To really succeed as a real estate agent, you need to learn your neighborhood. Working within a specific area in your market is a great way to brand yourself as a local expert and stand out. Become an expert on amenities like parks, arenas, and community centres, future development plans, and even little things like on-street parking or snow plow service. The more you focus on a geographic area, the finer the details you can share with your clients.
How do you become a local expert in a neighborhood?
Start by picking a neighborhood where you want to be an active real estate agent. This could be the area where you live, where you spend time, where your office is located, or just an area you love. If you already have a passion for the neighborhood, you are already half-way there. What qualities should you look for in your area of expertise?
- Price Ranges for Homes in the Area
Real estate agents work on a commission. The higher the price of homes, the more a sale is worth. When you first start out, you want to aim to sell properties around the median for your city.
- How many properties are available?
A small neighborhood with only a few dozen homes may be exclusive and high-priced, but you won’t do much business. You may want to look into an area with around 500 homes and expand as your business grows.
- How often do properties sell in the area?
Also consider how often homes sell in the area. You want a turnover rate of about 7 or 8 percent. Neighborhoods going through transitions (such as older homeowners selling to younger families) can be rich ground to work.
What are the benefits of becoming a local expert?
As a real estate agent, marketing yourself is essential. By focusing on one neighborhood (or several within a specific area), you can easily define your brand and target your marketing efforts. You can more effectively reach buyers and sellers with billboards, local print ads, and online marketing. Especially when you’re first starting out, your marketing resources are limited.
Keep in mind that some things are off-limits for real estate agents to share with their clients. Due to the Fair Housing Act, you may not be able to share details about schools, religious institutions, crime, or demography that your clients want to know. When you brand yourself as a neighborhood expert, you can expect homebuyers to come to you because they already generally know what area they’re looking for.
If you know an area you want to specialize in and you’re ready to become a real estate agent, it’s time to learn how to get a real estate license. Start by signing up for real estate license classes. You can do them online with real estate license schools like RealEstateU.tv which offer affordable, convenient online classes.
You can learn at your own pace and meet state requirements before you write your state real estate license exam. Classes from RealEstateU.tv work around your schedule and let you study part-time while you work or raise a family. You can get your real estate license in a matter of weeks.
Once you’ve taken real estate license classes online and passed your exam, you can start becoming an expert in your area.