Knowledge is power for rookies as we move into the rest of 2022

by Quentin Green

The winds in the real estate industry are changing. Our current market does not look the same as it did a year or two ago. Mortgage rates are increasing, and the market is stabilizing from its lightning pace. How can you ensure that the momentum you gained over the last few years continues? For rookies, now is the time to hone your skills and gain new tools, because knowledge is power.

First, educate yourself. I try to set aside time each day dedicated to improving myself professionally — whether that’s through reading books and articles, doing market research or listening podcasts. The Chicago Association of REALTORS®’ (CAR) Young Professionals Network (YPN) Advisory Board, of which I am a proud member, debuted a podcast at the end of last year. It publishes episodes every two weeks on topics that rookies need to know, with the insight of local experts. Looking to learn more about data, property management, financials and more? Hear directly from your peers through episodes of CAR’s Young Professionals podcast.

Data is also vital to understanding the market. Scan the market every day and soak up all the information you can. What’s new to the market? What is dropping in price, and why? What is going under contract? How long are properties staying on the market? As a CAR member, you can find all of this information by tapping into the MLS or using FastStats, which allows you to get specific with what you’re looking for, from citywide weekly and monthly statistics to reports on each of Chicago’s 77 community areas. Even better, these are free tools that you get with your membership, so make sure to utilize them!

As 2022 wears on, it’s more important than ever to stand out from the crowd. For instance, I specialize in the rental business, and, from my insight, we’re anticipating an increased demand in rental properties in the future. Find that area you’re passionate about and take the time to learn about it. The REALTORS® Real Estate School, which is affiliated with CAR, has a variety of continuing education and designation courses. If you’re considering the rental market, the Essentials of Property Management class might be for you. The Real Estate Negotiation Expert Certification also provides great negotiation training. Or, if you’re interested in sustainable real estate, the Green Designation can help you become a leader in green real estate.

YPN also hosts a variety of events where you can get your toes wet on some of those topics before diving into the deep end. These are great opportunities for building your network, which is increasingly more important in a shifting market. Among the many functions are monthly breakfasts, free for CAR members — so be sure to join us at Manny’s Deli.

I invite you to consider all the tools that are available. Sign up for an event or register for a class at ChicagoREALTOR.com. Connect with leaders and experts around you. Continue to gain knowledge to make yourself the best asset for your clients.

Quentin Green is director of development at Downtown Realty Company and is a board member of the Chicago Association of REALTORS®’ Young Professionals Network.

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