I’m Kevin Klages and welcome to part one of our Market Analysis series. Every time my team enter new market we start by analyzing the local market conditions, the competitors, the prospective clients and industry stakeholders. We’ll walk you through each of the local considerations we look at when entering a new market. Today I’m talking about opportunity. Specifically the opportunity for your real estate photography business. Below there is a link to the iGUIDE opportunity worksheet. This is what we use when we work with new iGUIDE pros to research their markets and build a roadmap for their success.
If I asked you right now how many homes were sold in your area last year could you tell me? You should be able to, and here’s why: if you know how many homes were sold you know how much potential business is out there for you. With this information you can forecast your sales, your potential income and figure out how big a team you may need to capture all the business that’s available. Market opportunity information helps us set our goals make benchmarks and plan for our future business growth.
Do you know how many homes were sold each month in the past year?
Sales by month is important because it’ll show you the seasonality of your business. Since this is your income it’s important to know the seasonality so you can plan for when you’ll be busy, and plan for when you’ll be slow. You know when to focus on servicing clients, and when to focus on building new relationships as the market slows down.
Are agents required to enter room measurements and square footage calculations when they’re creating a new listing? This information is important to me is an iGUIDE professional because it takes my iGUIDE tool from a nice to have to a must-have. Mandatory room measurements and area calculations gives me an advantage over all the other photographers in my market. I know I need to focus my value proposition to highlight my room measurements my square footage numbers and my floor plans. Now, if you’re in a market where agents aren’t required to provide measurements or square footage numbers don’t worry, you still have a strong advantage. It’ll have a slightly different twist.
We know buyers want floor plans room measurements and floor area calculations. They’ve been telling us for years. Along with photos, these are some of the most important tools to them when searching for a new home.
So where do you get all this information?
The short answer is your local real estate Association and your local MLS service provider. Many of them have the sales information already available on their website through monthly housing releases or monthly housing stats reports. If not on their website, give them a call. You’re going to need to ask them about the listing requirements for room measurements and square footage calculations anyway, while you’re talking with them ask them if you could get access to their historic sales information for your area.