The Real Estate Market
2. Study the Parts of the Market that Matter to You
Figuring out how your current client list and business network intersect with the real estate world isn't the only way to break in to the market. The market itself is very much researchable and can be a great way to find opportunities. Some examples:
- Looking at property trends at the state or local level can reveal market hotspots where your services might be needed. Are there a ton of new apartment complexes popping up in your downtown area that desperately need renters? Do you live in states like Florida or Texas, where there is an extreme amount of foreclosed or pre-foreclosed property? Is your state or township buying up land for conservation purposes? These are all issues that offer marketing opportunities, and are all findable with minimal research.
- Activity along particular property types can another useful way to study the market. For example, undeveloped land foreclosures have become common nationwide in recent years: What businesses are trying to make a profit or ease a pain off that fact, and how can you help them promote their services?
- Price is another way to think about the market. If there is a lot of cheap property being bought and sold quickly, there may be a heat you can capitalize on with related businesses. Conversely, if there is low movement of expensive properties, maybe there is a way you can help a business sell some painful assets.
Thankfully, though there are many things obscure and difficult about the real estate market, tracking the movement of properties is not one of them. Anecdotal research, such as browsing real estate classifieds or even driving around town can reveal plenty, but know that there are comprehensive digital search tools as well. Websites like NewArce.com can tell you with a few clicks the week-to-week flow of distressed and pre-foreclosed properties at the national and state level, others like Bisnow.com provide through coverage of the commercial real estate market.
Next: Putting Product in its Place