Keys to Buying Market Analytics Products

Before you purchase any software for your business, always check for resources available from your local, state, and NAR. Realtors Property Resource is a great example of a member benefit that offers a strong array of market analytics reports that can be beautifully branded to the agent and broker. The best part is that NAR offers this tool as a member benefit.

The MLS is the second place to look before purchasing market analytics products. In our Success Guide to Marketing Analytics, we highlight CRS Data, a service that is licensed by MLSs and delivered as an MLS subscriber benefit at no extra cost.

Franchises or networks like Leading Real Estate Companies of the World also offer market analytics tools either for free or through a partnership program with technology companies that typically offer some customization benefits and/or cost benefits to franchisees. Check out these services before you buy.

On RE Technology, we filter products by their suitability to MLSs, brokers, or agents. When you log in, the default should align with who you are, but there is the option to change your status (see the image below). For example, a broker may want to research market analytics tools for an agent. Likewise, an agent who is part of a selling group or a team may want to look at market analytics tools that suit multiple users as a brokerage would.

Ask lots of questions about data refresh rates when you are considering market analytics tools. Some update in real time with the MLS using data synchronization methods like Application Programming Interfaces. Others will commonly update every 15 minutes. Some update daily and others may only update once a month. Speed matters, especially when you can have 10 percent swings in property values from month to month.

Also, look at your overall technology budget. Sometimes you can sacrifice some redundant tools to invest in some great market analytics tools that really improve your business performance.

Want to learn more about how to make market analytics work for your business? Download our FREE Success Guide to Marketing Analytics today!