A professional real estate agent will always come prepared with information about the apartment or house he is showing. Preparing for any question of the client and being able to give helpful advice is very important and will give your client the confidence that he is working with the right agent. Before meeting with a client or showing a property, make sure you do your homework and research:
- prices - It often happens that nearby areas have very different pricing even though they are close and similar to each other. As an agent, you must identify these opportunities and be aware of overpriced and underpriced areas. Another important metric to watch is the trends in pricing changes so you can foresee the demand and the pricing in these areas. Investing in upcoming areas can be very profitable. With this knowledge you will be able to offer your clients properties with the lowest cost possible at the best locations. When studying prices in the area, make sure to look for and identify trends. Some areas might have growing prices in a higher rate than in others. Divide the map to areas with an average price for each. This way you’ll be able to identify areas that are close to an expensive neighborhood but have a lower price.
- public transportation - in big cities, one of the biggest concerns for clients is the closeness to public transportation. You must always know to tell the clients what transportation is available in the area since it can be a major selling point.
- schools and kindergartens - clients with kids will be very interested in the closeness and the level of education in the neighborhood. Research schools, kindergartens and their rankings in your area since it can be a major factor in their decision.
- planned construction and development - when you know in advance about development of new schools, parks or roads it can give you good signs of neighborhoods that might increase in value in the next few years. Chick with the city hall about plans for development of roads, parks or even new shopping malls as they can be attractive to potential clients.
- taxes - NYC and hoboken are only a river away but the tax difference is very substantial. Make sure you know the tax structure for every town in your area so you could advise your clients about state and city taxes, housing taxes. Also, look for information regarding upcoming planned changes in taxation.
Knowing the town you work in can be a valueable asset and lead to better deals. happier clients and higher commision for you so make sure you are well prepared.
Is there anything else you think is important to research? Let us know in the comments.