How market knowledge can help you build your businessCreated by:
Date: February 5, 2010, Number of Replies: 22
The answer to this question lies in your ability to benchmark your business and market outlook against others, so you can identify if there is an opportunity for you to boost your business and revenue.
Let's say that on average, agents in your area, on a scale of one to ten, rate the market an 8 or a 7, yet you would rate it a 6 or a 4. While others' opinions may not seem to matter at the outset, the fact that they reveal a more optimistic view could mean they have figured ways to do better than others.
Maybe they have identified a new target market niche they chose to focus on. Perhaps they decided to specialize in an active market such as foreclosures or short sales. Or perhaps they have implemented new online marketing strategies that are delivering serious results.
The key is that information on how agents and brokers are doing in your market, and in other markets for a number of other reasons can flag an opportunity that you can build on. To seek, to think and to search for new ideas that can elevate your own outlook and expectations, simply because others seem to be doing better.
Have a look at how agents in your state are doing and read their commentaries towards the end of the latest Real Estate Confidence Index (RECI) report (available entirely for free on the RECI website).
You can even be first to receive the February report (and every month you participate) when it comes out, and influence overall results for your market with a more valid and realistic outlook on business in your area, strictly by increasing the response count to the survey, which only takes a few check boxes to complete. Let's be numerous. Start here: http://tinyurl.com/point2reci
Your questions and feedback are always appreciated.