Real estate is all about relationships and many times your “in” comes in the form of the question: ‘How’s the market?’. How you answer helps you build a relationship with prospects. The answer can also position you as an expert when helping a potential seller during a listing presentation.
That’s why a reliable source of housing market data is one of the best and easiest ways to improve your business. With the right insights, you can answer buyer or sellers’ questions — backed up by the numbers. If you want to invest in your business right now, invest in housing market data.
What market data should you look at?
The following list is a good starting point for agents who are just beginning to dabble with data.
- Days on market
- Average list price
- Total inventory
Just knowing these three numbers can kick-start your housing market data journey and level-set buyer and seller expectations about how quickly a home will sell and for how much. With this information, you can paint a picture of the market for homebuyers, set realistic expectations for sellers and accurately advertise your listed properties.
Does the word ‘data’ immediately make your eyes glaze over? Don’t get intimidated by the numbers. Start with the basics. You already know your local market. Think of the numbers as your back up to reinforce your message.
Using market data for lead generation
Small tasks like social media marketing, or more complex lead generation tools can both be elevated with the inclusion of housing market data.
Add a chart to your next social media post. Visualizing the data and trends in your local housing market may get the attention of prospective buyers. If you need any post inspiration, check out HW Media’s lead analyst Logan Mohtashami’s Twitter aka ‘The Chart Guy.’ He is the resident expert in visualizing trends in the housing market.
Consider including market data on your website that asks for a lead’s contact information in exchange for the data. Then, you’ll have the emails, addresses and phone numbers of those most interested in their local market.
We recommend promoting a city-wide report, so people will need to search for their zip code and provide their lead information,” said Altos Research President Mike Simonsen.
Closing deals
The next time you go to a listing appointment, arrive with the data. If you can show your sellers the local market conditions and the price activity, and involve them in the analysis of the information, then you are building a relationship founded on trust and confidence. That seller is more likely to refer a friend or family member to you based on your expertise.
Or, consider the buyer who needs to know when it is the right time to move. Your knowledge of the data will help that customer make a wise purchasing decision. When it comes time for that customer to sell the home, they’ll remember your business.
All of the above tactics are great for lead generation, because when you can answer a potential homebuyer or seller’s question of ‘Should I buy right now?’, you’re building their confidence in your abilities.