5 Steps to Claim and Utterly Dominate Your Local Market

How to Select a Market for Your Real Estate Business

Use data to find the ideal market for your real estate business. Then employ a hyperlocal social media marketing strategy to establish yours as the preferred brand.

This week on Stay Paid, we talk with Charles Weinraub, host of the Handsome Homebuyer podcast and CEO of Mandalay Holdings, a local real estate development conglomerate.

During his interview, Charles offers his thoughts on the current real estate market, claiming “there’s nothing but opportunity” for agents who position themselves appropriately, and reveals what he’s doing to capture more leads now than he’s ever had.

He also shares his advice for how agents can use readily available data from their MLS and third-party marketing platforms like Zillow to choose a lucrative market for their real estate businesses. You can hear all the details when you listen to his interview, but in short, agents should:

  1. Establish how much available inventory there is in a market of interest.
  2. Determine the median sale price of properties in that area.
  3. Find out how many transactions there were in the previous six months.

These first three steps will tell you if people are buying and selling in that vicinity. If there isn’t evidence to suggest sufficient activity, you need to choose a different location. However, if the numbers look good, you can move to the next step.

  1. Identify the top agent in the locality, and make it your mission to surpass them. (It’s not uncommon to discover that the “top” agent may have as few as five or six sales.)
  2. Penetrate the space by using every conceivable marketing strategy at your disposal. And as soon as you’ve closed just one more deal than the top agent, begin marketing yourself as the #1 agent in the area.

This five-step process to select and dominate a given market may seem a tad simplistic, but think about it for a moment. The essence of what Charles suggests is precisely how you achieve any objective—decide what you want to accomplish and then commit to doing whatever it takes to realize it. In his interview, he elaborates on each step, including how to use social media to attract leads. But as you listen, you’ll clearly hear that Charles believes success begins and ends with one’s mindset, and it’s only by fully committing to a goal that we can satisfy our ambitions.

We hope you enjoy this episode and act on the advice Luke offers at the end. We’d also appreciate it if you took a moment to leave us a 5-star review and comment on Apple Podcasts. (We read them on air!) Thanks for listening!

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