What is your advice for a new agent to really understand their market?
Hey everyone! This sub has been wonderful but I might have missed this, what is your advice for me, a newer agent, to get a good understanding of my market. That is one of the things I am struggling with the most and I feel like is holding me back. What I have been doing is just taking note of current listing that we go thru biweekly at my brokerages sales meeting but I still feel like Im not getting enough. Thank you in advance!
[{"id": "hoj30cb", "text": "Whats your market? Any specific asset class? How big geographically?", "replies": [{"id": "hoj8nj9", "text": "I am in Wichita KS, about 400k population, no specific assets class", "replies": [{"id": "hoj9dpu", "text": "You don't sell, manage or lease real estate?", "replies": [{"id": "hojf2tq", "text": "Im a commercial agent if thats what you\u2019re getting at", "replies": [{"id": "hojrwq3", "text": "Would highly recommend specialization. Ie: multifamily, office, industrial, retail (4 main food groups) pick one. \n\nI for example do Austin multifamily, but niche down even further into east Austin. As the new guy on the block you\u2019re going up against guys with a lot of grey hair and a lot of existing relationships.", "replies": [{"id": "holjqyd", "text": "Agreed with the above comment. Pick your specialty and then learn your market. Know every center or building, what is available, who needs space, etc. Talk to other brokers in the area. Most will agree to a 30-min call to talk abou themselves. Also, look into SCORE.org for a mentor in your state that has CRE experience. My mentor guided me through business plan (canvas), learning the market, scripts, identity market need, networking.", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hoj4tm4", "text": "Get every sale and lease comp as soon as the deal closes.  Know who owns what, when they bought it and how much they paid.  Be able to talk confidently about what is on the market and at what price, what traded recently (know the comps), and where you think the prices are heading next.   Make certain that you are not trying to tackle too big of a market at first.  Get a handle on a specific area and become a specialist there.", "replies": [{"id": "hokuxux", "text": "Also drive the comps. Understand the location, building, etc", "replies": [], "depth": 2}], "depth": 1}, {"id": "hojezxj", "text": "Get out before it is automated.", "replies": [{"id": "hojfubn", "text": "Explain?", "replies": [{"id": "hokbha9", "text": "This should give you a good idea: [https://www.propmodo.com/how-automation-is-transforming-commercial-real-estate/](https://www.propmodo.com/how-automation-is-transforming-commercial-real-estate/).\n\nI do think we will see automation impact CRE, however I don't think it's anytime soon.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hok4nvw", "text": "Don\u2019t refer to yourself as an agent for starters. Half joking but from serious buyers it can actually disqualify you because the word is associated with residential.\n\nTo your actual question - follow transactions closely and be on top of your chosen asset class. What are the different sub-types trading at it in terms of cap rate and basis ($psf or $/unit)? What type of buyer is most active? What type of property are they most interested in and what is neglected? What submarkets are booming? Etc etc", "replies": [{"id": "hoklcol", "text": "How would you introduce yourself to investors, brokers, and other people in the multifamily space if you\u2019re a commercial agent?", "replies": [{"id": "hoklg49", "text": "Broker is the common term.", "replies": [{"id": "hoknbkh", "text": "A real estate agent \u2260 broker \nat least this is my understanding of the term", "replies": [{"id": "holj4t7", "text": "In CRE, broker or junior broker is a term used even if you are just an agent. In residential, there is a very clear distinction and not interchangeably used.", "replies": [{"id": "homrxxa", "text": "Thanks for the clarification", "replies": [], "depth": 6}], "depth": 5}, {"id": "homzaon", "text": "Real estate varies slightly state by state, but you are correct that the legal real estate definition of broker in most real estate textbooks is someone who has a salesperson license for a certain period of time and takes additional hours and a test to get their brokers license. \n\nIn commercial real estate though the term broker is more commonly colloquially, although not necessarily on any email signature or card, unless that person has a broker\u2019s license, but when speaking informally on the phones or in person etc. The official terms you see are along the lines of investment associate, of Associate, for junior brokers. If you\u2019re working for a bigger commerical shop as you get more senior the title will change to Senior Associate, Vice Present, First Vice President, Senior VP, etc.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hokrt42", "text": "Read.... Everything. \n\nRead news from multiple sources, and read your local news. If you have a DJC -adjacent product, read that. Learn to use the fed charts. If your market is effected by a specific industry (aerospace, farming, whatever) know enough to be conversational and know when to stop talking. \n\nAssume nothing.\n\nIf there is a local brokers association (BTW my neighbor is an agent who sells houses. You are trying to be a broker.), Join it, eat the rubber chicken, play very poor golf, and listen. \n\nAnd above all - be nice to everyone. It's a v small world and today's admin you yell at for no reason is tomorrow's gatekeeper. \n\n\nBut really, read everything.", "replies": [], "depth": 1}, {"id": "hokuzov", "text": "Are you a grinder or a schmoozer?", "replies": [{"id": "hola7qd", "text": "Grinders always win in the end", "replies": [], "depth": 2}], "depth": 1}, {"id": "honfne4", "text": "Pick a specialty. Let\u2019s say it\u2019s multifamily, find every sale over the past year. Call the owners and ask them how they find deals, offer to be a resource for them. If you contact 100 owners in your market, I guarantee it will lead to business.", "replies": [{"id": "hoofbnh", "text": "Wonderful idea!!! Thank you, Im going to start implementing this!", "replies": [], "depth": 2}], "depth": 1}, {"id": "honpr4w", "text": "Don't rely on CoStar for your comps. Either use Vizzda to stay on top of current property transfers, or delve into public records. Make an excel sheet with Prop Address, Bldg Size, Land Size, No. Units, Sale Price, Price PSF bldg, Price PSF land, etc. \n\n&amp;#x200B;\n\nCrunch all the numbers (averages by year and have them at the ready)", "replies": [{"id": "hoof7u6", "text": "Thank you for this advice!", "replies": [], "depth": 2}], "depth": 1}]