SUCCESS GUIDE
Market Analytics
Success Guide: Market Analytics
Welcome to RE Technology's Success Guide for Market Analytics. You will learn how to become THE expert in your market with industry-leading ideas and solutions. We have hand-picked five of our favorite tools proven to help real estate professionals grow their businesses. Download the FREE guide and watch the video below to learn how you can leverage market analytics in new and exciting ways to beat the competition!
LATEST MARKET ANALYTICS TRENDS
Perhaps the most significant disruption in real estate market analytics has been the launch of Zillow's® Zestimate®. The Zestimate is an automated valuation model that uses mathematical algorithms to speculate what a home's value might be. In the banking industry, these mathematical algorithms are called AVMs, or Automated Valuation Models. As consumers gained access to the Zillow Zestimate, it sent the industry into a tail spin. "The Zestimate is too high," or "The Zestimate is too low," shouted the crowds of industry pundits, REALTORS®, and consumers alike.
The tailspin was created by opening up the dark box of real estate data that had previously only been available to real estate professionals. On a property by property basis, real estate agents would carefully sift through dozens or hundreds of properties on the market, under contract, or recently sold in the process of establishing a market value for a home. This remains true today, and the real estate professional who painstakingly performs this analysis continues to be the authority in helping sellers price homes or supporting buyers with successful offers.
So the battle is on. Real estate agents have a strong challenger in Zillow who aims to become the source of real estate information on property values. The good news is that software vendors in the real estate industry continue to raise the bar for REALTORS® be delivering a wide array of products that not only enable the agent to gain astute insights into market data, but analyze and report on that market data with exceptional professionalism. Used correctly, the agent can continue to maintain their position as the most trusted source of what is happening in the real estate market. The challenge is adoption.
We have seen an enormous effort expended by the National Association of REALTORS® to maintain the advantage of the REALTOR by the development of the RVM®, or REALTOR Valuation Model. It is like an AVM, but only available through your REALTOR. The RVM is created by NAR® through their company called Realtors Property Resource®. This is certainly nothing new, but it is a significant trend in the industry because of it's enormous evolution. The product has gotten really advanced in the data available in the product, the ease of use, and certainly the quality of the reports. Frankly, RE Technology believes that it is among the most advanced mobile tools available to real estate professionals today.
Another enormous development in the real estate industry has been in tax systems. CoreLogic has shifted their development of REALIST® from a standalone solution and opted to focus on Matrix 360 - a fully integrated MLS + Tax system in one. Alongside this trend, we have seen CRS Data completely rebuild their tax interface and become one of the newest tax systems in real estate. These systems, along with the marketing focused tax system, REMINE have splintered the strategic direction of off market data accessed by real estate professionals. Of course, data quality as measured by accuracy (typos), depth (number of fields), and timeliness (speed of update from recorder office) varies by county. No matter how good the software or reports are, the underlying data is the most important resource.
Agents and brokers continue to tie market data into their CRM, and leverage market reports in lead generation forms for "What's my home worth." In this regard, we have seen a lot of activity by leading CRM providers like Inside Real Estate, Contactually, Top Producer's Market Snapshot, Boston Logic, Booj, Real Estate Webmasters, Gabriels, and so many others. It is the most powerful drip marketing report with soaring open rates, some hitting as high as 40% because consumers are starving for this information and expect it from their agents.
KEYS TO BUYING MARKET ANALYTICS PRODUCTS
As a real estate agent or brokerage, you are probably a member of the National Association of REALTORS®. Before you purchase any software for your business, always check for resources available from your local, state, and NAR®. Realtors Property Resource is a great example of a member benefit that offers a strong array of market analytics reports that can be beautifully branded to the agent and broker. Best part is that the Association offers this tool as a member benefit.
The Multiple Listing Service is the second place to look before purchasing market analytics products. In this guide, we highlight CRS Data which is a service that is licensed by Multiple Listing Services and delivered as an MLS subscriber benefit at no extra cost.
Franchises or Networks like Leading Real Estate Companies of the World also offer market analytics tools either for free or through a partnership program with technology companies that typically offer some customization benefits and/or cost benefits to franchisees. Check out these services before you buy.
On RE Technology, we filter products by their suitability to MLSs, Brokers, or Agents. When you log in, the default should align with who you are, but there is the option to change your status. For example, a broker may want to research market analytics tools for an agent. Likewise, an agent who is part of a selling group or a team may want to look at market analytics tools that suit multiple users as a brokerage would.
Ask lots of questions about data refresh rates when you are considering market analytics tools. Some update in real time with the MLS using data synchronization methods like Application Programming Interfaces. Others will commonly update every 15 minutes. Some update daily and others may only update once a month. Speed matters, especially when you can have 10% swings in property values from month to month.
Also, look at your overall technology budget. Sometimes you can sacrifice some redundant tools to invest in some great market analytics tools that really improve your business performance.
MARKET ANALYTICS PRODUCTS
BROKERMETRICS
Recruit. Retain. Know Your Business.
PRODUCT OVERVIEW
BrokerMetrics® is a software toolkit that helps brokers and their teams become industry insiders and dominate their local markets.
Features
Target and recruit top agents, estimate their potential contribution to your bottom line, and use as a coaching tool for your current agents with the Proficiency Metrics tool.
With the Market Dynamics tool, your agents can see pricing data, supply and demand information, and sales rate indicators in quick, visual formats.
With the Market Share tool, you can look at flexible, period-on-period comparisons of insights on market share or select a specific period of time to analyze.
Check out the distribution of activity--such as Sales, Actives, and Listed--in the relevant market for any property with the Pricing Analysis tool.
Visually identify changes to market size by Total Dollar Volume, Total Unit Volume, Median Price, Days on Market, and Commission with the Market Growth tool.
LISTTRAC
You list it, we track it - analytics and reporting for your listing's online performance
PRODUCT OVERVIEW
ListTrac provides unbiased, actionable marketing intelligence in one place for you to guide your online listing campaigns.
Features
MLS, Broker, and Agent Dashboards keep a pulse across your entire listing inventory with aggregated metrics including listing views, leads, shares, and favorites captured from major portals, broker sites, and MLS systems.
Listing-level Statistics
Drill into online metrics for any of your listings and compare the performance to other similar listings.
Seller Report
keep sellers informed with a weekly report showing how their listing is performing online and how your online campaign is exposing their listing to homebuyers
"ListTrac has proven themselves to be a genuine partner. From top to bottom, their team understands the need to portray our brand in the best possible light to support our sales associates and their clients. They are receptive to collaboration and their product offering conveys a modern feel that our brand appreciates."
- Chris Donadio
Manager, Interactive Marketing
Sotheby's International Realty Affiliates LLC
RPR
We specialize in helping MLS and Real Estate publishers monetize their websites without damaging their brand or user experience.
PRODUCT OVERVIEW
Realtors Property Resource® (RPR® ) is an innovative website and app that brings together all available public records and MLS data and provides colorful, easy to share reports for every corner of real estate. Our extensive database includes in-depth property facts, tax and mortgage history, sales, valuations, demographics, school and neighborhood information,market metrics, investment analysis tools and more.
Included in RPR, and exclusively for broker/owners and managers, is our Broker Tool Set (BTS) -- five unique assets that will help strengthen your brand and give you valuable company insights, and all offered as a member benefit of the National Association of REALTORS®.
Features
RPR's Broker Tool Set includes a variety of invaluable resources offered to Broker/Owners and Managers. Begin by branding RPR and all related reporting for your agents, then dive into market metrics via the Data Tools, and promote preferred affiliated service providers.
The Broker Tool Set includes:
Company Branding
Customize RPR's platform and reports to include your name, colors and logo.
Market Data Tool
Track key metrics such as productivity, listing, sales, and market share.
Add Custom Pages
Upload up to five custom pages into the RPR reports your agents create, including company distinctives and testimonials.
Affiliated Services
Promote mortgage, title, home warranty, insurance, or other specialized services on your branded RPR platform and reports.
RPR Broker AVM
Display a customizable AVM directly on your website or Intranet.
Let us show you how the BTS can better serve your brokerage. Save your seat for our upcoming webinar, RPR Overview for Brokers/Owners and Managers.
"RPR helps our agents stand out. It positions us as an expert and the reports make me look like I have a marketing department or ad department in my brokerage."
- Neal Oates Jr.
World Renowned Real Estate
KEY PRODUCT BENEFITS
- Seamless Integration with Your MLS System
- Mobile-Optimization with Intuitive Navigation
- Accurate and Current Property Data
- New, Consistently Evolving Product Enhancements
- Customization Options
MLS TAX SUITE
Comprehensive and Accurate Property Data at Your Fingertips
PRODUCT OVERVIEW
Since 1989, CRS Data has provided innovative data services that puts the power of clear and accurate property information in the hands of leading professionals.
Features
Our innovative products and services are backed with reliable technology and refreshingly human customer support. MLS Tax Suite seamlessly integrates with your existing MLS and is mobile-optimized so that you have access to the newest information and property data anywhere, anytime. The intuitive platform is easy to navigate and offers flexible and customizable features for an added touch of personalized reports and presentation of data.
With MLS Tax Suite you'll have access to all public tax records, sales and mortgage histories, neighborhood comparables, area demographics, mapping details, and much more.
"We continue to choose CRS Data hands down. The quality of their service, data and product is superior. We know and trust that their team will take care of us and be an integral part of growing our revenue."
- John Ryan
Georgia MLS
KEY BENEFITS
- Be the undisputed market expert
- Generate more leads
- Identify your best prospects
- Effortlessly stay-of-mind
- Protect your book of business
- Provide more value to sellers
MARKET SNAPSHOT
Stay top-of-mind & be the neighborhood expert with a follow-up system that gives your clients real-time, real estate market data & insights.
PRODUCT OVERVIEW
Stay relevant, keep contacts engaged and stake your claim as the market pro by empowering your contacts with accurate, real-time MLS market reports tailored to their needs.
Features
Provide your clients with accurate, real-time MLS data that matters. Market Snapshot® syncs with more than 800 MLSs, with most updated every 15 minutes, so our trend reports are the truest representations of market activity in your clients' areas of interest.
Within moments, your clients are notified of new listings, price changes and sales as they happen - not when they're updated on public records. Your clients will have the freshest MLS data right at their fingertips.
Market Snapshot® carries your brand, and the information delivered is clearly attributable to you as the go-to real estate professional. When your clients are ready to act or have questions, they can contact you with the click of a button.
"Market Snapshot® is helping us take our CRM system to a new level by adding a powerful tool to engage sellers and list properties."
- Diana Rubottom,
Branch Manager
Pacific Sotheby's
International Realty