Whether you’re an established property developer, ambitious estate agent or simply want to time your house purchase or sale right, keeping on top of property-market trends is key to success.
The property market is in constant flux — what was true yesterday may not be true tomorrow. In today’s digital age, we are overwhelmed with information online and sent to us via email or 24-hour news. How do you cut through it all and focus on the trends that matter?
Conduct Market Research Regularly
The housing market can change rapidly, and it will vary by region and even towns within the UK. The news will keep you up to date on national trends and statistics, but it’s crucial to routinely research what’s going on in your local area or the target area for your business.
There is a wealth of reliable sources of property data available for free online. Google is a great place to start. This might seem obvious, but many people are unaware of the simple tricks you can use to hone in on the precise data you need. For example, adding quote marks around words to search for an exact phrase such as “property prices in The Wirral in 2022”. Or using a minus sign to remove search results that include particular words.
If you’re working in the property sector, it may be worth investing in some paid services. The PropertyData platform is an analytics tool for investors and developers. It offers data on the entire UK property market. If you’re not ready to stump up the money for the paid version, there is a free Google Chrome extension called “Advanced Property Insights” that provides yield and growth data by postcode when viewing properties on the major property portals — Rightmove, Zoopla and On the Market. Rightmove itself offers a wealth of free property data too.
Nurture Your Network of Contacts
For property developers and investors, establishing a strong network of contacts with varying skills, knowledge and expertise will set you on the road to success. Your network will help you obtain the supplies and services you need, but it can also provide you with valuable market information and insights.
Your network is likely to be filled with professionals who have expertise that differs from your own. For example, you might be a developer who has partnered with a seasoned property finance expert. Or maybe you’re a property developer who has partnered with a new build part-exchange specialist? Each of your contacts will have unique perspectives and resources that bring something different to the table when it comes to understanding and predicting the market.
Don’t neglect your contacts. Keep in touch and nurture these relationships, and you will be the first to know about the latest industry trends and insights.
Get To Know Local Estate Agents and Brokers
Many professionals rely on digital networking to get ahead in business. While this can be an efficient way to connect with a diverse range of people, property professionals also benefit from meeting local estate agents and brokers face-to-face. This is a powerful way to build relationships and find out all the latest property news in your area.
Estate agents and brokers are on the “frontline” of the property sector, and as such, they are often the first to hear of changes in the industry. Furthermore, they glean invaluable insights into buyer and seller behaviour and trends from interacting with them on a daily basis.
Keeping on top of property market trends is essential if you want to succeed as a developer or investor. There are plenty of free resources online, but one of the best investments you can make is building a strong and diverse network of contacts. Make market research a habit, and you will always be ahead of the curve.