You've heard before that you should establish yourself as the "Neighborhood Expert." But what does this really mean? Why should you do it? And, more importantly, how do you do it? Let's answer these questions.

1) What does it mean?

When we talk about becoming a neighborhood expert we mean that you should have specialized knowledge about a specific area of your community. You should understand the current real estate market conditions in that area – the price trend in the neighborhood, the level of inventory, average days on market, current transaction activity, as well as demonstrate market conditions that might impact real estate values in the area. Can you be a neighborhood expert in every neighborhood in your city? Perhaps, if you live in a small enough community. Most likely, you're only an expert in several neighborhoods.

2) Why do it?

Today's consumers are increasingly skeptical about the value of real estate agents. Advanced technology, belonging to a well-respected brokerage, and impressive stats (such as high list-to-sell ratio or fewer days on market) are a few ways to demonstrate your value. Becoming a neighborhood expert is another.