PAULA'S SOUTHAMPTON BLOG: Want A Better Way to BECOME A LOCAL EXPERT???

Want A Better Way to BECOME A LOCAL EXPERT???

Want a better way to BECOME A LOCAL EXPERT??? Over the past few years I have shared with all of you here on AR what my thinking is about being or becoming a LOCAL EXPERT.

As we appear to be moving tentatively out of the depths of the Great Real Estate Recession, there are questions we need to ask our buyers and sellers. As real estate professionals. we know what is REALLY going on. We can pull this information together, USE IT FOR OUR "NEW" MARKETING and FARMING EFFORTS and we can even put it out there for our buyers and sellers too! We can actually be in a better position to serve the public in a more efficient manner.  

We can, and should be, the guiding light  when working with new buyers toward home ownership and givingWE ARE THE GUIDING LIGHT IN THE REAL ESTATE FIELD sellers the confidence needed to list their homes and to NOT over-price them. 

As an example: How many of the recent transactions in your area have been new construction? This is a very important statistic that will help you in guiding anyone who has money to spend on a new home.

Or if you know that new construction is moving at a quick pace and at higher price points---why not let your buyers know that too? Why not then target your "farming" to the new construction market, and let that part of the industry know you are THE go to person, informed and prepared to handle the large numbers of "New" home buyers in your marketing area. 

This applies to other segments of the market as well; for instance, do you know about an area or part of your marketing community that is a place that young buyers prefer to purchase a home? The school could be a draw for their children; the playgrounds and parks could be another one. If you become knowledgeable about all the details that the average agent does not know, that will qualify you as a local expert!   

There are still many pathways to home ownership!

Since ALL REAL ESTATE IS LOCAL, there is a critical need to get the right information out there to our individual markets. In most markets, for instance, the mid-priced end has been hit harder than any other segment of real estate

Which Way Do I Go?CREATING A PROFILE of your current buyers/sellers

1. Are your "new" buyers the same sellers who sold at the height of the market

2.  Are they first time buyers?

3.  How many are "all cash" buyers?

4.  How many are going for financing?..and what % are they financing?

5.  Is new construction getting top dollar in your area?

6.  How many of your total sales fall under the "New Construction" category?

7.  Is there a "desperate" seller syndrome?--buyers looking for the seller who HAS to sell?

8.  Is the seller "getting it" when it comes to properly pricing their home?

9.  Are sellers in your area now convinced that the worst is over and as a result, not listening to low bids?

10. What is the discount now on prices from the height of the market in '07?

11. Do you foresee further declines in prices in your area as we go into the crucial Fall market?

12. Since most markets have had significant price adjustments, do you feel like your market has reached the bottom?     

When you look at the valuable information available to your buyers and sellers by evaluating the sales that have taken place in the last 6 months, there is tremendous value there! Then if you pull them together, compile them into a concise "handbook" or flyer which you can then hand to your customers and clients, The rewards for getting to the bottom of these questions could be priceless!!!

 

WHAT BETTER WAY IS THERE TO PROVE YOUR KNOWLEDGE OF YOUR INDIVIDUAL MARKET, AND BECOME A LOCAL EXPERT???

 

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                                     **ALL INFORMATION AND CONTENT IN THIS BLOG IS ORIGINAL TO PAULA I. HATHAWAY.  The views expressed herein are my personal views and do not reflect the views of Douglas Elliman Real Estate

 

Paula I. Hathaway, Senior Broker Associate, Douglas Elliman Real Estate

Southamtpon Village Real Estate Specialist since 1995;  Also Specializes in North Sea, Noyac, Water Mill and Bridgehampton, New York

Diamond , Gold and Chairman's Circle Awards; Top Producer since 2005

 

Click here to see my Hampton's website to see all my listings; please email me or call me for all your real estate needs in Southampton, Bridgehampton and Watermill:  http://www.elliman.com/paulahathaway

 http://www.hathawayhamptonhomes.com

MY REAL ESTATE SHOWS:

http://www.realestateshows.com/671362

http://www.realestateshows.com/671345

http://www.realestateshows.com/651587

http://www.realestateshows.com/flyer.php?id=654265

 

Comment balloon 20 commentsPaula Hathaway, REALTOR, LBA • September 01 2011 09:22PM

Comments

Profiling buyers and sellers can be a great tool in sales. Knowing what lending options are out there should help too.

Posted by Randy Ostrander, Real Estate Broker, Serving Big Rapids and West Central MI (Lake and Lodge Realty LLC ) almost 8 years ago

I recently took a listing out of my immediate area. While it is new construction that I am well experienced with, there were other issues I was not. Seeing how office support can slip through the cracks, next time I'll be more agressive to know that market as well. I show in that area(The Americana, Manhasset), so I guess in some ways I am a local expert.LOL

Posted by Ellen Caruso (Daniel Gale Sotheby's International Realty) almost 8 years ago

Randy,

You are right--that should be added immediately on any individual data; that way you can collect that information for your end results...all important when you are qualifying someone. Thanks for your input!

Ellen: A Local expert is priceless! That is my moto and I am sure when others look at their business it is an obvious trait that attracks evenmore business! Thanks for reading and commenting.

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) almost 8 years ago

Great suggestions here. And when you create that booklet, of course you can use the info in a blog post or two!

Posted by Joetta Fort, Independent Broker, Homes Denver to Boulder (The DiGiorgio Group) almost 8 years ago

Joetta: Great idea! I think I will do that next---can't wait to read yours too!!! Thank you for the stimulating response....

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) almost 8 years ago

This is a great roadmap for agents to follow when wondering how to stand out as an expert.  Arm yourself with knowledge.

Posted by Jane Peters, Connecting you to the L.A. real estate market (Home Jane Realty) almost 7 years ago

Jane: Thanks..I am more and more convinced that our knowledge is our power in this business...the more we know about our  markets the more we are able to list and sell.

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) almost 7 years ago

I agree.  You need to spend the time to become an expert in whatever niche market you are going to service.  Research is key and when the market turns, you'll be in a great position to capture that group.

Posted by Doug Bullwinkel, NMLS #281609 (Envoy Mortgage) almost 7 years ago

Paula,

 featuring in the Newbie group because it also relates to blogging locally.

Posted by Karen Hurst, Rhode Island Waterfront! (RICOASTALLIVING.COM) almost 7 years ago

Doug: You are so right! Someone else is out there perhaps doing the same thing so make sure you are accurate and that you cover all the exciting things going on in your market place.

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) almost 7 years ago

Karen: How terrific is that? Thank you and hopefully all those Newbies out there will be able to take advantage of the suggestions here!

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) almost 7 years ago

Great post - thanks for sharing it!  Not sure I'll put a book together, but I bet if you do. .  you might be able to publish and sell it! :)

Posted by Joy Daniels (Joy Daniels Real Estate Group, Ltd.) almost 7 years ago

I really like these questions, they're great.  But what I'm not sure of is how to find the answers.  I've asked before, and people say "the MLS."  Well, that doesn't really help.  How do I get this info from there?  Is it just not clicking in my brain?  Is it so obvious I don't see it?

I guess I could ask the other agents in the office about their clients. 

Posted by Seana Yates (Thrive Homes and Estates) almost 7 years ago

Joy: Thank you so much for your encouraging words!

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) almost 7 years ago

Hi Paula!

  I'm new here, what a great idea on the handbook!  Create a PDF to "give" to new buyers and sellers!  It can not only help them to be educated in what needs to be done, but it can also save some of the potential problems with sellers, especially those that won't lower the price on an overpriced property...

Christine 

Posted by Christine Gerbehy, Making waves, one home at a time... (Berkshire Hathaway Home Services Fox and Roach Northfield) almost 7 years ago

Christine: Glad I could offer you some good suggestions--Welcome to AR, by the way! Good luck with your blogging too!

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) almost 7 years ago
Paula, great post, it is so important to know and understand your customers.
Posted by Erna Neal, A Knowledgable Central Florida Realtor (The Viking Team, Realty) almost 7 years ago

Erna: I agree--and your area too! If you don't now both of them youlose out to the other agents who have caught on to the idea!

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) almost 7 years ago

Paula, Thank you so much for this post, I am just starting out as a Real Estate Agent, and im trying to find the right direction that I need to focus on.

Posted by Michael Morgan, Serving Seminole County FL (Remax) almost 7 years ago

Michael: Well, I can tell you that the best approach is to focus on an area---an area that you have determined by LISTENING to the established agents...ask questions if you don't fully understand why an area is desirable.  Don't give up after a few months of hard focused work---keep it going untill you have refined your expertise. Then go your own way in getting the message out to your clientele. Mail out postcrds with your name and photo on the front---associate yourself with an area so much so that the public does not think about that area without thinking of you! ,....and Good Luck!!!

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) almost 7 years ago

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