This guest post was written by Larry Easto who is a
best-selling business writer, and publisher of Real Estate Marketing Link

Although everyone agrees that market research is important, not everyone agrees on what  market research actually is.

For many people, market research starts–and ends—with ‘official’ sources of information such as the resources of government or real estate boards and associations.  Certainly these are reliable sources of market research. However, they offer only a limited perspective on what is happening in a given market.

To truly understand what is happening in your niche market, there is no substitute for conducting your own market research.  By all means, start with the official sources—but go beyond them.

Check out such unofficial sources as your competition’s websites as well as those of local or community associations.  By checking out your competitors’ websites, not only will you benefit from their research efforts, you will be able learn more about what you must do to develop and maintain your competitive advantage in your market.

Reading local or community association websites or publications is like hanging out at a local café or restaurant. Sure there will be lots of unfounded gossip and meaningless ranting.  But, you can gather useful tidbits of information and gain a sense of major issues in your area.

You can also identify leaders and key people in your area, people you may not know yet—but should know. Once you have identified these people, use your best networking skills to connect with them.

A very effective but underused way to research your niche market is to conduct your own door-to-door survey.  It’s not really all that difficult and offers the added benefit of making personal contact with people in your area.

Create a simple questionnaire that you can use to gather information.  When you have gathered your information, prepare an e-report on your findings and bingo—you are now recognized as an expert in your market.

And what’s better—experts in their markets attract more new business than other real estate agents!