3 ways to learn everything you need to know about your market
In commercial real estate, one thing is practically guaranteed to make you more valuable than your competition—market intelligence.
The more you know about your market, the easier it is for you to help your clients find deals that meet their requirements and budget.
Below, we cover three tactics that will help you learn everything you need to know about your market.
1. Pick a niche
Let’s face it: No one has enough time to learn the ins and outs of their market for every single asset class and transaction type.
Someone who chooses to specialize in tenant representation for self-storage in Austin, TX, for example, will have a much easier time learning about their market than someone who offers general CRE services nationally.
Find a specialty you can laser focus in on, and learn that area of CRE better than anyone else.
If you’re worried you’ll lose out on clients because you’re not casting a wide enough net, don’t be. Your clients and prospects want to work with someone who can solve their problems.
When you have a narrow specialty, you can tailor your pitch and your approach to consistently attract clients you know can benefit from working with you.
2. Pick up the phone
If you really want to know your market, you’re going to have to do the work. And that starts with picking up the phone to reach out to
- Clients
- Prospects
- Other brokers in your specialty
This will help you keep a pulse on how your market is performing, what issues people are facing, and how other brokers are trying to solve them.
While this tip may seem basic—and not exactly fun—it’s critical. And the more effort you put into it, the better. If you want to learn your market better than anyone else, you have to do the work no one else is willing to do.
3. Keep your data clean and organized
There’s no point collecting mountains of data on your market if you can’t find and analyze it.
Unfortunately, many brokers continue to house market data in multiple areas — including paper notes, emails, calendars, spreadsheets, and more — making it difficult to get the insights they need.
Investing in a cloud-based solution can help you keep all your market data organized in a single location, while streamlining reporting.
How Buildout can help
Rethink Intelligence by Buildout offers data on more than 8.5 million commercial properties out of the box. When combined with the power of Rethink CRM, this powerful tool can take your market intelligence to even greater heights... without all the leg work.
Here’s how it works
- Search properties in your market to gather critical data and insights
- Keep Rethink Intelligence’s property records separate from your database, or merge individual records with just two clicks
- Automatically create comps with every deal closed
- Track all dealmaking data from a single location
- Share key data across your brokerage in real time—without making brokers’ carefully guarded prospect and client contact information public
- Access the full history of your brokerage’s past communications with clients and prospects
Get in touch with our team to see a demonstration of how Rethink Intelligence can help you uncover everything you need to know about your market.