A real estate professional can look at the market much as a doctor approaches a patient. Your doctor will assess your health on a variety of different levels and use a battery of tests to determine how well each of these levels is functioning. So, too, do real estate professionals assess the "health" of their local market – but instead of an MRI or blood test, you use market analytics tools. Instead of cells, organs, and bones, you are examining specific properties as well as neighborhoods, regions, counties, and the nationwide market. And, of course, your insights are possible thanks to data collected about taxes, sales histories, demographics, schools, zoning, and more.

Just as a doctor needs accurate information to cure a patient, a REALTOR® needs complete and accurate information to serve their clients. This is where market analytics tools can help – but it's imperative to find the right solution for you. So, let's make sure you're armed with the questions you need to ask and take a look at a few of your options.

Choosing the Right Tools

If you're considering a market analytics tool, there are questions you can ask to evaluate which option is right for you, like:

• What are the data sources for this tool?
• What is the geographical range of the data? Is the data for my local market available? Is nationwide data available?
• What reports are available? Are the reports easy to understand?
• Do I want to use this tool to create materials to give to sellers or buyers? If so, can the technology support this functionality?

You can find more questions to ask in our 2014 Technology Guide. It's a free resource for real estate professionals who want to learn more about the technology products available to them.

Here are four market analytics solutions highlighted in the Tech Guide:

• CRS Data Public Property Records: This online tool delivers public property records and interactive maps to MLSs, agents, and brokers. Product highlights include tax information, sales and mortgage histories, special searches (such as custom comps, FSBOs, and foreclosures), and farming capability (featuring mailing lists and labels).
• RPR for Agents: Are you taking advantage of this dynamic NAR® member benefit? Use RPR to leverage in-depth reports and analytics that will allow you and your clients to make informed decisions. Access tax assessment and public records on 150 million parcels of property – and even more if your MLS has partnered with RPR to include MLS data!
• Clarus MarketMetrics®: Leverage your industry experience with current market trends to create attractive, winning proposals. Access up-to-date information regarding your local real estate market conditions, including median price and MSI reports.
• Market Videos: Localized market videos delivered to agents every month. These videos educate consumers on local market conditions, including popular statistics like active inventory and median listing price. Agents can share the videos with their database via a branded email newsletter or by linking to their video profile page. Videos can also be embedded onto websites and blogs, or uploaded to YouTube.

For more information on the options above, download the full guide. For a full list of market analytics solutions, visit our Product Directory.

More in the "Tech 101" Series

This is the latest in a series of articles that explores the spectrum of technology products available to real estate professionals. Each post covers what a specific type of technology does, how to evaluate solutions in that category, and available options. Here's what we've talked about so far:

• CMAs
• Back office solutions
• Online Marketing tools

Stay tuned for more!