Can somebody let me know what steps I should take to learn my market.
I was thinking of calling up a realtor and getting them to show me some properties.
I was planning on doing this over the period of several days with a few different realtors.
I wouldn’t suggest using realtors that way. If you want one to show you houses that’s fine, but stick with the same one. A better way is to go visit a bunch of open houses instead. That way you aren’t wasting someones time if you aren’t really looking to buy.
Three other ways to learn your market…drive the neighborhoods, read the local papers/homes guides, go to realtor.com.
Yes, good point REIforNewbies. Another thing I just thought of is that more and more houses are doing online video tours. Look for those on properties in your area. It’s not the same of going in the house, but it’s getting close and sure much easier.
I’ll agree on using one Realtor. Every Realtor you meet will have his or her own outlook on the market.
Don’t waste a realtor’s time or yours…
Realtors deal with Retail houses. I used to be a realtor, so I can honestly tell you that most don’t know how to work with investors and find deals. If they did, they would be investors and not realtors! Much more money in that!
Some realtors are really good at finding deals though, you just have to find one that knows what the hell they are talking about and not the Joe Schmoe that got his license to make some money.
Can anyone give me an idea on how to learn my market for vacant/abandoned properties. Those are usually not listed and hard to find the owners. Anyone currently or ever did deal in this market.
Driving up and down neighborhoods. Check for signs such as; no curtains, uncut grass, piled up mail (you may stop the mail man on the block and ask him if you suspect a property to be vacant, etc. Tracking down the owner may prove more difficult. There are ways to do searches by the street address for ownership.