We’re going to see the most millennials ever buy their first home in 2021 and then 2022. In order to work with millennials, in order to add value and not just be a door opener, you must be knowledgeable.
I mean, there are now lockboxes that let people in without an agent, so what are you adding to the transaction?
In order to really build and earn trust with your client, you must present yourself as the Knowledge Agent.
You must share more information than others.
You must know the market, know the neighborhoods, know the towns, and know the inventory.
Consider yourself a stat geek – because that’s what you’ll need to be.
Learn the Terminology
Real estate has a specific set of terminology. To be able to digest all the information you research, you need to put in the work to fully understand what the terms mean. Look up phrases that you are unsure of, or ask a trusted member of your team to explain something new.
When you have access to the MLS, looking at your hot sheet every day is critically important to your success. Make sure you analyze and familiarize yourself with:
- Sales Price (median and average – know the difference between these!)
- New Listings
- Pending Sales
- Days on Market and Months of Supply
- Percent of list price
- Price per square foot
- Dollar volume
- Showings to contract
Don’t have access to the MLS yet? No problem!
If you are already licensed, you should be looking at the above stats on the MLS every day. If you don’t have your license yet, you can still get a head start learning about what is happening in your market.
Redfin’s Data Center is a great resource to get familiar with the data. There’s endless data to dive into and learn about.
Along with your local market, become familiar with state and national stats. How does your market compare? What trends are similar across the board?
Share Your Knowledge
Don’t stop with analyzing the data. Educate your friends and family on what you are learning. That way, when you go to speak with potential clients, you are comfortable with sharing the knowledge you’ve learned through your research (not to mention your sphere of influence will begin to see you as a real estate professional).
Knowing the data is a start, but being able to communicate that information in your own words will help you gain the trust of the people you work with. They want to know you are confident and knowledgeable, and doing your research will enable you to present yourself as an expert.