Have you ever asked yourself why you need real estate? Have you asked yourself when is the best time to buy that next piece of real estate?
Well, have you heard of the real estate market cycle? Do you know the difference between a buyer’s market and a seller’s market?
These are key questions that any real estate agent out there must know. At Propcoach, we train agents to also become trend-watchers. It’s about understanding where the real estate market is heading. Will there be capital appreciation? Are there rental yields? In short, can we make money through real estate?
At first glance, the real estate market can seem daunting. Like what is the real estate market all about? There are so many things to learn and understand!
In our last article on marketing, we spoke about fulfilling the needs of each other, to find that win-win solution. In this article on agents being a trend watcher, we are going to look at it from an even higher perspective, the macro!
Basically, real estate trends are still about people. But this time, we look at the overall population and when they need real estate. Do people need real estate now? Some key questions are:
- How old is the population?
- How many people are looking to get their first property?
- How many people are upgrading?
- How many people are downsizing?
- Residential vs. commercial vs. industrial. Which ones are selling well? Which ones are not selling as well?
With these numbers, real estate agents should be able to help you look into the future, but also with a good picture of the past and current real estate market.
If you’re looking to get into the real estate market, does your agent know these numbers? As trend watchers, they should. But at the same time, do you?
As we said in our previous article, work with your agent. And make sure it’s a win-win relationship!
This article is contributed by; Coach Alexander See, Co- Founder of Propcoach