How to Become a Neighbourhood Expert?

Mangalesri ChandrasekaranNovember 15, 2016

 

By Mangalesri Chandrasekaran

 

Being a Real Estate Agent requires a few skill sets, which also includes mastering a certain neighbourhood thoroughly. Even though one does not select a specialized area immediately after becoming an agent, yet it has to be done later on. So here’s a simple guide for an agent who’s yet to decide on the neighbourhood.

 

1. Picking the Right Neighbourhood

 

 

Picking a neighbourhood is a complicated process as there are certain factors that should be considered before the selection. However, the selection sometimes can be influenced by personal reasons, business reasons or both.

In terms of personal reasons, an agent can select a place they grew up in which they’re very familiar with. Meanwhile, for business reasons, an agent can select the place they’ve sold more properties or have high listings, a place which is considered to have great prospects and high potentials.

Thus, among the factors that should be considered before the selection are:

  • Price range
  • Style or type of home
  • Number of homes in the neighbourhood
  • Property turnover
  • Home / price stability
  • Homeowners association
  • Area (schools, highway access, amenities etc)
  • You live there
  • Future growth
  • Personal preference

 

2. In and Out

 

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Before you announce that you’re specialized in an area, ensure you have good knowledge of anything and everything that has to do with the place.

Hit the streets and get familiarized with the area. Visit the area multiple times as you can’t learn much things in a single visit.

Get a good understanding of the general noise level, street activities, access, entrances and the community. Also check out the amenities within the vicinity such as schools, restaurants, recreation, shopping, hospitals and so on. Learn the interesting and unappealing facts about the neighbourhood.

Overall, try to learn each and every single thing that’s related to the area, whether it’s good or bad.

 

3. Casual Conversation with the Dwellers

 

During your visit, ensure you talk to the residents about their take on the area. You’ll be surprised by the information you get via such conversations. For an example, you can get to know the where and when the traffic congestion is high, spots that can get flooded during heavy rain, the condition of the amenities, the closeness of the communities and so on.

 

4. Mingle Around

 

Try to get yourself involved with the community programs and ensure you’re well recognised by the residents. This will come in handy when you bring customers for home visits. When the residents around the area recognize you well, the buyers will feel more secured working with you.

 

5. Know the Figures

 

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Always make sure you’re up-to-date on the latest transactions in that area. Check out the type of houses, the current value, how much was it sold for and so on. This will help you to determine the demand for that particular area and how much the houses are going up in value. You can also advise your clients accordingly on how much they should set the price when it comes to selling the house.

As simple as it sounds, becoming an area specialist actually requires hard work, which consumes ample of time. Stick to the above-mentioned points when deciding on your neighbourhood, as well as when mastering the neighbourhood further.

 

Mangalesri Chandrasekaran, Editor at PropertyGuru, edited this story. To contact her about this or other stories email mangales@propertyguru.com.my

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