The Importance of Knowing the Real Estate Markets | #ClosingTalk Episode 012 — Philadelphia
So this week I learned a lesson. Specifically about being a market master. A specialist in something, but not everything. What am I talking about? Let me explain…
Recently I had clients I was working with before I made the switch to focus exclusively on center city real estate. These clients were looking deep in the burbs. With real estate being so hot in the greater Philadelphia area right now, there are a couple things an agent needs to excel at: Laser-like clarity on the underbelly of the real estate market (the stuff the pro’s know and everyone else doesn’t) and speed.
My clients and I had been looking at homes a bit when recently we decided to part ways. Why? It was not working out. I was not the best person for that job and they were not the best clients for me. It was a mutual split, but nonetheless it showed a real life example of knowing the market.
To my clients, everything was similar to the experience they would have received in Philadelphia except one thing. The information I was giving them was an aggregate pulled from various info sources: The MLS and RPR (a realtor app) regarding the market’s, home values, etc. The info was not substantially insightful, just reactionary. This is fine and is what most realtor’s do anyway, but I was missing the kind of forward-reaching insight only gained by knowing the market, studying the market, and being one with the market. This is what is so critical that most realtors don’t even do these days, but it is what it takes to be successful.
After this experience, I learned a lesson: I can really only serve a client the way they need to be served in the area I know and study. Now could I be like other’s and be a “jack of all trades”? Yes; but it is a pain to do that and it does everyone a disservice. So why do it?
The way I get the best pulse on the market is to host open houses on the weekends. I am able to get a real-time feel of what is happening before everyone else in the market. This weekend I had many people walking through my open house who were represented by suburban realtors. I feel bad for these unknowing homebuyers because this choice may cost them the whole search or passing up good opportunities due to their representation not being fully aware or able to move as quickly. Honestly speaking, I am more capable than most in this business. If I can not help everyone in every area, how can they do it well?
Torey Howarth knows & sells real estate. During years of trial and tribulation in pursuit of entrepreneurial success, things were not always “right”, but they are now…
As a millennial playing in the washed-up sport of real estate, Torey found his niche and continues to relentlessly exploit it for all its worth. He has 1 goal in mind: Making dreams become reality (Don’t discount his hustle and dedication to get there).
#ClosingTalk is a weekly off-the-cuff show (released Tuesdays @ approx. 3PM) that feature’s Torey educating you on all things Philadelphia real estate. No BS, just value and insight. Because you earned it.
Torey’sThoughts is a weekly show (released Fridays @ approx. 3PM) focusing on anything but real estate.
Find Torey here: