Have you wondered how to become a local real estate market expert?

Well, if so, you’re in luck. Because in this helpful article, we will share eleven proven tips to help you on your way to your goal.

Perhaps you’re a real estate sales agent, newly appointed to your first job and looking for hot tips. Or maybe you’re an aspiring property developer looking to buy a site to develop and flip for profit. Or maybe you just have a keen interest in all thing’s real estate.

Whatever your situation, you’re here to learn. And we’re here to teach.

We’re going to unpack several tips that will lead you well on your way to becoming an expert in the local real estate market.

So, without further ado, let’s get into the thick of it.

Get to Know Your Area

know you area

If you want to be a local real estate market expert, you need to know your local area. This is usually the area where you want to sell the property or learn about the market.

You might pick an area that comprises several suburbs, or you might narrow down your focus to one suburb.

Some may broaden their lens to a local government area, comprising five to ten different suburbs or more.

Whatever scale you choose, it’s time to get down to the nitty-gritty and learn about the area.

We mean this in a few ways.

Learn the Market in the Area

learn local real estate market

The first step is to study the real estate market in the area. You’ll want to view the online listings and keep track of what properties are selling for. It is also worth noting if these are private sales or auctions.

This will give you a sense of the temperature of the market and the current value for homes there.

Also, pay attention to how long properties spend on the market before they are sold. If lots of homes are sitting unsold for months at a time, the suburb is probably not in a boom period.

Conversely, if they are selling like hotcakes or being snapped up before auction, the area is in a boom period.

Learn the Area Too

As well as studying the market, it pays to learn more about the area you want to become an expert in.

This means getting out and exploring the area. Where are the parks? The shops? The sports clubs? The schools? All the other amenities?

This is a handy tip for real estate sales agents, as buyers are discerning and want to know what the area offers.

If you can rattle off all the local amenities, the distance between them and the house for sale and other local flavours that might interest buyers, you’re a step ahead of the curve when it comes to making that sale.

Become Involved in the Community

real estate community

A good local real estate market expert understands the value of community and getting involved in the community.

This is because a network can be worth more long term than individual sales or commissions.

If you roll up your sleeves and become part of the community, you will build professional and personal connections that will benefit you way into the future.

You might send your kids to the local school and help out during working bees.

Or, you might volunteer at the local community centre or neighbourhood house.

Furthermore, you might sponsor the local sports club or donate to a small charity or organisation in the area.

If you become involved in your community in this way, the value of goodwill will pay dividends in the future, for sure.

Learn, Learn, Learn

learn learn learn

Knowledge is power in the real estate game, but it’s also money.

You’ll want to learn everything that you can about the real estate market.

Even if you study country-wide trends, you can apply that learning to the local context.

This is where subscribing works wonders. You’ll want to subscribe to every online publication, newsletter, blog, YouTube channel and any other content that you can find.

Sure, your inbox will get swamped, but you can filter through everything and learn some gold information that will further your progression as a master local real estate expert.

You may also want to subscribe to some print publications too. These may be magazines or journals. Sure, they cost – but you can easily claim them on tax each year.

Know Your Local Government

It pays to get to know the local government area, or local council, of your chosen turf.

local real estate market expert

Why you ask? Because this is where the planning permits, approvals and other town planning systems live.

This is particularly useful if you are keen on becoming a townhouse development expert or want to sell older properties that people may want to either knockdown and build on or develop themselves.

Attend local council meetings, read annual reports, and pay careful attention to the town planning department. Set up meetings with key players if you can.

This way, you get a look at the council’s inner workings, which you can then use to your advantage.

Send Out Regular Marketing Emails

real estate email marketing

You should have a decent network of potential prospects and other local stakeholders if you’ve followed the above tips.

To keep your community up to date with your activities, you should send out regular marketing email communications.

These don’t have to be hard sales pitches, although it’s worth including some if you are a sales agent.

It is more of a way to keep your local community up to date with you and your business.

You might include some sales data, so people considering selling can get a sense of the market value of their property.

In addition, you can include some of the donations, volunteering, and other community-building activities you’re engaging in. This builds trust in your brand, which is priceless.

Publish a Blog

real estate blog

Another way to build your local real estate presence and share knowledge (because that’s what experts do) is to publish a blog.

Topics can vary, but the focus should be on your local area and local real estate.

You might publish a case study. Say there was a highly successful sale, or you found the perfect home for a buyer. Publish it in your blog.

You may also share some tips you’ve learned along the way, such as those included in this article.

Connect with Local Businesses

connect local business

You never know where your next customer is coming from.

Therefore, it pays to connect with any local businesses in your area. Buy your fruit from the greengrocer, instead of the big supermarket.

Do the same for your meat at the butcher. Get the paper from the local newsagent. Lodge your mail at the local post office.

Get a local gardener to do your yard and hire a local kid for a babysitter.

You get the drift.

You want to do this because, again, you are building a network. Expert real estate players have solid networks. As the saying goes, if you’re not networking, you’re not working.

With these connections come potential sales, and more sales under your belt mean more knowledge of the market. And this combined equals expertise.

Communication is Key

real estate expert key

Like most jobs, the way you communicate can pave the way for your success.

Experts in real estate are expert communicators. They know how to speak when to listen, and when to respond. They can read subtle body language, social cues and other non-verbal forms.

People buy goods and services from trustworthy, warm, and friendly salespeople. You want to be all these things.

In addition to your in-person communication, you need to learn how to write. Being an expert means sending emails, text messages, and other forms of written communication, especially if you’re sending newsletters and publishing blogs, as we suggest.

If you’re not a natural writer, that’s fine. You can take a course or study how to be better. You can even use editing tools available online to help you write.

Accountability and Integrity

accountability and integrity

The next tip is about character traits. Real estate experts become experts by building relationships and knowing the market. Without people to buy or sell homes, there’s no market.

That’s why an expert will act with accountability and integrity. This means always following through.

Return calls promptly. Call when you say you will. Arrive at your appointments and meetings on time. If you can’t make a meeting, let people know with advance notice.

Life happens, and we can’t always attend to every commitment we’ve made, but if you show integrity by rescheduling, apologising, and following through every time, you build trust.

Wrapping Up

little fish properties

We’ve shared 11 proven tips for becoming a local real estate market expert in this handy article.

Now, expertise always comes with experience; that’s non-negotiable. And experience comes with time. But with these tips, you’re well on your way to becoming an expert, and time will do the rest of the job.

Finally, if you are considering property development don’t hesitate to reach out to our expert development consultants – we’d love to hear from you. Good luck!