Becoming a Real Estate Area Expert_Texas by Independence Title Education

Becoming a Real Estate Area Expert

Becoming a Real Estate Area Expert Agenda

o The Importance of Becoming a Real Estate Area Expert

o Staying Informed on Local Market Conditions

o Becoming the Source of the Source

Presented by the Education Team at Independence Title. TREC Approved Continuing Education Provider License# 403.

The Importance of Becoming a Real Estate Area Expert

It’s in the rules!!!

The Real Estate License Act

Geographic Competency

• To be competent, a license holder must be informed on local market issues and conditions affecting real estate in the geographic area where a license holder provides services to a client.

• Geographic competency means the agent knows the benefits and pitfalls of the community.

• Incompetency could lead to discipline under TRELA Section 1101.652(b)(1).

Factors Affecting Benefits and Pitfalls of a Community:

• Deed Restrictions

• EPA Regulations

• Flood Zones

• Historic District Rules

• Homeowner Associations

• Market Conditions

• Planning Changes

• Pricing

• Topography

• Water Districts

• Special Purpose Districts

• Zoning

Ways to Apply This Knowledge:

• Listing Appointments

• Buyer Appointments

• Correct Pricing

• Overcoming Appraisal Issues

• Marketing: Video Content, Newsletters, Blogs & Articles

• Networking Talking Points

• Increasing Your Business!

Staying Informed on Local Market Conditions

When it comes to state and national market conditions turn to the experts in that area.

Market Experts

Leverage the knowledge of market experts to stay well informed on market conditions.

• Texas A&M Real Estate Center

• National, State and Local Boards

• Real Estate Articles & Blogs

• Real Estate Vlogs & Podcasts

• Market Updates

o Independence Title

• Mark Sprague- In-house Economist

Know the Homes in Your Market Area

• Use auto-emails to stay informed on Active, Pending and Closed in the area.

• Preview properties as they come on the market.

• Review listing remarks & docs for indicators of multiple offer situations.

• Stay updated on expired listings. They can be an opportunity for you.

• The goal is to know every property in the area that has been on the market!

Market Watch

Market Watch helps you keep a pulse on your local market area.

• Customize to monitor activity in a zip code, school district, neighborhood, or other geographic area.

• The change types monitored are:

• New Active Listing

• Price Decrease or Increase

• Back on Market

• Status Changes

Customizing the Market Watch in Matrix MLS

Select the Sub Property Types that are most important for you to stay updated on.

Enter area specific search criteria or use the Map Search.

The layout of this screen is like the property search screens in Matrix.

Keep the search criteria broad to maximize results, then click Save.

Using the Market Watch in Matrix MLS

Click the change type link to view listings in that category.

Market Watch in Matrix MLS

• Use the customize options in the results screen to add or remove columns and change your default.

• Click on the Listing ID number to open the listing and view the History for additional change information.

Hot Sheets

Hot Sheets also track market activity by geographic area.

Unlike Market Watch, you can have multiple different Hot Sheets.

• Customize the area and listing change type each hot sheet will monitor.

• Change type options:

• New Listing

• Price Decrease or Increase

• Back on Market

• Status Changes

Locate the Hot Sheets widget on the home screen and click Customize to get started.

Creating Hot Sheets in Matrix MLS

Hot Sheet Change Type Options

Include the area and Change Type you’re monitoring in the name . Select a property type in the dropdown menu.

Adding and Editing Hot Sheet Criteria

Click Edit Criteria to begin customizing the hot sheet.

Adding and Editing Hot Sheet Criteria

Select one or more Change Types, Sub Property Types, and identify an area.

The layout of this screen is like the property search screens in Matrix.

Adding and Editing Hot Sheet Criteria

Use the Additional Fields option located at the bottom left-hand of the screen to add or remove additional search filters when needed.

Adding and Editing Hot Sheet Criteria

Click Save to complete the customization.

Creating Hot Sheets in Matrix MLS

Continue creating or editing hot sheets. Click Done to return to the home screen.

Running Hot Sheets in Matrix MLS

Click on the hot sheet name to generate or add a custom date.

Running Hot Sheets in Matrix MLS

Running Hot Sheets in Matrix MLS

Select a date, no more than 30 days back, or use the daily time range then click Run.

Matrix Hot Sheet Results

• Use the customize options in the results screen to add or remove columns and change your default.

• Click on the Listing ID number to open the listing and view the History for additional change information.

AREA STATS TO KNOW:

• Number of Listings

• Number of Sales

• Number of Leases

• Number of Expired

• List Price & Closed Price

• Original List to Close Price Ratios

• Days on Market or Days to Sell

• Historic Sales by Price

MarketViewer Stats

MarketViewer Infographics

MarketViewer Infographics

NAR Area Reports

Tone Options:

• Professional

• Engaging

• Conversational

Consider your knowledge of the following factors:

• Deed Restrictions

• EPA Regulations

• Flood Zones

• Historic District Rules

• Homeowner Associations

• Planning Changes

• Topography

• Water Districts

• Special Purpose Districts

• Zoning

Be the Source of the Source

Providing resources and directing clients to the primary source of information can help you avoid unintentional fair housing violations.

Direct clients to the primary source!

City Resources

• City Chamber of Commerce

• City Crime Information

• City Development Services

• City Historic Districts

• City Housing & Planning Department

• City Permit Search

• City Planning & Zoning

School Resources

• Local ISD

• Attendance Boundaries

• Boundary Adjustments

• Facility Planning

• District Demographics

• Independence Title Brochures: School Guides

• Texas Academic Performance Reports

• Distinction Designations

• Helpful TEA Links

Texas Topographic Maps

Perry-Castaneda Library

• www.maps.lib.utexas.edu/maps/topo/texas

Texas Endangered Species

Endangered Species of Texas by County

• www.tpwd.texas.gov

United States

Environmental Protection Agency

Learn About Your Community and Access Regulations

• www.epa.gov

Federal Emergency Management Agency

Flood Map Service Center

• Search by address, place, longitude/latitude

• www.msc.fema.gov/portal/home

https://msc.fema.gov/portal/home

Management Certificate (HOA) Search

Search by City, County or Zip Code and access the Management Certificate.

• www.HOA.Texas.gov

•

• www.spdpid.comptroller.texas.gov

•

• Deed

•

• Restrictions

•

Zonability Reports