How Deeper Market Insights Can Give You the Competitive Edge

Your MLS is full of market data that can help you get a leg up on competing brokerages in your area. However, this data is not always accessible in your MLS system. To leverage this data, you need more sophisticated tools than your MLS may offer.

This week, we're taking a closer look at one such tool that's highlighted in our 2016-17 Technology Guide--or, more precisely, we're looking at three tools from a single company.

Terradatum offers innovative analytics solutions that help real estate professionals leverage market data for everything from marketing to pricing listings to agent recruiting. We've talked about each of these three tools previously, but here's a rundown of what each offers and how brokers can use them in their business.

BrokerMetrics: Recruiting, Analyzing the Competition, Tracking Trends

What can a potential recruit bring to your firm? BrokerMetrics can tell you by tracking their listings, sales, areas of activity, price changes, and beyond. What kind of return on investment are you getting from your current agents? BrokerMetrics can tell you that, too, and offer precise insights on how your agents are performing.

This tool can also show you how your company is performing compared to the competition by offering insights into market coverage broken down by office. Want to learn more about the trends impacting the market as a whole? Get precise numbers on changes to the market by total dollar volume, total unit volume, median price, DOM, and commission.

Watch the video below for a brief overview:

Clarus MarketMetrics: Pricing Intelligence and Economic Insights

One of the ongoing challenges that agents face is talking about price with clients. With sellers, the challenge is talking them down from an asking price that's too high. Overpriced homes languish on the market, eventually selling for less than they're worth. While it may seem counterintuitive at first to sellers, pricing a home below market encourages interest from buyers, often resulting in a bidding war and offers that are well over asking.

MarketMetrics provides data that makes pricing conversations far simpler by helping sellers better understand how to price their home for their market. The agent can plug in different prices to demonstrate how a certain price range affects days on market.

To get a better understanding of how larger economic forces are affecting home prices and other market aspects, agents can tap the Market Dynamics tool within MarketMetrics for insight. Get data on sales rates, transaction activity and more for broad or hyperlocal areas.

Market Videos: Reaching Consumers with Valuable Data

Market Videos is a collaboration between Terradatum and VScreen, a real estate video production company. This is a set-it-and-forget-it marketing tool that offers agents constantly updated videos that they can share with clients and prospects.

The videos offer market data for your specific area--information that most homeowners are very interested in--in an appealing format. The data comes directly from the local MLS and includes median listing price, days on market, and other key metrics.

The videos are aesthetically appealing, include a pleasant voiceover as well as music, and fit a great deal of useful information into a short format. They are updated automatically every month, meaning that you won't need to remove an embedded video on your website and embed a new video each month.

Want to learn more or watch a few sample videos? Check out our product review here.

To learn more about Terradatum and other Analytics solutions, check out our free 2016-17 Technology Guide.