I'm not an agent. However, I believe one of my true competitive advantages as an investor is my detailed knowledge of the sub-markets we focus on and my knowledge of the DFW market in general. Notice I didn't say I have detailed knowledge of the entire DFW area or our entire MLS area, which is 12,000+ sq miles. It's impossible. I know enough to know which areas across the urban & suburban sub-markets of our MLS represent median house price & income, which areas are experiencing growth and/or renewal, and what the general grade of the area is, etc. However, I only consider myself an expert in the sub-markets we actively work.
So, my first piece of advice is to become an expert on a specific area; pick a zip code or school district...something that provides a defined segmentation. Then learn what makes that area unique or desirable. What types of people live there and want to live there and why. What amenities does the area offer. (For instance, one of our primary farm areas is the Richardson ISD. Why? It's mostly suburban, family neighborhoods with a school district that is one of the top 25 in the entire nation, which means people want to live there and exiting a deal is pretty easy. But, even within that highly desirable ISD, there are 3 elementary schools, 2 junior highs and 1 high school that are head and shoulders above the rest. My business partner lives in Richardson. 1/2 block down the street from her the exact same house will sell for $50k less than hers, because it feeds to a different elementary, even though the elementary that's assigned to that house is rated a 9 on GreatSchools.org. And, it's still in the same subdivision, neighborhood, etc. You have to know the area to really get it. Our other area is school agnostic, because 90% of the people with school aged kids send their children to private school, which is why they live in the area. Most of the top private schools in Dallas area within a 5 mile radius. Why is that important? Money. People have money and are willing to spend it. And, sales don't necessarily pick up or drop off based on the time of year. If people have their kids in private school, moving during the school year means nothing, because there is no transfer necessary. Again...you have to understand the area and the people who live there and want to live there.)
Basically, don't try to boil the ocean. Pick a manageable area. We like to think in terms of sub-markets and micro-markets. (i.e. Richardson ISD is a sub-market. Individual elementary school feeder zones represent micro-markets for us.) And, visit every single open house you can within the area you choose. Hope that helps some.
