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4 Ways to Use Market Stats to Win More Business

home chartIf there's one thing you should know about the psychology of your prospects and clients, it's this: they're nosy. And the sooner you let that fact sink in, the sooner you can use it to your advantage.

It's simple human nature--we want to know what's going on around us. And for homeowners, that means knowing which homes are for sale in their neighborhood, what their asking price is, the value of their own home, and so much more.

So how can agents and brokers use this to their advantage? Lean on your market analytics tool to create insight-driven reports that you can share with leads and clients. (Don't have an analytics tool? Check out our Success Guide to Market Analytics for a few great recommendations.)

While there are myriad ways you can use a market analytics platform to connect with your sphere, today we'll highlight four easy metrics you can leverage to connect with prospects and win more business.

1. Days on Market Trends

One of the most important things that market statistics can do is help educate your clients and set proper expectations from the beginning. To help sellers grasp how long their home may be on the market, use your analytics tool to compare how long local homes are staying on the market versus last year.

2. Median Home Price Changes

Trying to get a potential seller off the fence and into the market? Use market metrics to demonstrate how now is a good time to sell. What do prices in your area look like compared to last year? If they're rising, now is a good time for sellers to cash in on ongoing price appreciation. If your analytics show local prices are slowing, becoming stagnant, or even dropping, that's good news for buyers and may be what you need to bring hesitant first-timers into the fold.

3. Inventory Changes

How many months of inventory does your local market have? Most of the U.S. is experiencing on ongoing inventory shortage that's driving a seller's market. Use your market analytics platform to find out how true this is for your area. Generate a report that you can email to clients, share on social media, in your newsletter, or on your blog. Explain how things have changed year-over-year and what that means for sellers, for buyers—or even for affordability in your area.

4. Support for Pricing a Home

We know that you know how to price a home correctly, and you know that—but do your clients know?

Agents can rely on market statistics to demonstrate your knowledge on pricing a home correctly. And you can swim right through the emotional undertow that sellers often experience during pricing conversations.

For example, you can can analyze home price versus days on market to show how homes you've listed have sold more quickly thanks to the thorough pricing analysis you offer to clients. If your seller wants to price their home at $500,000 and needs to sell within 60 days, this comparison can tell them how fast other homes in this range have sold. If the DOM is too high, then the price likely is, too.

Offering this kind of numbers-driven information positions you as the local market expert, and helps you steer sellers to a better price from the get-go, avoiding price reductions in the future.

Want to learn more about leveraging market analytics? Check out our Success Guide to learn more about analytics trends and how to select a market analytics tool.

 

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