The last few years have been tough on the housing market, with conditions coming out of the Great Recession less than ideal, and professionals tasked with finding ways to navigate these complicated waters and still find success. But, things have changed, and now, the market is poised for growth and improved conditions.
As the U.S. rebounds from its tougher financial state, real estate agents could soon start to see more clients and more homes on the market. This is great news, as it will lead to increased opportunities and a potential to become established as an industry leader. Even so, there remain a few key steps that real estate agents should keep in mind when building a strong, effective career in the industry.
Economic expansion takes one step closer
Lou Barnes, a Colorado-based mortgage broker and contributor to Inman News, wrote in an article that economic expansion is on the horizon for the U.S., and if a few things fall into place it could be a brighter future for everyone.
He explained that long-term interest rates are finally stable, and stocks and bonds are trading with increased normalcy. While the uncertainty in other parts of the world could be holding this country back some, so far the impact hasn't been too great. Even so, Barnes pointed out that the improving economic conditions in the U.S. aren't accompanied by rising incomes, one of the few elements preventing a massive economic surge.
People need to be making more money in order to bolster the economy - if their income isn't there, it can be challenging for them to buy real estate. Plus, they probably won't have that desire in the first place. So, as conditions improve, personal wealth must tick up right alongside.
Looking into the current economic situation in this country - and studying the housing market - can help real estate professionals get ahead. With CRS Data, it is easier than ever before to access mortgage records, property data and much more, right online. Read our Property Values and Key Property Data white paper to learn more.
Professionals need to provide value
In today's housing market, value is everything. Clients want to get the most information possible out of their agents, and those agents also need to be able to offer up something that they can't get on their own, like in-depth analysis and advice.
Gary Malin, president of New York-based real estate firm Citi Habitats, spoke with CBS MoneyWatch in an interview about some keys to success in this industry. He stressed that agents need to be able to solve problems. If a client walks in with a tough question, the answer could make or break that sale. Professionals also need to know which neighborhoods are best, what type of home works for each client and other important details.
Most importantly, agents must go above and beyond what is available online, Malin explained. Now, clients can do a quick Internet search and find a lot of answers, but these aren't as in-depth and comprehensive as what can be offered by professionals. So, all agents should try to provide additional value whenever possible.