Up to about 2005 when the real estate market began a major shift the the go-go days of rapid appreciation, many real estate agents took for granted some of the key things a successful real estate agent needs to know to be able to analyze and assist clients with real estate needs. Real estate agents who are succeeding today – and their are a large number still today with very successful careers – know that home buyers or sellers require a detailed command of real estate market statistics and data. These successful agent will also tell you that it takes much more than a real estate license alone to have a thriving career in real estate. To achieve and maintain a successful career as a real estate agent – regardless of economic conditions – requires the ability to understand the basics of supply and demand for the real estate market. Your real estate license gets you to the kitchen table, but the real estate agent that wins the business will be the one who is the expert with key real estate market statistics.
Today’s home seller and home buyers have access to a wide array of real estate information and are highly educated. They want the agent that they choose to be a knowledgeable real estate expert. The real estate agents that have the most business are the ones whose reputation is synonymous with expert real estate advice. You will be expected to have a detailed understanding of all of the following key real estate statistics and terms:
Days on Market
Inventory of homes available
Aborption of Listing Inventory
Median Price – Pricing Trends
Market Activity – Sales Activity
Some of the raw data is generally available from an agent’s local Multiple Listing Service (MLS) – however, the agent must be able to either compile or access reports that can be presented to potential clients. Rather than spending an inordinate amount of time collecting real estate market data and preparing reports – many successful agents will utilize reports provided by third party data providers such as the following:
Understanding these key real estate statistics will ensure that you build your reputation in the real estate community as a market expert. Even the savviest of your customers will need the counsel and advise of a real estate professional who understands key market statistics, regardless of whether or not they realize that they need it.
Saint Louis Real Estate Market Statistics and Market Data Courtesy of Kevin Cottrell, Chief Economist for Kelsey Cottrell Realty.
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About The Author: Tom Davidson is the acting Director of Sales & Operations for Express Schools, LLC. Since 1996 the companies under this banner have offered online real estate licensing and insurance licensing courses as well as online real estate exam prep and insurance exam prep.