Uncovering Profitable Real Estate Lead Generation Markets: What Smart Agents KnowBy iremarketing Filed in:
Tagged: , Real Estate CRM, Real Estate Lead Generation, Real Estate Leads, Real Estate Technology, Tips for Real Estate Agents
For real estate agents, the saying ‘location is everything’ is universal. The most successful agents know the market, inside and out. They know the location and the history. They know what new developments are planned. They know about schools and the community. They are experts in the area they represent. But before you focus all of your efforts on targeting a specific market, you need to choose the right market.
Across the country, real estate markets are much healthier than they were a few years ago, and property values are hitting new highs. But some places have recovered better than others and are poised for continued growth. These local markets are creating a good climate for real estate agents (especially those working with sellers).
Staying ahead of the competition in real estate means doing your homework. If you are new to your market, it can be overwhelming — and intimidating. Here are 4 factors to measure to help you get ahead of market trends instead of chasing them.
-Home turnover rate (the percent of all homes in a city sold in one year)
-The market heat as measured by percent change in median sales price (from 2014 to 2015)
-Competition as represented by number of homes sold per agent
-Median real estate agent salaries in each city
Pro tip: You can get the percent of homes sold by city from Zillow, the change in median sales price from the National Association of Realtors, the number of homes sold per agent and median real estate agent salaries by city using data from the Bureau of Labor Statistics and the Census Bureau.
Here are some additional findings to consider in your market research, according to a recent Redfin survey. First-time homebuyers do more housing market research and have higher-paying jobs than in the past, giving them greater competitive advantage in 2015
-Millennials are primarily interested in single-family homes close to the city center — high expectations for a financially challenged demographic
-In January of this year, there was the biggest increase in first-time buyers requesting home tours since 2012
-Demand is back in force in the West. 9 out of 10 offers written by agents in Oakland, San Jose and San Francisco encountered competition from another buyer in February
-50% of agents in the West reported “sellers have all the power” over negotiations in their market, up from just 38% one year ago
-49% of agents report a lack of affordable homes for sale as the single greatest challenge for first-time buyers
Stop chasing the market and start leading it. It pays to do your homework and to tap into local resources to determine which areas are profitable now and, more importantly, which ones will be profitable in the future. Utilize a system that allows you to run filtered reports based on location, property types, price and more. Understand your data the way you want — and need — and uncover profitable markets in your niche, whether it’s home sellers, first-timers or luxury buyers.
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