Whether you are trying to win over a new real estate listing client, convince a buyer you can help them find their dream home, or differentiate yourself in the Texas housing space, it’s vital to back up your sales pitch with relevant market statistics. How, though, can you put the power of data to work for your business? Here’s what you should know.
What Market Statistics Matter to Buyers and Sellers?
Most home buyers and sellers couldn’t care less about boring topics like the average price per square foot or the difference between heated and “under roof” square footage. What they care about most are stats that directly impact their transaction, such as:
- Home Prices: Average, median, and specific prices in different neighborhoods
- Sales Volume: The number of homes sold over a specific period
- Days on Market (DOM): Average time properties remain listed before being sold
- Inventory Levels: Number of available properties for sale
- Market Trends: Changes in prices, sales, and inventory over time
If you are going to incorporate data into your business strategy, you need to focus on numbers that matter to your prospective clients. For instance, understanding DOM can help sellers determine when to list their homes and when to start shopping for their next one.
Where to Find Reputable Data
So where can you locate high-quality, usable market statistics? For Central Texas market statistics, check out Patten Title’s statistics library. We keep a close eye on the Texas market to help our real estate and lending partners stay informed. This platform offers real-time maniputable data that can be filtered to your specific niche market with historical data to help you make a solid pitch.
Other resources for statistical data include:
- National Association of Realtors (NAR)
- Zillow Market Reports
- Redfin Data Center
- Why Market Statistics Matter
When leveraged to its fullest potential, data can bring you numerous advantages. For instance, with the right marketing statistics, you can promote:
Informed Decision-Making
Market statistics provide concrete data that can inform your decisions, as well as those of your clients. You can use pricing trends to determine the appropriate list price for your clients and identify the best time to put a home on the market. You’ll also be able to use the data to set realistic expectations for your clients.
More Competitive Offers
If homes are flying off the multiple listing service (MLS), you need to take this information into account when submitting offers. Inform clients that they need to come in with a strong proposal to land their dream home. Conversely, if a house has been sitting for a while, you can use this information to work out a better deal for your buyers.
Improved Marketing Strategies
Understanding market trends can help you tailor your brand-building efforts. If data shows an increase in first-time homebuyers in your area, consider hosting a free video consultation for people in this audience. Similarly, knowing which neighborhoods are experiencing a surge in sales can help you narrow your efforts to those areas.
Enhanced Client Trust
You’ve got to win over clients fast, preferably during the initial consultation. If you present prospective clients with hard-hitting facts that show you know your stuff, you’ll be better at establishing trust and earning more business.
Differentiation From Other Agents
How are you different from every other real estate professional out there? Using market statistics can make you stand out and showcase your commitment to your craft.
Putting Market Statistics to Use for Your Business
If you want to make market statistics work for your Texas real estate business, you’ve got to start with reliable data. Source information from the choices mentioned above or build your own insights from MLS, local real estate boards, or even your own track record. Once you’ve gathered the information you want to use, you’ll need to:
Analyze the Data
Analyzing the information you’ve collected will help you detect relevant trends and patterns. Be careful not to get lost in the weeds, though, especially when working with huge datasets.
Interpret the Findings
Interpreting your analysis and what the results mean for your market is where the real value of data lies. Ask questions such as:
- What factors are driving home prices?
- Are there seasonal trends that affect sales volume?
- What neighborhoods are seeing increased activity?
If you are sourcing your stats from a reputable source like NAR, the results may have already been interpreted for you. In that case, all you have to do is figure out how to incorporate the information into your business model.
Share Insights With Clients
Now, it’s time to share your findings with clients during buyer or seller presentations. Ensure that the presentation is personal to them, and link the data back to their unique circumstances. For example, if the average DOM for your listings is 10 days lower than the DOM for your area, share this with seller clients to win their business.
Check Out Patten’s Free Resources for Texas Agents
At Patten Title, we are committed to helping your real estate business tap into the power of Texas market statistics. With that in mind, we have an extensive selection of free tools and marketing materials designed to help you stand out. Check out Patten Title’s growing library of content and up your game with the power of market stats.
