Article Courtesy of: Inman News
By: Darryl Davis
Being an expert in your market takes worth, but it's worth it. Make 2023 your opportunity to grow your expertise and your business
In any given market, there are always going to be a few real estate agents who stand out from the rest. These are the agents who seem to always have their finger on the pulse of the market, who always have great listings, and who always seem to sell their properties quickly. What’s their secret? In short, they’ve taken the time to become experts in their market.
We get it. Becoming an expert, especially for brand-new agents, can feel like an impossible hill to climb, but don’t worry. We’ve got you covered with eight extraordinary ways to put you on the path to becoming the go-to real estate agent to call in your area.
1. Get to know your market inside and out
One of the best ways to become an expert in your market is to simply know it better than anyone else. Understand the trends, the hot neighborhoods, what type of properties are selling, median home prices, days on market, inventory levels, and more.
The more you know, the better equipped you’ll be to answer any questions potential clients may have. Not only that, but you’ll also be able to anticipate their needs and concerns and address them before they even have a chance to ask.
2. Stay up-to-date on the latest news and trends
The real estate market is ever-changing, which means it’s important that you stay up-to-date on all the latest news and developments. Reading the local news, signing up for industry newsletters, and attending relevant events and conferences will keep you up to speed on what’s going on in both your local markets as well as the bigger picture.
This includes things like new construction projects, changes in zoning laws, and anything else that could impact either buyers or sellers in your market. By staying on top of current events, you’ll be able to help your clients make informed decisions about their real estate transaction — and they’ll appreciate having a true expert by their side.
3. Find your niche
While it’s essential to be knowledgeable about all aspects of the real estate market, it’s also important to find your niche and focus on becoming an expert in that specific area. Does every real estate agent need a niche? No, but there are several reasons why choosing to work with a specific niche can be highly beneficial.
• It allows you to become an expert in a particular rather than trying to be a “jack of all trades” in real estate.
• It allows you to target and market to a specific group (likely with greater success).
• Lastly, it allows you to work with a group of people or a type of real estate that you can be passionate about connecting with.
My mentor when I started in this business was Mac Levitt. Mac knew about all things waterfront property in our area. There was nothing you could ask him about in that arena that he couldn’t answer. As a result, he was highly regarded in our market, and his name become synonymous with waterfront property.
If a consumer – or even an agent from a competing company had a question — everyone knew that Mac was the guy to call. Be like Mac.
4. Be active online and offline
Nowadays, being an expert isn’t just about knowing your stuff—it’s also about being visible and accessible both online and offline. Maintain an up-to-date website and blog where people can easily find information about you and your business (not to mention local market news and what it means for them). Make sure all of your social media accounts are active and regularly updated as well.
And don’t forget about old-fashioned face-to-face interactions. Focus on having two conversations each day with someone — one buyer and one seller — about real estate and how you can help answer their questions and buy or sell a home.
5. Get involved in industry groups and associations
While most people cringe at the thought of networking, there is no better way of growing your circle of experts (along with expertise and knowledge) than by getting involved in real estate industry groups and associations. These types of organizations offer lots of great opportunities to meet with other professionals, stay up-to-date on industry news and trends, and participate in training programs. Plus, many of them offer certifications that can further bolster your credentials (and make you look good to your clients!)
6. Foster relationships with influential people in your market
Along with networking comes meeting influential people in your market. Building relationships with well-connected people and other agents or brokers who are considered thought leaders or even local media members who cover the real estate beat can be advantageous in growing your pool of knowledge — you can tap into their networks and gain valuable insights into what’s happening in your market.
7. Speak or write about your expertise on a regular basis
Nothing builds your expertise like having to write or speak about it, because the process of organizing our knowledge into something we need to explain to people who know nothing about it helps you to break it down into understandable bites.
Whether you give presentations at local events, write articles for trade publications, or even start a blog or podcast about real estate, sharing what you know establishes your credibility and expertise. You’ll also build name recognition, which can help attract more clients down the road.
8. Stay humble and curious
No one knows everything there is to know about any given topic, especially complex topics like real estate! So instead of acting like you have all the answers, show that you’re willing to learn by asking questions and being open to new information. Not only will this help you gain a better understanding of your own market, but it will also endear you to others who appreciate your willingness to learn.
There’s no doubt about it — being an expert in your market takes work — but it’s worth it! Make the new year ahead your opportunity to grow your expertise and, in turn, your business.
Darryl Davis is a speaker, coach, and the bestselling author of How to Become a Power Agent in Real Estate, as well as the CEO of Darryl Davis Seminars.