Identifying the Market
Most real estate agents, businesses, and general flippers focus on one niche market and expand there to become an expert in that market. When you think about it, it makes sense why this leads to success. You want to know all the details in your field and general area to know what is coming up. Some areas are being renovated, new businesses are opening, maybe a new school. All of this will change market values and knowing how to follow these trends will help.
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This is a good point. It is well worth keeping up with city and country news when it comes to businesses and property management. I once helped sell a home for $170,000 and had I been more aware of what was going on, I could have advised my clients to wait and they could have made another 25% because the general value of the area went up 3 months later.
Many real estate brokers and businesses focus on a niche market and become an expert in that market. This gives you an idea about what's driving the target market currently, what risks are involved, and most importantly where the market is headed in the short and long term
Someone who is a family friend and been working with properties for over 40 years told me that it pays to know. And I didn't get what he meant but he was talking about this very topic.
penelope: I always keep news articles and take notes to see what is happening where and when. If you live near a major city like I do, you want to stay in the loop because things are always changing.
@penelope This is what I do. It is the best way to really see everything as a whole and get the entire picture in to know where and when to make the best moves.