Learning the market

So, I’ve been at this gig for 2 and a half months now and the whole time I’ve been working hardcore on marketing myself.  Because without clients you wont make any money.  However, as it was gently pointed out to me by a colleague, “What do you do when you finally do get a client”?  That is a HUGE question.

So I sat down with my managing broker like I do every week and we discussed the the triangle of real estate success.  A triangle because there are 3 points that need to be learned and mastered. Number 1, Marketing.  Number 2, Forms. And number 3, Inventory.

My last post was about marketing which I feel I have a pretty good handle on.  I’ve got a good following on my Facebook page and I did decide to advertise on Zillow.com so I feel I have opened the conversation gap with those I know and some I’m meeting along the way.  I’ve also started going to Realtor Association events such as Fast Pitch, a networking coffee hour for brokers and affiliates like home inspectors, real estate attorneys, lenders and insurance agents.

Now I’m on to learning about the market and thankfully I have several opportunities a week to network with the same group I listed above as well as see homes that are listed on the MLS.  Every Tuesday, my office has a sales meeting then afterward we go out as a group to see new office listings.  Sometimes we see just one but other times we have had up to five in one day.  I equate our tour to speed dating but with houses.  We’re in and out in such a short time but as an experienced professional you get a general feeling of the features and if its priced right in just a few short moments.  On Wednesdays, our local MLS puts together a Broker’s Tour which lasts most of the morning.  Brokers who subscribe to the MLS can list a home they are listing on the Tour and brokers from other offices get out and see whats on the market.  Again, this is a great opportunity to network as well as see the inventory.  I’m a huge fan of carpooling during the tour because not only are you with a buddy but you have someone to bounce ideas and opinions off of.  I find this to be helpful. And lastly, I try to pencil in 1 or 2 vacant listings on my own when time allows.