Please wait as we prepare your PDF file ....

Mission Chronicle Blog

Search Blog

our goal is to help you stay informed by providing timely and interesting articles.

Your missing data = your massive opportunity

06/19/2017

Download PDF

As I shared in my previous article, it’s critical for brokerage executives to take action to protect their brokerage’s buyer demand data. It’s not only smart to protect a key asset, but it also represents a massive business opportunity for both a brokerage’s agents and its executives.

Buyer data provides a transformative opportunity to real estate because, for the first time, consumers and professionals can have real-time visibility into demand data (buyers), not just supply data (listings). A view into both sides of the transaction unlocks huge advantages for brokers.

Listing agents + buyer demand data

Listing agents can use buyer demand data to generate more business.

It’s increasingly difficult for listing agents to differentiate themselves in their marketing and listing presentations, especially in recent years. Traditional marketing messages are crafted around publicly available sold data.

By analyzing the buyer data brokerages already have, listing agents can shed light on what potential buyers actually care about, not only what other homes have sold for in the past, but who the buyers are that may be interested in buying a seller’s house right now and the features they care about.

By creating farm campaigns, direct outreach efforts and listing presentations that take advantage of this demand insight, listing agents can earn higher engagement and conversions from their potential sellers.

Demand data can also make listing agents better.

Even after listing agents win a listing, they can continue to make use of their brokerage’s buyer data. Every seasoned listing agent has worked with a stubborn seller. Generally, agents have had to rely on their past experience to help sellers make difficult decisions in these cases.

But with buyer data, agents can present hard evidence to change their sellers’ minds. For example, by showing how many more buyers would match with a listing after a price reduction, agents can take away their seller’s anxiety around a discount. In addition, showing what home features buyers care about in a neighborhood might prompt sellers to finally invest in a renovation.

Whatever the use-case, listing agents can empower themselves to do a better job for their listing clients with buyer demand data.

Brokerage executives + buyer demand data

For brokerage executives, protecting buyer data isn’t just a defensive move.

Most brokerages have in-person sales meetings where agents raise their hands and talk about their new and upcoming listings, half-heartedly asking if anyone has interested buyers. The response is typically underwhelming, and, in most cases, attractive opportunities are missed.

By leveraging buyer data, a brokerage can proactively bring listing and buyer agents together, facilitating suitable matches between their buyers and sellers. This increases the success rate of intra-brokerage transactions, and demonstrates your brokerage’s ability to drive successful transactions.

Perhaps the most important reason to protect and leverage your buyer demand data is that your data directly leverages your strategic position in the market. Brokerages with bigger and better buyer pools attract more sellers and higher consumer attention, which improves recruiting.

By capturing and quantifying the homebuyers affiliated with your brokerage, you gain the unique ability to build your own network effect. With the exception of its brand equity, a brokerage’s ability to leverage its network effect is perhaps its most potent weapon in fighting for long-term market dominance.

Protecting your key data assets is reason enough to invest in a buyer data initiative, but with the additive benefits it brings to your brokerage’s business, it’s simply a can’t-miss opportunity.

Source: click here

Read More

INSPIRED, INTELLIGENT, INSIGHTFULL

STAY INFORMED WITH TIMELY AND INTERESTING ARTICLES FROM OUR BLOG, MISSION CHRONICLE. OUR ASPIRATION IS TO PROVIDE REALTORS AND OTHER REAL ESTATE INDUSTRY PROFESSIONALS WITH EXCEPTIONAL RESOURCES AND SHARE OUR KNOWLEDGE TO PROPEL YOU TO YOUR GOALS.

  • Mission Chronicle Newsletter July 24, 2023

    Mortgage rates continued to press downward last week after the previous week's CPI data pointed to e...

  • Mission Chronicle Newsletter Feb 20, 2023

    Despite the recent downward trend in mortgage rates and hopes that the Fed was nearing the end of it...

  • Mission Chronicle Newsletter Feb 6, 2023

    The Federal Reserve meeting ended as market participants expected, with a quarter-point increase and...

  • Mission Chronicle Newsletter Dec 26, 2022

    Mortgage rates held relatively steady last week as most economic news came in better than expected.C...

  • Mission Chronicle Newsletter Dec 12, 2022

    Rates managed to move slightly downward last week as recession fears grew amid hopes that the Fedis ...

  • Mission Chronicle Newsletter Dec 5th 2022

    Mission Chronicle Newsletter Dec 5th 2022. Platforms: Browser, mobile-responsiveIdeal for: Leasing a...

  • Inman Review: Tenants and leasing teams get better connected with RentTango

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Tech Review: Smart Alto puts people first in its innovative lead qualification solution

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Refreshed and nurture-savvy, Market Leader’s CRM deserves your attention

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • The top 4 tips to improve your negotiation skills

    In today’s luxury real estate market, strong negotiation skills are an asset—you might even say ...

March 2024
Mon Tue Wed Thu Fri Sat Sun
 123
45678910
11121314151617
18192021222324
25262728293031

  • Polls

    What information you are looking for?

    View Results

    Loading ... Loading ...
  • Last month Results

    How Is My Site?

    • Good (100%, 3 Votes)
    • Excellent (0%, 0 Votes)
    • Bad (0%, 0 Votes)
    • Can Be Improved (0%, 0 Votes)
    • No Comments (0%, 0 Votes)

    Total Voters: 3

    Vote

    Loading ... Loading ...