Local knowledge means actual knowledge. Do you preview properties in your area?
Real estate data is readily available these days. There is a plethora of valuation websites, MLS tools and public records that can help anyone determine an approximate value of a parcel of real property.
But there an old-fashioned method that is often overlooked these days that is superior in every way to assembling previously collected data. That method involves previewing comparable properties.
There is no amount of information that can equate to actually seeing the properties with your own eyes. If you preview ten properties of the same class in the same area, you will instantly have an accurate feel for the market.
And while that first house that you looked at appeared to be a bargain based on the tax reports, there may be two or three comps that blow it away in terms of condition, amenities and setting.
It’s amazing what you can learn from getting out and opening doors. And who knows, you might just find that hidden gem that is perfect for your client!
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You have a good point. Really knowing your market takes time and previews. Available data doesn't tell the whole story.
Richard ~ Local knowledge means actual knowledge. Do you preview properties in your area?
There is Nothing like seeing it with your own eyes! Anyone can take a good picture. There has been many times when I have arrived at the property only to be disappointed. Yes I preview properties in my area and go to Open Houses too! Man what an awesome picture you have taken.
Our office sets up a couple days every month to preview properties in our area. We all caravan through town and see any new listings available. It is so valuable to our business and our clients for us to really know the market! We have a lot of fun too!
I do check out properties in the immediate area, especially the ones that are priced out of the norm for the neighborhood. There are few good deals although a lot of reasonable prices exist!
Richard.....we have a town caravan every week that gives agents the opportunity to preview homes that are new to the market....my team and I also periodically have broker luncheons at our new construction subdivisions so agents will be up to date on the progress being made there.....FEED THEM AND THEY'LL COME!!!
This is very true!
I learned a long time ago that knowledge is not power, action is power. And that is what you have described. After all, you could know every spec of MLS data but that certainly isn't the same as setting foot in the properties. After all, you don't sell data, you sell homes. (Except maybe to investors haha)
Richard - That picture is stunning ! And without a doubt I heartily agree that there is no substitute for turning door knobs to fully understand a property. This may be old school but there is no substitute.
Previewing is often over looked these days, and I know many agent who never do it. I like to preview when I get a chance, especially in the range of the homes I have listed.
Whenever I have a free day, I spend it previewing properties. I don't care what you sell, if you don't know your product, you can't sell it effectively.
Great post Richard.
If I could, I'd feature this in your group, Whacked!
Richard - excellent advice. I admit, I am inconsistent about previewing properties, I need to set aside a few hours a week for it and follow it strictly.
Richard great post.... photos and the MLS don't always tell you the whole story sometimes important info is missing and sometimes there is a reason...peace zane
Richard,
You're right. I need to have better habits for my clients.
Mel...
Glad to see you back "where you belong!" Thanks my friend.
June...
I am hearing more and more that buyers are turned off b y properties that don't live up to their expectations. Thanks for the comment.
Amy...
We still tour on Wednesday, but seems like less and less choose to do so. Thanks.
Gary...
You gotta know what's out there! Thanks my friend.
Barbara...
Around here our saying is: "if it's free it's for me!" lol and thanks.
Richard:
What a photo - beautiful!
Looking at a listing sheet and actually seeing a property are two entirely different experiences. Previewing properties is a necessity, particularly for relocation clients.
This is one area where experience counts. If an agent has either previewed homes in or sold a home in a community, they just may be able to say to a buyer caller.
"I know of a home for sale that meets the description. How soon can we go see it??"
Know your market and learn communities. It will redound to your benefit.
I agree 110%! I've had way too many disappointments because the pictures did not depict the actual condition of the home. How about pictures being uploaded into listings that were 10 years old? What are people thinking? Oh wait, they are not.
Previewing is the best way to go to avoid your buyer clients being disappointed and losing faith in us. That I do NOT want! Thanks for posting this Richard!
I really appreciate this blog. Some things cannot be replaced by Internet. I still need my "month at a glance calendar. Paula, stop teasing me about not having my calendar on my "blackberry". I don't have one of those yet, either.
Our office also really tries to stop by the broker open houses in our neighborhood. It's often hard to get out of the office for that but like Richard so aptly says, some things are worth doing. Have any of us NOT taken a prospect to see a house that looked so good on line and found it to be a dump?
Go look.
Hi Richard. In my area it is fairly easy to do so but I would imagine in rural communities this would be a challenge. ~ Lana
I tour, preview and stop at week-end open houses every chance I get. Not only do you view the property you get to meet with the agents, talk shop, get refreshments, have lunch or enter a drawing for a gift card. You must get out and see the inventory of homes whether you have a ready buyer or not, it's always worthwile, fun too!
Linda Metallo, Re/max Impact, Lockport, Il. (Chicago)
Oh so true Richard! I also find it helpful to have previewed unique homes even if they don't sell at the time. I have, more than once, heard a 'buyer needs' story and been able to call an off the market seller because their home matched the buyer! Got one in progress as we speak...
Richard, this is why I love Brokers Opens because you can preview properties AND hear what others are saying about it. It is very helpful. We should ALWAYS KNOW OUR INVENTORY!!! (And BEAUTIFUL photo, BTW!)
Richard: What a great pic! As for the message, very timely. I went to the REBar Camp in Herndon, VA today and sat through a session on video that made me cringe. Evidently, video saves buyers and agents tons of time in not having to actually visit the property multiple times. WHAT? I thought the guy giving the presentation must be nuts!! Of course you should visit it mutiple times. What is the street noise like? The vibe of the neighborhood? The house itself? None of this comes through in video.
Nothing beats good old fashion first hand knowledge. Lets throw the gadgets away and get back to the real basics
Here here Richard- previewing is the best way to really know your market. Nothing beats it and nothing ever will. BTW- I was cringing with Chris in the same REBar session. What the hey was that all about????
Great post!
This is so true, Richard - absolutely NOTHING compares with going into a house and having a look around. So many quirks (good and bad) can be hidden on the MLS pictures - previewing is always a good idea!
Indeed it can and should, my friend... Our internet participation should always open the doors to good ole' fashioned "let's get together and talk in person."
There are times that I think that I am relying too much on the modern technology and need to get back to the basics. Nothing beats a first hand knowledge of what is really going on.
Thanks for all of the great comments. I actually had a very busy today with some very promising potential! I hope that I am able to pull this deal together!
Bravo - I couldn't agree more with this one. In my area it is not nearly common enough -in fact, you feel like you're really bothering the Seller and the Listing Agent when you book a preview. But I completely agree - I won't price someone's house without seeing it - and really, I shouldn't do it without seeing the comps either.
Great post.
Hi Richard -- You are so right. Love that photo, vivid, striking and makes you feel like you are right there.
Richard, I too am a great believer in previewing. Nothing beats seeing the real thing.
I agree. First hand knowledge serves our clients and can also be a great tool in attracting new clients.
Richard, so true. Just like our clients don't know homes by looking at some pictures on the Internet, we also need to get out there and see the inventory and what the values are as well as the homes really look like.
Richard, first, your photo blew me away, that is amazing! And how true. If you haven't seen it, shame shame shame. I admit I haven't gotten to EVERY listing, but I have seen many and most! Nothing beats that. Great post!
Richard: Good luck on pulling that deal together!
Richard: Thanks for the post. I appreciate it. I was sitting in a new employee seminar at my company earlier this year. Our President talked about how knowledge was king. I agree with him 110%! Thanks again!
Richard, not only is this a great post, but the photo is absolutely beautiful. You captured the scene through the reflection of the water...WOW
You're right...knowledge is key, and face to face means connecting with the properties, too, not simply with people. The internet info can often "hide" the good and the bad about a property, and nothing replaces "what is".
Richard, I have an investor in tomorrow for one day, and he is from Israel. If he buys tomorrow, which I believe he will, it will be because I have already been to these properties to make sure they meet his criteria. When you have one chance, preparation including previews is essential.
So true, Richard. When I'm listing something I do try to preview as many "competitors' in the neighborhood before setting a price. It impresses sellers when you know the inventory!
Richard - I totally agree with you. It's amazing to me how many agents try to be armchair quarterbacks. I heard a phrase yesterday that said "information isn't power, interpretation is power" and while that may be a little incongruent with your title, I do think that the latter is what you meant. Only by seeing the properties can we properly interpret the market and how properties are truly valued. That means seeing them, folks, not watching a virtual tour.
Oh yea! Wednesday from Noon - 2pm agents hold brokers open houses; I schedule this time slot in my calendar as I would any other appointment. I go and preview every home in my area I have seen already. It's also a good time to chat with agents and get to know them better.
You'd be surprised how much easier it is working with agents that already know and like you!