Being an “expert” is an important part of conducting yourself as a professional real estate agent. One area imperative to mastering is neighborhood expertise. So, what does it mean to be a neighborhood expert and where do you begin?
Expertise in a geographic area can be broken down as follows:
KNOWING THE BORDERS – Where a neighborhood starts and stops, and understanding the reasons for the borders. Are the borders designated by the government, neighborhood associations, history or real estate professionals?
BOOTS ON THE GROUND – Can you describe a neighborhood as if you were walking around in it? What is the architecture, type, and style of the homes? What are the amenities? What is the maturity of the landscape? (i.e. Large trees, well-landscaped yards.) What are the best and worst locations within the neighborhood? And what about feedback from the residents on what they love about the area and what is worth paying extra for?
DIVERSITY OR CONSISTENCY – Neighborhoods can have a wide range of home types or have a “cookie-cutter” approach to style. Where does the neighborhood fall on this spectrum? Some buyers will pay extra for a consistent footprint of homes while others prefer more diverse home styles.
THE STATS – Knowing the ballpark numbers of an area will help you know if your next buyer can find what they’re looking for there. What is the average price and how many square feet can you get for that price? Will you get a ranch or two-story, and will the basement be finished? There are always exceptions to the stats but knowing the “normal” range will help you match buyer needs with the right home for them.
SIMILAR AREAS – What nearby areas are similar to the focus area? What changes do you see when you move from one neighborhood to another? Can you describe how two areas compare and contrast to a buyer? Some of the factors to use when comparing multiple areas including:
- Average Price
- Price per square foot
- Diverse or Consistent homes
- Location pros and cons
- School differences
- Commute differences
- Age of homes
I consider myself an expert in most of Denver County. In the video above I’ll show you how I break down a neighborhood.
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