As we begin year 35, there is more to ‘tracking’ information than being able to keep up with what you have, as discussed in the previous column. Another very important element to our success came from learning how and why to keep track of information which is confidential to you (and anyone else authorized). Although so much more real estate data and information is more readily available than ever before, there are still many things that no one else is keeping track of, much of which could benefit you and your team.
The difference between short-term and long-term research can be crucial to the success of an entire project. Those of us involved in real estate know that deals don’t happen overnight. By tracking elements which no one else is, you can be the one with information that can make or break a deal. What I love is having two ways to help valued clients and connections to implement a system which best benefits them. Those are doing the tracking for them or teaching them how to do it for themselves.
Here is an example of something many real estate investors and agents would benefit from tracking. No one else will tell you the information because chances are (unless they are a client of First In) they won’t have it for your area of interest. Suppose you are keeping track of a neighborhood or city, whether for buying, selling, renting, or investing in it for the long-term. It is always a big help to establish a spreadsheet with fields such as community, street address, beds/baths, amenities, and other helpful items such as year built and square footage. Part of the ‘secret’ is adding notes like when you notice a new roof or exterior work being done you see when driving by.
It is true that many others have easy access to some of that information. However, other sources don’t track everything. Keeping track of days on the market, the difference between asking price and sale price, and the selling agent (and brokerage) can make or break a deal, and those are not common knowledge. Over the years, I have seen this method help a buyer broker find 3 deals, in less than a year, which closed through the same listing agent when his tracking showed she had listings which were perfect for his typical buyers. I have seen investors know to list rehabbed properties specifically with local agents who consistently close for above asking price. Having information no one else does can be utilized to increase profits and get deals done that otherwise would not have been.
Another element is tracking direct and indirect competitors. Knowing about what they do right is as valuable as knowing what they do wrong when it comes to your planning and making adjustments.
There is something right now that you or your business is not doing that would make a big difference if you were. It may not even cost any money. I often joke that there are so many businesses in existence to “solve” problems. These days, FIRST IN exists to find them!