How Real Estate Agents Use Property Data to Grow Their Business

Having comprehensive property data provides a competitive advantage to your real estate business. It is possible to leverage this property data as a real estate agent in several ways for winning newer clients and thereby boosting your income. This data provides business intelligence that can help a business grow. If this data is utilized creatively and together with good business practices, you can get more leads and attract new clients. Here are some ways to use property data in the real estate industry.

1. You can identify the prospects that are likely to buy: The best available leads are those that already have their properties listed in the market and are looking to change their agent. Many top businesses use data for locating prospects that are looking for other agents. For instance, all agents will enlist a building for 90 days. You can search for properties that are in the market for more than 60 days. This will allow you to locate customers whose properties are not yet sold. You can also search for residentials that are not listed anymore and withdrawn from the market.
2. You can use the data for content marketing: Content marketing has been in the news for several years. However, some agents were using content marketing even before that. Some agents when they are promoting a new property, do not include property price. Rather he will provide a flyer to these prospects with a list of properties recently sold in the market. In case you do not have a specific content strategy, find out what the customers are looking for. You need to identify what the customers value the most and deliver it.
3. Use the data to search for leads beyond the local areas: There are several agents out there that limit their marketing and sales efforts to their localities. But, with the availability of relevant and comprehensive data, you can stretch the reach of your company. By using this method, some agents are selling properties that are situated 20 km away from their offices. These agents collect the requisite info by using tools. They are confident about their sales and pricing approach. They are always more likely to achieve a lot more than your average local agents.
4. Measure your performance by using this data: Some agents use the data for attracting more customers and gaining leads. While other leading agents use it for tracking the performance. They use the data for identifying the market share they have. For instance, if a top agent has sold more than 50% of the properties in his locality, he will consider himself to be on the right track. If you have sold 10 residentials in the area and overall there are 100 properties sold in a period, your market share is not too big. Anything above 30-40% share of the market should be considered as a success.
5. Be aware of what real estate data to use and how: Data is useful only when it is utilized for a clear purpose. Good real estate agents are aware of what they want from the data. There is going to be a lot of data. You need to be able to tweak it to get a story. You may use the data for drilling down the target audience. It can also be used for personalizing communication. Keep in mind that people living in units do not bother about the properties down the road. Some people use the data for driving their marketing campaigns. The gathered data provides an insight into advertising and marketing a property to a specific audience.
6. Using data for price negotiations: When it is time for price negotiations for a property, many real estate agents consult the software for justifying their prices and checking out the building available in the market. Many times, the buyers will question the pricing they are quoted. You can use real estate data about residentials sold in the area recently, to justify your quote. How quickly the property was sold is also a consideration while deciding the price of the property.

Conclusion

You also need to have genuine care for the clients together with knowledge and confidence. When you have full real estate data about properties, it is many times a first step in getting new clients.