Real estate is an ever-morphing profession. The only constant is change. Whether it’s a shift in the economy, a bump in employment statistics, or yet another swing in the suburb-to-urban-core pendulum, our success depends on our ability to identify, interpret, and act based on these trends. With so many moving parts, how can we keep up?
The good news is that it’s possible. Here are 3 Keys you’ll need as a Real Estate professional in order to keep up with ever-changing Real Estate trends:
Key #1: Dedicate the Time
Our task lists are overflowing with phone calls, listing updates, house showings, paperwork, and, if we’re lucky, lunch with colleagues every once in a while. Often, the last thing on our minds is sharpening our skills through continuing education. And the reality is, if we don’t plan for it, we won’t do it.
Just as we need to make room in our schedules for marketing activities—like updating our websites and scheduling Facebook posts—we have to be intentional about making time to stay in the loop. So open your calendar and create some “education blocks.” You can determine how long and how many: half an hour every Wednesday afternoon, an hour on the last Friday of the month, 15 minutes every morning, or whatever makes sense with your work flow. Then protect that time. Make it non-negotiable. Okay, if you have to postpone because a client is finally ready to make a move, that’s fine; but, reschedule it right away so you don’t lose it.
Keep in mind that this isn’t time you should dread, like a horrible homework project. This is time you’re choosing to invest in your career. Staying on top of emerging trends will give you a competitive advantage.
Key #2: Identify Resources
What exactly should you be doing during those education blocks on your calendar? Reading articles, watching videos, and checking in on what influencers are talking about are all great places to start. It’s important to choose a small set of resources, though. If you bookmark 47 websites or subscribe to 23 e-newsletters, you’ll quickly become overwhelmed by content. Here are some of our favorites:
- Realtor.com’s Housing Trends and Real Estate News
- Realtor.com’s Research Yes, this is still part of realtor.com, but it deserves its own bullet point. Here you’ll find market outlooks, local trends, inventory and sales trends, affordability reports, and more.
- Inman.com Inman is one of the go-to sites for industry tips. Although some areas of the site require an Inman Select membership ($199 for individuals), there’s plenty of free, helpful content. For example, this Special Report: 2017 Real Estate Industry Outlook.
- National Association of REALTORS® We know you’re aware of NAR, because you pay them a yearly membership fee. But their website is chock full of material to help you stay on top in the industry. Check out their Research and Statistics and Education
- Zillow Sure, we love to hate Zillow. But our clients are hanging out there, so it’s a good idea for us to know what they know. Their blog options include Market Trends and Research.
Key #3: Share Information
It’s great to gather a bunch of information and statistics from online sources, but what if you have questions? Or what if your learning style is more interactive, and the thought of reading reports alone at your desk makes you nauseated? Or what if something you read sparks an idea and you’d like to get feedback?
The solution we’d offer? Have conversations.
- Talk to other real estate professionals to see if there’s a meet-up for agents in your community. If not, start one.
- Ask a more experienced agent or broker, one who always seems to know the latest about the industry, to mentor you.
- Participate in online networking opportunities such as LinkedIn’s Real Estate Networking Group or Real Estate Professionals and Vendor Network Group. Or check out NAR’s Facebook Group, which focuses on housing market trends and news.
- Engage with real estate industry influencers on Twitter. Placester offers this list to get you started.
To stay competitive as a real estate professional, it’s critical to keep up with market trends. Don’t go overboard, though; you’ll need to strike a balance between conducting research and putting that research to use in your business. So choose a resource or two, and listen in. You can’t afford not to.
Are you a Real Estate Professional who always puts clients’ interests above your own and provides the highest level of honesty and expertise before, during, and after each transaction? You may be interested in joining the Vegas One Realty team. Contact us here.