October 30, 2009

By Meredith Dunn, Research Communications Representative

Each month, NAR Research will be spotlighting those who go above and beyond in their use of Research data, surveys, and other products. These individuals or associations are featured for their dedication to market data and their efforts to get the best and most timely housing information to Realtors®, their peers, and consumers. If you think you should be in the spotlight, or know an individual or association that you feel should be spotlighted, please send an e-mail to us at data@realtors.org.

Carol Murphy has been a Realtor® in Ohio for 30 years. During that time, she's been with RE/MAX for 18 years and is currently an active member of the Professional Standards Committee with the Lorain County Association of Realtors®. In those 30 years, she's "seen peaks and valleys, prices going up and down, agents getting into the business to make "fast" money and agents leaving the business because they found out it is not easy." We learned from Carol this month what it takes to navigate the field, and how using products from Research helps her make her job easier.

"Real estate is an industry that demands knowledge, caring, dedication and above all education to keep ahead of the trends in the real estate marketplace," Carol told us. "Today's clients are more knowledgeable and have online information available. The Realtor® they hire should be the best in the field. Having national information [that Research provides] at my finger tips helps me provide better information, details, and comments to my clients. I like to use statistics when listing a home. NAR Research has helped me educate sellers better about the overall marketing of their property."

Carol has used Research products longer than she can remember. "I used data last year to change the market group I felt would increase my business. The information from NAR Research helped me make marketing changes to increase my marketing for single women, first time buyers and/or veterans living in our area," she says. "[Research] gave me the data to show single women and veterans needed assistance to understand the opportunities available to them."

The product that's been immensely helpful to her has been the annual Profile of Home Buyer and Sellers. The Profile gives a clear look at what's been happening in the national market. From her own market, Carol reports that "more distressed properties are listed daily. Buyers always ask for that list first and then change their minds when they see the condition of those properties. The $8000 tax credit has increased business for agents who understood the program and could educate the buyers in using the credit. Personally, I have sold 4 homes in the past 10 days to first time buyers wanting to beat the Dec. 1st deadline. With first time buyers actually purchasing homes, the higher priced properties are starting to move also. Condos are not selling well in our marketplace unless they are senior housing locations."

When asked what products she would like to see come out of Research in the future, Carol didn't have any immediate suggestions but promised she'd think about it. However, she did have some words of wisdom for those Realtors® who are just beginning their careers: "get a Mentor and learn to time block. Take CRS courses (even if you have to borrow the funds to do so)," she advises. "Make an effort to get involved in your community, hand out 10 business cards a day and ask those 10 people permission to add them to your database. Keep in touch, offer value by creating a benefit to them for hiring you to represent them.

Educate yourself about niche marketing and stick to it. Niche marketing doesn't create business overnight...become the expert in that niche! " NAR Research is here to help educate you and provide data to make your job easier. Please take a moment to see what we offer atwww.realtors.org/research.