Flip That House

Doing proper real estate market research is key to your real estate investment strategies.  The research will let you know your chances of making money and the soundness of your investment in a particular location, property, or city. There are many ways you can go about real estate market research.

There are several places where you can get statistical information about a location. The US Census Bureau is a place to begin. Make sure the town you choose is growing, and has had a steady pattern of growth over the last few years. You can do this by going online or calling the Census Bureau for information.

Another way you can check out the potential of a location is by contacting that city’s chamber of commerce, department of economic development, or city hall to discover important statistics about a community such as employment rates, population, and growth trends.

Of course, the best way to learn about a new location or property is to visit yourself and talk to the people in and around the city. You can pick up the phone and call any number of people that can give you the real estate market research information you need. For example, call the police station and give them the address of the property you are looking at to learn about crime rates. You can call the state school board and find out how that school district is doing.

You can even call the chairman of the board or the town hall. You never know who will talk to you, especially when they think you might be willing to invest in real estate there. You will be amazed at what you will be able to find out in casual conversation. If you can make people feel comfortable enough they will talk to you as if they have known you forever, especially with smaller rural towns. You’ll be able to find out all kinds of information about the location, good and bad.

Surprisingly, the best place to get real estate market research accomplished is in a local bar or bowling alley. People are already in a relaxed and social environment, and will answer any question you may have about their town, and some you didn’t ask. You can quickly find out if the city has a winning or losing baseball team, how the school’s athletics and academics are, what employers are good, bad, moving, or coming to the city, and much more.

Happy Investing!