Are you a new investor trying to learn his/her local real estate market? Are you a seasoned investor that trying to explore a new investment area? In either case, below are some great way to quickly become a local real estate guru!
Subscribe to your local newspaper - The local paper isn't real estate focused but it will give you a very good idea of what's happening in your new market. You really want to be up to date on what new businesses are coming to town, how the local economy is doing, what political changes are happening and anything else that will indirectly affect the real estate values in that neighborhood.
Find a local real estate Investment Association - Put yourself in the middle of local real estate conversations. Your local REIA allows you to connect with people of similar interest. You can learn from them as well as share your experiences. Many times you can find deals from local wholesalers as well as private money investors, and potential partners. Boston Wealth Builders is a local Boston Investment Group and membership is completely FREE. Join Today!
Get Sold comps from your agent - One of the best ways to gather information about your local market is to study what's selling in that market. What are buyers paying for properties similar to the type you're considering? How quickly are they selling? Is it a buyers or seller's market? The easiest way to gather this information is to ask your local real estate agent to send you "Sold Comps". All you need to provide is your email address and a list if the areas you're interested in. These sold listings can be sent to you on a weekly basis. If you would like to receive "sold comps" from The Mandrell Co, simply send us an email (Contact@MandrellCo.com) with the towns you've selected and we can set that up for you within 24 hours!
Get Rental Comps from your agent - If you're investing in rental property it's also important to understand your local rental market as well. Your real estate agent can also provide you with these "rental comps" just as easily.
Get Google Alerts for your keywords - This is a really cool feature offered by Google.com. It allows you to systematically search the web for information regarding certain keywords you've selected. How doe this help you become a local real estate expert you ask? Let me give you an example. If I wanted to become an expert within the Malden real estate market I would set up "Alerts" in google for key terms such as "Malden Real Estate, Malden Homes, and Malden Developments". Google would then automatically search the web for me daily and email me any news articles relevant to those search terms. I would be getting all Malden news sent right to my inbox versus having to periodically search for it. To set up Google alerts visit https://www.google.com/alerts
Subscribe to a local real estate blog - To sign up for blog posts like these by placing your email address in the box at the top right-hand corner above! All post are sent directly to your email address.
Neighborhood associations - Join your local Chamber of Commerce. Your local chamber is full of people that make a difference in the community. If you want to know what's happening in a particular neighborhood, these are the people to speak with.