Episode 26 of the This One Time in Real Estate... podcast, hosted by Mark Gellman, titled "Nothing Replaces Market Knowledge " was published on July 5, 2024 and runs 19 minutes.
July 5, 2024 ·19m · This One Time in Real Estate...
Summary
Our team has been taking field trips on Wednesdays to areas some of our agents may not know. Our first trip was to a particular area that still has affordable homes available for under $200,000. It is the perfect target area for a first-time homebuyer. The same can probably be said for agents all across the US. If you're an agent, there are probably sections of your city you don't know as well. But you should. Preview and get to know as many areas as you can. To relate it to another industry, we've talked about how Sarah used to sell cars. She specialized in Ford cars, but if she had clients that were interested in or were good candidates for pre-owned cars, then she had to still be knowledgeable about other car brands. She provided more value to her clients by knowing beyond her traditional scope. Back to real estate. Neil, Mark's brother and business partner, recently went on a luxury listing appointment with another team agent. Neil was able to tell the prospective client about not only every luxury home Neil himself has sold, but all the luxury homes that have sold recently in that area, and also all the luxury homes that are still sitting on the market. He was able to show proven market knowledge to that prospective client and ultimately procured the listing. The takeaway for our team agent that joined on the appointment...? Nothing replaces market knowledge.
Episode Description
Our team has been taking field trips on Wednesdays to areas some of our agents may not know. Our first trip was to a particular area that still has affordable homes available for under $200,000. It is the perfect target area for a first-time homebuyer. The same can probably be said for agents all across the US. If you're an agent, there are probably sections of your city you don't know as well. But you should. Preview and get to know as many areas as you can.
To relate it to another industry, we've talked about how Sarah used to sell cars. She specialized in Ford cars, but if she had clients that were interested in or were good candidates for pre-owned cars, then she had to still be knowledgeable about other car brands. She provided more value to her clients by knowing beyond her traditional scope.
Back to real estate. Neil, Mark's brother and business partner, recently went on a luxury listing appointment with another team agent. Neil was able to tell the prospective client about not only every luxury home Neil himself has sold, but all the luxury homes that have sold recently in that area, and also all the luxury homes that are still sitting on the market. He was able to show proven market knowledge to that prospective client and ultimately procured the listing. The takeaway for our team agent that joined on the appointment...? Nothing replaces market knowledge.
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