“Every market is different, call a Realtor today.” We’ve all heard the radio ads and seen the TV commercials from the National Association of Realtors, and it is accurate, every market is different. Even within a small geographic region, there can be vast differences. For example Newport Beach, CA is only a few miles from Santa Ana, but obviously the two areas demand vastly different real estate values. Florissant, MO has seen a larger price decline than Saint Charles, MO. Why? The market is different. But do you know the answer to what your specific real estate market has done? Taking an opening speaking line from a friend, every Realtor answers the question with an adjective – “Great” “Outstanding” “Amazing.” The thing is consumers don’t want adjectives they want facts and figures. Will and desire can’t change data.
In a time and date when potential clients are confused on what to do, the only thing that can help them make up their minds is hard core facts and statistics. Unfortunately, real estate data had previously been difficult to come by. Some MLSs offered the ability to get data, but the ones that did had numerous issues, since most MLSs restrict what data can be shared with clients. But even the ones that did offer data usually made it hard to find and extremely clunky. Others offered no data at all.
One of the biggest issues is getting good data that people can understand. In our opinion charts are the easiest way to make a point.
This chart explains a lot about the market. In one quick glance I can see that obviously the number of homes on the market, or Inventory, clearly has affected the median price. It’s simple supply and demand and quickly answers a question.
There are a few different choices for real estate data out there, but at Tribus we integrate many of our systems with the real estate data provided by Altos Research. It’s a simple strategy to build long term clients. Only a small percentage of people at any given time want to sell their home, but over the long run the average person will sell their home every 6 years or so. The key is follow up during the 6 years in between with meaniful information to the potential client. Who doesn’t want to know what their real estate market for their area is doing. Altos has made it easy to keep in touch with charts and auto drip emails. See an example of our implementation of Altos Charts and client capture at one of our example pages for Homes in Ofallon, MO.