Jeff,

I think this can be demonstrated by your silent salesperson, your website.  This is an opportunity to show how you market yourself.  It is definitely a wonderful to win at the listing table.  A

Expert is an opinion because there is no measure Jeff. I think that if you really know the area you call yourself an expert in and can answer just about any question without hesitation, you may be an expert.

Believability.

This can be conveyed through our interaction with the public as well as our peers.

Of course, a market expert may not be number one in the market.  

Good question.  

A market expert goes way beyond what can be found in the MLS and City-Data. For buyers it means being able to tell the history of the area as well as what's planned for the future, and knowing where the closest amenities are without searching Google. On the listing side, it means knowing the details about the comps that aren't evident in the MLS as well as what market and economic factors might affect the seller's sale.

It is a statement of over all competents and knowledge.   I would consider myself an "expert" dealing with real estate investing.  That does not conform to a geographic area.  But of course the closer I am to home the better.  But for investors I will go further than I will for a owner occuppied buyer.  There is a legitimate reason for this; Investors want something different than just local knowlege.

I think a market expert knows what is going on with how many months worth of inventory in your area.  Mine is Gwinnett, Forsyth & Fulton.  For example there are 4.4 months of inventory in Gwinnett county.  Another is the absorption rate - take the a price point of a buyer and see how fast homes are selling in that price point.  When you explain this to a buyer you are a market expert!  There are many more these are may favorite market deals.

I think it means knowing the demographics of a community, the shopping hubs, schools, hospitals, etc...al the things people need. It also means knowing what type of homes are built in a neighborhood, price ranges, etc.

I relay this information primarily when talking with the, and am currently thinking about how best to convey that information online.

We have alot of "Experts" in this area.  I think it is experience, negotiation skills and patience, explaining the market to sellers and or buyers. As stated every agent has acess to the MLS.  I see postcards from agents, that state, "I get my sellers the highest price".   There has to be a buyer willing to pay that price, depending on the market.

Expert can be a tricky term especially when you don't specialize. I like the term specialist better because it implies that you have made a science out of what you do.

Knowledge of the market, ability to market a property, and being good at negotiation shows the value you offer.

This is difficult as everyone seems to claim expertise which is how we are chosen for our services. To demonstrate this, we should know the community where we serve very well e.g. demographics, commerce, recreation, schools, etc. Not only can we rely on our knowledge of the community, but we should be able to compare it with the surrounding areas. Good to know why we are selling this area to the buyer vs others and how this area will compare to his previous area may help too. 

Being an expert is a term that gets thrown around frequently especially in real estate. If I had to define it I would include a lot of things. Your web presence, how you market yourself and your clients homes. Your understanding of market place data and more importantly what that data means to potential buyers and sellers. You must be very familiar with the communities you work in, the local businesses and the local schools. A few years ago I was very involved with neighborhood planning for the city of Phoenix and a committee to deal with traffic mitigation in certain neighborhoods. All of this takes a great deal of time and effort. But in my opinion if you want the title of expert these are some of the things it takes to get there.

By being able to answer most questions or at least having the resources to find the answers.

parked and reading

Great question. I try to get to know my potential clients and figure out what they need to know to help them. My education approach is very customized.

Data is available to everyone who spends a bit of time looking for it, prominently published on my website every month, what's missing for most people is the expertise to interpret that data and understand what it means to them and their families.

Average DOM in a neighborhood is great info to have, but how does it affect that individual? Figuring that out and helping my clients use information to their advantage is how I show my expertise.

I do not specialize in "everything" I have 3 areas where I track the trends and the sales.  These are "My" areas of expertise.  Neighborhoods, schools, shopping, events.  I KNOW the area, that is my expertise after 30+ years of residency in that area.  (Not 2 counties away with missing or incorrect MLS data) - I am sure we all have delt with that.

That is a loaded question.  Experience makes me an expert in my area.

I demostrate this expertise with a comprhensive knowledge of the Real Estate market and how the current economic climate is reflected in market activity and movemnet.

I am the market expert and dominate a market area that is not the one I really want. I have nearly 70 listings near Seligman, AZ, where properties are mostly large parcels of recreational land. I can't give it up because my closings there pay the bills. This neighborhood has its own website and blog. I have business cards made special for this neighborhood. I have been picking and listing the best properties there. Therefore, I sell at higher prices than my competition making it easy to get more listings there.

My challenge now is that this market area is consuming ALL my time and I do not have time to work the Prescott Area where I live. Homes are much more expensive in Prescott. I do have a second website for the Prescott Area but, like I said, there is no time to work on it.

I love to demonstrate statistics that are above and beyond what is available in our MLS.  Interested listeners like that I can generate reports that show pending price per square foot, what prices are going to be before they have closed!

Computers have made our clients very savvy.  To be a "Market Expert" means to be able to give our clients information that they can not find or did not think to ask. 

I think knowing statisics of not only your area but how it rates to other cities is important.  The statistics I think that my clients are intrested in is

1. Average Home prices

2. Area's that have better chance  for equity

3. School Ratings

4. The growth of our City

5. Job growth

6. Crime

7. Life styles of certain area's

This information can be found in the National Board of Realtor's website, as well as your  MLS,  and chamber of commerce.  Going to City council meetings are also a good source.  If your City is having a huge amount of new builds I would join the New Build Commity.  The last suggestion I have is back to the basics- property previews-property previews-property previews. 

My test scores competing with area competitors and lenders. I never had a lender not agree with me on the value I assign. My sold homes portfolio, dom, sold vs asked.... Reviews...

When you provide information and references  to your prospects or clients with conviction, enthusiasm and without hesitation that leads them to believe that your knowledge is invaluable, you are IMO perceived as an expert. 

A market expert can visualize and describe the homes (i.e., builder, age, style, general market value and even recent comps, approximate sq. ft., lot size, schools, shopping) when given the name of the street and cross street.  If s/he can't visualize the homes in that neighborhood or subdivision, they're not a market expert.

It is much harder to prove you are an expert, but incredibly easy to prove you are an idiot, just by how you present your opinions.

Well being 'an expert' isn't always about numbers - especially your numbers. I don't think that is as important as it once was to consumers 'I've sold x homes this month so ...' when in essence you didn't sell anything 'your team' did all the selling.

But a better point is how do you convey or use that info to help your buyer or seller? Telling a seller there is low inventory & truly knowing it vs. saying what NAR expects you to say (now is a great time to buy a home ....).

Being a expert in your market means you don't sound like a parrot.

Great question. I ask many potential buyers what they want in a Realtor, this is from my perspective as a Loan Officer. They want to like & trust you, they want to know you are getting them the best price on a home, they want you to communicate with them. When you consider all the other moving parts such as the Mortgage etc. that's a different conversation

Need to know the statistics, as well as the area, parks, shopping etc...

Interesting. I rarely say I am a "market" expert to buyers. I focus on the knowing the inventory and saving them time and money in their next purchase. On the seller side, I do promote my know-how as a "marketing" expert. My knowledge of the market and communication skills will demonstrate it by the sale. Great question.

I think you have gotten some great answers...enjoyed reading them!

We have a lot of "market experts" in this area.  Expertise can come in many forms....number of sales, number of listings, number of referrals, etc.   One of my colleagues states in his marketing "He's Number 1".  He's not.  His office isn't, either, in terms of listings or sales.  A market expert is a professional that researches, researches, researches so he/she knows the MLS backwards, forwards and upside down.  A market expert gets around in his or her community to know enough localism to help buyers.  A market expert knows how to help older sellers downsize.  I think a "market expert" is simply a true professional, practicing his/her business every day under the Code of Ethics.

I personally think , being active in the market you are in gives you the experience to bring to the table for your clients ,which benefits both sides them and yourself ,productivity increases through experience and skills .

Also client recommendation such as trulia has really helped me ,that is from the clients who had first on experience with the agent and closing the deals.

Hope that helps .

thanks

HENA

BROKER

henamartinoo7@hotmail.com

Everyone seems to be calling themselfs and expert in todays world, to be a real expert in my view you have to have mastered a skill, worked in it long enough to have experienced many changes and still be doing it. 

How do you show it to clients? I'd say testimonials, sharing your knowlege and information in a blog or video on YouTube, etc. sharing knowelge is how I'd say you can show it.

What it means to me Jeff Dowler CRS is - the answer is ready for vital stats of that town - days on market, new inventory, recently sold, median sale and list price etc.

Jeff. I had to stop and read the responses. these are all good answers. I hope these helped.

I don't believe you have to be filled with "facts" to a point where people's eyes glaze over. I think you need to be passionate about your area, make it come alive for those who want to move to a place. It also helps to have a website that you can point to that has a lot of information.

Jeff - I believe a market expert can not only spout out all sorts of stats, demographics, and information about their local area, but can interpret all of this to explain to their clients what it all means.

A market expert can also anticipate things that may come up when working with clients and transactions, and have the resources to resolve any issues that may come up.

This doesn't mean they have to know everything, because every transaction is completely different. Also, nobody can predict the future, so I don't even try.