When you are running a small business the most effective way to make progress fast is to specialize in a niche and ace it. People from certain groups, ages, buying power, preferences can make up your niche in real estate. Becoming an expert in a certain neighborhood(s) also will help you introduce yourself as the go-to agent in your area. After all, a neighborhood expert sounds much more convincing than those who cover a large area. In this article, we will have a review of why real estate agents should become neighborhood experts and how the can do so.
Why Real Estate Agents Need to Become A Neighborhood Expert
Being a neighborhood expert may sound like a lot of work for little payoff to some agents. However, real estate is inseparable from the make-up of neighborhoods and cities. Cities are too big to be covered by entry-level agents but neighborhoods are definitely worth a shot. Here is why you should take that shot:
Digital Advances Make It Possible in A Short Time
Not long ago becoming the neighborhood expert was not possible unless the agent spent a lifetime (figuratively) in the area working very hard for the label. They would have had to host hundreds of open houses, mail enumerable posts cards, and knock on almost all the doors in their neighborhoods to be known as the go-to-agent in the area. Imagine an agent asking for referrals year after year in order to be considered an expert. This seems a long and arduous task.
Today agents do not have to spend as much time and money to get the same kind of reputation for their real estate business. Time and money are replaced by social media and technology to create the same effect; only faster. Even those who traditionally dominate the neighborhood in the offline world, have turned to social media to rule in the online world too.
Not Every Agent Claims to Be A Neighborhood Expert
It is often ignored that home buyers first choose the neighborhood. Being the neighborhood expert will attract those thinking of buying a home in the area. Neighborhood experts are a step ahead of the other agents in that area. Agents tend to focus on their ability to find the best homes for the best prices, fast sales, and purchases, etc. What does not get mentioned a lot is if they are an expert in the neighborhood. If you take a look at agents’ bios, some state that they were born in a certain city and lived there a long time. They will stress that they know the city well. This becomes one of the strengths they can offer.
Not all agents will have grown-up in the area they work from, or have that natural familiarity with the area. Becoming a true expert in your neighborhood will give you an edge.
People Trust People
You can google a neighborhood and find some basic information. This information, however, is too general and almost always fails at generating answers to the buyers’ questions. Even those websites offering in-depth analysis for neighborhoods, often use statistical data about the population, crime rate, etc. Perspectives about the quality of transportation, education, and local facilities and amenities do not get much attention.
Therefore, an agent who knows the neighborhood like the back of their hand is a true gem for those who are thinking of buying a home in the area. Even those who want to sell would rather work with such an agent. They assume an agent well versed in the area will be able to present the home better and make a faster sale. The context you provide for statistical data is what makes such data valuable.
How to Become a Neighborhood Expert
Now that neighborhoods are becoming even more important in real estate, let’s see how you can stand out as a neighborhood expert:
Pick the Right Neighborhood
In order for this to work, you need to choose the best neighborhood for you. Now, what could be the best option for you? Unsurprisingly, the one you live in. That’s right. Forget about other interesting neighborhoods and stick to the one you live in. The exception being, obviously, if there is little real estate business going on there. In fact, your neighborhood and its immediate surrounding areas are your best to start. You are familiar with the areas and the chances are the people in the area know you.
However, if your neighborhood does not have any real estate business going on consider other neighborhoods with these criteria:
- Type of buyers
- Home prices and sold prices: How close are they?
- Distance to your office or home
- Marketability
- Number of properties
- Neighborhood amenities
- Days on market
Spend Time in The Neighborhood
Spend some time driving and walking the streets of the neighborhood to familiarize yourself with all the homes and properties and also everything else there is. You want to know what to say when you are talking to home buyers and sellers in the area. Knowing the neighborhood well will impress potential clients and prospects. Even those you meet daily will like this level of familiarity coming from a real estate agent.
Understand Property Values in the Neighborhood
This one is pretty obvious but in order to become an expert, you need to focus on this even more. Understanding the difference between different properties in the neighborhood and their value, alongside market trends will make you more confident with presenting yourself as the go-to agent in the area. You need to always be learning more about the place and its trends.
In order to get this deep insight, you need to devote some time. Visit every home in the neighborhood you can. Every property on the market should be visited so that whenever somebody talks about it you can say: “Oh, I know that home”. You should know each home’s main features, advantages, main issues and drawbacks, even the floor plans and the layout of the yard. Being an expert means knowing the properties in the neighborhood by heart.
Be the Market Expert in The Neighborhood
You need to know what’s going on in the neighborhood and show your audience that you are the neighborhood expert. Running market update reports every month and gathering public data is a good way to show your expertise. The market fluctuations and the effect of developing trends on the market in the area can make up the market update.
Gathering such information and data can be time-consuming. In addition, in order to make the market update more interesting and increase the chance people watch it, you need to make a video version. These can make the market updates a challenge for agents. The good news is there are market update video services that do the hard part and create the video market update for you. You can have it with your own brand and share it with your audience every month.
The good thing about these market updates is that you can share them on:
- Your website
- Social media channels
- Emails
Do Not Sell, Contribute
If you are aiming at becoming the go-to agent in your area, remember that having a sales-oriented mindset will not help you much. In fact, they’re already a lot of other agents who are trying to make a sale in the neighborhood. Being a neighborhood expert requires that you help people with their concerns and questions regarding the neighborhood first without expecting their business in return. People hate being sold to. They choose who they want to work with.
Be the resource they need, and once they trust you they will bring their business to you. Join social media groups for your neighborhood. Offer help. Being popular with customers is all about having a customer-oriented mentality.
Get Familiar with The Schools and Local Businesses
It is easy to memorize the names of the schools in the areas and come up with a list, any agent can do it. But a true neighborhood expert knows the schools inside out and can give helpful advice to prospects who are thinking about buying a home in that neighborhood. If you put yourself in the prospect’s shoes and think of their needs and interests first, you will win their business. In addition, the satisfaction they get will bring you more clients through referrals.
Also, local amenities and businesses are important to homebuyers. Knowing the properties in your neighborhood is a must but other amenities in the area can sometimes nudge a homebuyer on the fence to make a buying decision. Make sure you are fully aware of the local businesses running in the area and can provide valuable advice when homebuyers want to know more.
Blend in the Neighborhood
To make people remember you and stay on top of their minds you need to keep an active presence in the neighborhood. Hiding away in your office waiting for clients is not going to be the best tactic. Join clubs, take part in townhall meetings, attend events, etc. Get to know what is happening in the area and allow its residents to get to know you. Furthermore, being the first to know about the new developments in the area gives you an edge over other agents and sends the signal that you care about the neighborhood and will have your client interest in mind.
Host Open Houses
Aim at hosting as many open houses as you can in the area. The more you host the more you get to meet the home buyers in the area and get to know their preferences and buying habits. Use your own branded signs to guide prospects. Pay attention to people who walk in, and offer answers to their questions. Try to get their contact information and follow them up with emails.
The pandemic has made it harder to host open houses in certain areas, however, you can use technology and host your open houses using social media. You can go online and host your virtual open house. Now people can join free of the restrictions of potential lockdowns and fear of contagion. Instagram is a great platform used by many people and can be utilized to host virtual open houses on Instagram Live in pretty simple steps. If you do not like Instagram, you can also use Facebook Live for a virtual open house.
Takeaway
Being a neighborhood expert is work but it is not as hard as it used to be. Motivated agents can go a long way in a short time without having to spend much money. Technology helps agents spread the word and demonstrate their expertise with ease through social media. However, an online presence is not enough, having a consistent local presence is also needed to let people see you and also to be able to connect with them. Going around the neighborhood is another task agents wanting to be an expert in the area need to take on. Knowing all the properties, talking to homeowners and home builders, and being aware of the latest developments in the neighborhood is a must. In addition, you need to keep your familiarity with schools and local businesses updated. This is another important aspect of the neighborhood that really matters to the homebuyers. Keep the wants and needs of your potential leads in mind. And have something in your neighborhood ready to offer that meets those needs.
Read More: 3 Ways REALTORS® Can Become The ‘Digital Mayor’ for Their Neighborhood