How do I start learning the trends in a new Market?

Question

Hello everyone,

I recently moved to Las Vegas and am pursuing a Real Estate Agent license. While I'm waiting for the course work to be completed what are some ways I can research this brand new market that I know little to nothing about?

What are some tips you have on researching comparables and getting reliable data? I would very much appreciate any guidance in this from seasoned and beginning investors alike!

Phillip Dwyer · Answer

Non Phan Once you get access to MLS, there are enough tools to get you up to speed quickly.  I'd focus more on getting the license and GLVAR membership quickly first.

Phillip Dwyer · Answer

Non Phan That's great.  Best of luck to you.

Non Phan · Answer

Thank you @Phillip Dwyer , I'm meeting with several brokerages right now and will hopefully have everything set in place to get started the moment my license comes in.

Roland Gray · Answer

Hi Nhan and fellow BPers

I just recently relocated to LV as well and wondered abiut getting my RE license. What is the process and how much is the initial cost for licensing? Also does anyone know a broker who is privy and favorable towards "Investor Agents" who are looking to invest in RE for themselves and other investors? Looking forward to reading your feedback. Thanks!

Roland

Non Phan · Answer

Oh wow, thank you for the advice Michael. I spend all this time thinking about the actual properties themselves and didn't even think about researching demographic!

Michael Robinson · Answer

Read! I don't know much in the way of comps (I know Trulia isn't quite on part with MLS yet) but I have a few questions that I would start at. Who has been buying property in Las Vegas in the past five years? For any who questions, especially demographics, the US Census would be a great place to start What kind of industries are growing in Las Vegas? Obviously we know about the gambling industry, but what about entertainment companies or tourism? How about retirment? All of these industries will need workers living in the area. Google "growth industries in Las Vegas" and I'm sure you'll find yourself on a good track. Hope this helps! Let me know if I was of any help and best of luck in Vegas!