Editors Note: The following content has been provided by Tracy Bartlett of Bartlett communications and by Yael Geffen, CEO of Lew Geffen Sotheby’s International Realty.
Whether you are an investor or a property professional, staying abreast of real estate market trends not only allows you to keep updated in regards to the market, it also keeps you informed about the current economic climate and enables you to make successful real estate decisions and savvy investments.
So says Yael Geffen, CEO of Lew Geffen Sotheby’s International Realty, adding: “Even in less turbulent times, the property market is of a cyclic nature, and it constantly fluctuates. And, it’s often said that the real estate market is a reflection of the economy at any given time.
“Additionally, there are numerous factors which strongly influence an already dynamic market, including interest rates, government budgets and policies and current home trends.
“It’s therefore especially critical for agents to be aware of, and understand, changes within the market as they happen as these will not only influence buyers’ and seller’s behaviours but also how to best to advise clients regarding pricing and when is best to invest or sell.”
Geffen concedes that because the real estate landscape is constantly evolving, it can be tough to keep tabs on, particularly as one needs to keep an eye on local as well as international markets.
“Like most people, I don’t have the luxury of spare time but there are a number of ways in which to stay on top of market trends without too much effort.”
Track local and global news
Subscribe to at least one national daily newspaper and an international business publication. Entrepreneur, for instance, has multiple features relating to different business themes, with real estate being one of the most popular. It’s also a good idea to also subscribe to property-specific websites to receive their regular newsletters.
Sign up to receive market data
Subscribe to companies like Lightstone and JLL, which have their own analytics departments and regularly release updated reports with data and stats.
Set up Google alerts
Use keywords and terms in your particular fields of interest to set up targeted alerts and automatically receive the news you need.
Sites like LinkedIn are also an excellent way to follow real estate trends as well as connect with people who are on the top of their property or investment game.
Establish local connections
The most successful property professionals are usually ahead of the news, especially locally. They are aware of all that is happening in their areas, including new upcoming developments and potential sales, because they have made an effort to get to know people in their communities.
Listen to your clients
This is the best way to pick up on any changes or nuances in the local market and buyer/seller behaviours as well as potential sales or investors.
Network with other professionals in the industry
Try and stay in regular communication with others in the property industry – sharing information helps everyone stay on top of market changes and emergent trends.
Strengthen your power team
No matter how good you are, ultimately, your success is dependent on a team of people, so make sure yours is a power team.
These typically include professionals like agents, attorneys, property managers and bond originators, all of whom are also excellent sources of information as they will be abreast of what is current in their own niches.
“Unfortunately, there is no one magical thing that we can do in order to stay on top of real estate market trends. It’s a continuous process which may seem tedious but it’s imperative in order to invest wisely and for professionals to remain relevant in a very dynamic industry,” concludes Geffen.