Disclaimer: The contents of this article are industry best practices which were sourced from StreetEasy data and interviews with our Agent Advisory Board, unless noted otherwise. Any scripts provided are only meant to act as examples and are not required. Nothing in this presentation is intended to be legal advice. For specific questions about any duties or obligations arising out of a real estate transaction, check your local and state licensing laws and regulations, contact your broker, or an attorney.
Neighborhood expertise is essential to the StreetEasy® Experts program, and a major draw for buyers and sellers in NYC. But if you’re an Expert, when was the last time you thought about diversifying the neighborhoods where you have experience? There’s always room to expand your reach and opt into additional neighborhoods where you’ve done business — and many benefits to doing so, too. Here’s why Experts should consider diversifying their neighborhood expertise, and how to do it.
Why diversify your neighborhood expertise?
Market potential
When a market has reached a certain point of growth and saturation, agent competition is often high, making it tougher to gain a foothold there. In contrast, focusing on emerging markets can give you a competitive edge. You can build trust with buyers and sellers, stand out from other agents, and capitalize on future growth.
Consider neighborhoods with a lot of new development activity and investor attention. For example, East Flatbush, Brooklyn has seen significant development over the last year — including a $256 million project to transform an underutilized parking lot into a hub for affordable housing, commercial space, and community facilities.
Lower competition
The less agent competition a neighborhood has, the more you can build a niche and become a go-to for those looking to buy or sell in the area. Think about it: if a buyer wanted an Expert specializing in the West Village or Park Slope, how many other Experts could be matched with that buyer? Chances are, far more than if the buyer were searching for a home in Rego Park or Sheepshead Bay.
Affordability
With NYC’s sky-high home prices, affordable housing options are top of mind for many buyers. That said, overlooked neighborhoods can provide options for buyers who are currently priced out of more expensive markets. For example, a buyer looking for a place in Brooklyn, where the median asking price was $1.1 million in May 2024, might opt for a neighborhood like Sheepshead Bay, where the median asking price was just $639,000. The same goes for Rego Park ($429,888), East Flatbush ($749,000), and Kew Gardens ($370,000) — one of our 10 NYC Neighborhoods to Watch in 2024.
Growing your skill set
Working in a variety of neighborhoods and continuously growing your skill set is key in NYC’s competitive real estate landscape. After all, a StreetEasy survey revealed that 41% of buyers find an agent’s expertise in their neighborhood or borough of interest to be valuable, and 56% wish their agent were more knowledgeable about the neighborhood or borough. Why not cover more ground and deliver the knowledge these buyers crave?
Expanding your book of business
Tapping into a new market is one of the best ways to expand your book of business and build new relationships. In the Experts program in particular, diversifying your neighborhood expertise widens the pool of potential clients StreetEasy can connect you with. And with those clients can come more referrals and repeat business down the line.
How to opt into more neighborhoods as an Expert
Experts are eligible for neighborhoods where they’ve successfully closed deals. To opt into a neighborhood, log into your agent account on StreetEasy and go to Experts > Campaigns. If you’ve opted into Buyer Match or Like Listings, click Manage Neighborhoods. (You can also do this using the Agent Tools app.)
You’ll see a list of your eligible neighborhoods. Opt into the ones of your choosing.
5 tips for diversifying your neighborhood expertise
Ready to start branching out into more neighborhoods? We have a few suggestions to help get you started.
1. List some potential neighborhoods. Take some time to think of neighborhoods that meet the aforementioned criteria. It can be as simple as looking at a map of NYC’s neighborhoods, like the one you see on StreetEasy when you select neighborhoods or boroughs to search. You may also want to explore any ties you already have. Do you have family or friends who live in any of the neighborhoods? Professional connections? Have you spent time there yourself?
2. Look at neighborhood data. You can use StreetEasy’s Data Dashboard to research a neighborhood’s current and historical market data, such as median asking price, days on market, price cuts, inventory levels, and more. Using this data to help you understand buyer and seller preferences in the neighborhood can go a long way in targeting your marketing efforts, and serving your clients there.
3. Explore the neighborhoods. In addition to looking at the data, you’ll want to get an in-person feel for the neighborhoods you’re seeking to target. A good place to start is by walking the streets, paying attention to the neighborhood’s housing inventory, look and feel, parks, businesses, transportation, and other elements. You should also attend events in the area, frequent local businesses, and get to know the residents.
4. Showcase your neighborhood knowledge. By now, you’ve likely spent a lot of time researching and getting a feel for the neighborhoods. Now it’s time to highlight your expertise in marketing materials, like your agent newsletter, LinkedIn, and bio. You can also start promoting listings in the area, creating neighborhood guides, and sharing resident feedback and stories with interested buyers.
5. Connect with prospective clients. Spending time in the neighborhoods and engaging with residents is one of the most effective ways to meet buyers and sellers. You can also attend open houses in the area to connect with other agents and potential clients, shadow an established agent there as they carry out a deal, or consider teaming up with them and co-listing a property.
When you’re ready, head over to Campaigns and opt into more of your eligible neighborhoods. For more information, connect with your Business Advisor.
StreetEasy is an assumed name of Zillow, Inc. which has a real estate brokerage license in all 50 states and D.C. See real estate licenses. StreetEasy does not intend to interfere with any agency agreement you may have with a real estate professional or solicit your business if you are already under contract to purchase or sell property. StreetEasy Experts are third-party real estate agents (licensees/professionals, etc.) who are not licensed with Zillow, Inc.
