One way of being successful in any field is to keep current with the trends in the industry. The rule applies to people with interest in the real estate, as they have to contend with the rapid change in client preferences, demographics, and price point changes. Sharing the latest statistics and listings with clients will inspire the confidence and trust of a realtor. However, a real estate agent is as good as the information it possesses, so it is crucial to have a reliable and trusted source for market research. The following are incredible ways to keep track of the growth in the real estate world.

Social Media

The reason real estate agents track the growth strategy of their industry on social media platforms is to see dynamics as they change first hand. The real estate market could even span beyond your reach, but you can always turn to social media platforms such as Facebook and Twitter to stay on top of the game. Through social media, investors can keep fingers on the pulse of the current trends and stay connected with the influencers in the industry.

Google Trends

While this may seem unconventional in the world of real estate, realtors can turn to Google Trends for a comprehensive update on apartment markets. Google Trends compares different apartment markets around the globe to help real estate investors predict where people are likely to migrate. You can even use Google Trends to spot relocation plans when you are planning to relocate your office to another neighborhood.

Leading Industry Websites

As with any news and trends, real estate agents have to sift through the markets to find patterns that are meaningful. Leading real estate web pages are places where realtors can see much of the content that other competitors use to stay on top of the game. You can set up Google Alerts to ensure a new trend reaches you as soon as it pops up.

Neighborhood Price Ranges and Local MLS Statistics

Analyzing the report put out by the local real estate firms and looking at the MLS statistics is a good starting point for a housing agent. You can pass this information to the public and ensure your target audience gets a general idea. You may also need to look at stratification or price range of the local neighborhoods or relevant areas. After that, contact other stakeholders in the industry and compare the notes.

Top Local Agents

You can get marketing tips from a top agent that seems to be performing well in the neighborhood. You might be surprised to find a lot of information by sharing ideas with people you transact with daily. Having a conversation with a realtor about the direction of the industry is enough to introduce you to a new market opportunity.

Local Demographic Data

The best way a realtor can anticipate the next trend in the industry is to keep up with migration movement, population shifts, wage growth, new construction rates, and rental forecasts. These demographics will fuel the knowledge that an investor needs to make informed investment choices. Never consult real estate agents, as they are a source of secondary information that might be misleading. After analyzing trends and MLS statistics at the neighborhood level, compare them with data from an accredited researcher in the real estate industry. However, investigate the methodology that the researcher used before augmenting your information with their findings.

Networks

You might need to get out of the office and have a conversation with your competitors. It is easy for a realtor to get trapped and caught up in their little bubble. As such, realtors have to get out of their comfort zone and discuss with their coworkers and referral partners about the possible market shifts. You can juxtapose their insights with whatever you received from news outlets and read online and formulate an opinion.