Thursday, June 2, 2022

Why Real Estate Professionals Need Market Research

“How did he/she know that?” If you have ever missed out on a property or real estate opportunity because you simply didn’t know about it soon enough, you know the significance of Market Research.


The right information transforms in to the right opportunity. You could be a real estate agent that doesn’t know you just outsold your farm area’s top producer last month. You could be an investor who didn’t know that a property you turned down had additional zoning options. You could have lost out on a bid because you didn’t include enough information.


If you work for a company which provides “market research”, it means that others in the same office also gain access to the same information. However, what helps your company may not always help YOU.


You need facts and data to help toward your next sale, transaction, or goal. One important fact is that there are only so many hours in the day. Not enough to be able to gather and promote the important elements which could be the key toward your next success.


There is a big difference between “shared research” and your very own “market research”. That difference impacts your bottom line.




For example, research is crucial for a law firm of any size. There is a lot more than the facts relating to the case an attorney needs to win. They need to find and pull specific information from other cases which went in the direction he/she hopes to accomplish. They need to find and pull facts and theories which support the argument they need to present. Additional research may include digging up facts about the other party and elements of the legal action which could be used to cast a negative light on the opposition.


Chances are the opposing side anticipates the “common” data and will be ready to defend and argue.


Think about this for real estate. If your offer, your comps, or your proposal contains the same data as your competitors, your presentation is much less likely to stand out.


In every instance, if you can bring unique and helpful market research to the table, you stand to gain because of it. Just like with law firms, you don’t have to do it all yourself.


FIRST IN performs market research, whether on long term retainer or for a short-term project, to make you or your business be the shining star!


One agent in a small community, which earlier had us sort their database, needed more single family homes for buyers. Market research uncovered a multi-family listing which sat untouched for six months but was also zoned for single-family.


An email to only to his local investors produced a buyer. That buyer quickly tore down and built an upscale single family home, from which the sale brought the investor roughly $100,000 profit eight months later. That agent gained two commissions within one year from the same parcel from this opportunity which would not have happened without our services.


Another agent was able to point out how a competitor failing to update their website cost a seller thousands of dollars and what she does to prevent those mistakes for her client.


Chances are you don’t have time to explore ways you can beat your competitors, but knowing those “ways” would increase your income by thousands of dollars. Hiring FIRSTIN to monitor your competition while creating advantages for you or your company allows you to do just that.


How do your competitors acquire their leads? Why does their process differ from yours? What distinct advantages can you bring to the table?


Whether you hire us for ongoing “behind the scenes” research and monitoring, or for a live virtual session to provide and receive immediate and direct input and strategies, it’s easy to add a new member to your success team!

No comments: