As a real estate agent, one of the first things you should do is learn to ignore all those housing market reports that come out so frequently. This might seem like silly advice but consider this. The housing market is like the weather and if you live in Orlando, Florida, do you really care what is happening in Fargo, South Dakota? Unless your granny lives there, the answer is probably “no.”

If the weatherman came on and reported that the average temperature in the United States today is 65 degrees, does that help at all? Probably not.

The point is this. There is no national housing market and any government agency or national organization that reports national trends might as well be speaking Martian. The secret to your success as a property professional is to keep your finger on the pulse of the local geographic area where you live and work. You need to be able to drill down to the neighborhood level, and then know which parts of that neighborhood are good bets to buy property and why.

The national housing market simply doesn’t exist. Factors that drive the ebb and flow of local house prices are simply too specific to paint with as broad a brush as the sound bites that cable television commentators like to latch onto. What does this mean to you? Keep your thoughts local as you go about the business of earning a living. There is only one of you, and the need for sleep somewhat limits the amount of area you can cover during a lifetime.

Far better is it to know your neighbors. Know the local businesses you patronize. Over time, these are the people who will become your friends and clients. These are the people who will ultimately determine your success as a real estate agent, not a quarterly collection of government statistics. The bottom line is that, to be successful, you can’t afford to waste your precious time on things that don’t matter, especially when they come at the expense of those that do.

If you’re interested in learning more about what makes a housing market local, consider signing up for Jason Hartman’s next educational event: Meet the Masters of Income Property Investing. This intensive two day course will be held in the Spring of 2012. Early Bird prices are still in effect. Learn more about this amazing weekend of financial independence here.

The AIPIS Team

Flickr / Mr. T in DC