Tech innovation is revolutionising the world and the real estate industry is not immune. One factor that has made a big difference is what’s known as ‘big data’. This refers to the collection and analysis of numbers to reveal trends.
Good real estate agents rely on data to help clients achieve the best outcome for their property sale. Take a look at the figures your agent can access and how they are used.
Property sale data
As a Mosman home owner, you can of course do your own research about property sales. For example, jump on a real estate portal like realestate.com.au to get an idea of the average house price, unit price and trends over recent years.
You can also get an idea of demand (Mosman is one of the most in-demand suburbs in the country right now) and see what type of people live in the area (there is a strong representation from the older demographic).
This is helpful, but your real estate agent has access to far more data than this and can view information about the very latest property sales, right down to a street level. They can also get an idea of how quickly homes have sold. This helps them gauge how long your property campaign should take.
Leveraging data is about more than looking at price trends. Your real estate agent will help you determine the value of your property based on its numbers, including its size, number of rooms and distance from the shops.
Your agent’s support will be incredibly helpful during your home sale as the data they share will be up to the minute. Often the information posted on public sites is a few weeks old; in real estate just a few local property sales have the power to change values so the numbers you are relying on need to be as up to date as possible.
With online marketing comes the ability to monitor clicks and user behaviour.
In the past, it wasn’t easy to clearly understand how many people were viewing a property listing before deciding to attend an open home. Now, agents can get real time updates of who is viewing a home for sale on an online portal, social media advertisement or on their website.
Information like number of clicks and time spent on page is valuable to learn which properties are the most popular. Agents can also compare like with like to see which types of photos and descriptions lead to the most enquiries.
Real estate agents also look at what people are typing into Google to see what’s popular. For example, people who search for Burran Avenue in Mosman are also likely to type in Clifton Street, Hopetoun Avenue and Stanley Avenue. We can leverage these terms to help your property’s listing show up more prominently.
Your real estate agent also has inside information about buyers and their habits.
We gather a great deal of data from our email marketing and social media so we can see what buyers are interested in. Your Mosman real estate agent will also keep track of where buyers are coming from; locally or overseas. Having an understanding of where your buyers are lets us target them even more specifically.
By analysing the information we gather and research about buyers, we can further target our advertising. As data becomes more intelligent, we will even be able to pinpoint when a buyer is likely to start looking for their next property, based on cycles, averages and trends.
Talk to your real estate agent about numbers and statistics. If they have a lot of information to share it will be an indication of how enthusiastic they are about helping you get the best possible results.