This section is from the book "Practical Real Estate Methods For Broker, Operator & Owner", by Thirty Experts. Also available from Amazon: Practical Real Estate Methods for Broker, Operator, Owner.
In Manhattan, brokers who specialize in the sale of property follow two distinct methods: Either they confine themselves to one locality, thoroughly master all the technical conditions existing there, and supply the steady demand for property in that neighborhood, or they follow the current of greatest activity. This latter demands a much higher order of ability. It means keeping one's hands always on the pulse of the market. To be successful in this line the broker must know how to select with unerring instinct, the possible buyer - the professional operator, the wealthy investor, the man who has just been paid a mortgage or sold a house and thus has funds on hand, the buyer in that or similar neighborhoods.
After information regarding property for sale has been secured, it should be tabulated by means of a card system. Different colored cards should be used for various kinds of properties, and the prices should be classified by a system of tabs. For instance, low priced properties should have their tab on the left side of the drawer, and progress by degrees until the highest priced properties have tabs on the right side of the drawer. Thus a broker can know at a glance just where to look for a particular kind of property. The information on these cards should be very full - location, description, number of rooms, improvements, condition of repair, mortgage, purchase money mortgage, rate and terms, leases and asking price with any particulars known about the property or neighborhood.