As a broker, you’ll want to make sure you stay on top of your business first and foremost. But, it’s incredibly important that you stay ahead of developments in real estate -- that means staying on top of house price developments, knowing the new popular neighborhoods and keeping on top of what’s in demand.
It also means understanding the bigger context that surrounds the industry. Not only is this crucial to help you run your business, but it will also help you train your agents -- as a broker it’s your job to show them the bigger picture. Clients will also appreciate your extensive knowledge of real estate and everything that’s connected to it.
To keep track of the latest developments in the real estate world, it’s best to develop a routine. For instance, if you block 30 minutes every Tuesday and Thursday, you’d get a full hour per week to make sure you’re up to speed.
Set up a list of items you want to check or read every week and make a commitment to go through them. Here’s a few ideas to get you started:
The first thing on your list should be to check out a few blogs on a regular basis. Since bloggers can be quite free when it comes to topics they write about, you’ll follow developments that the mainstream media might not cover.
Here’s a few good options for blogs that cover the market nationally:
Don’t forget to check local blogs as well. They’ll give you more detailed insights in how the market is developing, which areas are hot, what types of properties are doing well and where other local real estate professionals think the market will go in the future.
Start by following 2 or 3 blogs and see whether you can keep it up -- you can always add more later.
National and local press
Make sure to keep an eye on national developments by following any of the major news outlets. Current affairs tend to have a big impact on the real estate market. They can affect anything from house price to schooling -- even an increased cost in building materials could have an impact on your local market.
At the same time, local news is crucial. You should have a very good idea of what’s going on in the areas you cover, whether that’s urban regeneration projects, improved road works or an interest in fighting crime. Local developments will have a great impact on what kind of people the area attracts, what kind of housing they can afford, as well as changes in local rules and regulations.
Keeping in touch with associations will help you keep up with changes in rules and regulations, real estate news, events and statistics.
Here’s a few associations you can follow and even become a member of:
Make sure to list all the resources you want to follow and then develop a way to systematically check them. If you don’t have much time, no problem -- just set aside half an hour each week to go through a limited list. Once you’ve started this habit and you manage to keep it up, you can expand it and keep track of all the resources you need!