This is the latest in a series of 'Buyer's Guides' that feature questions to ask and options to consider before making a new purchase. See our previous guides to purchasing a CMA, CRM, Document and Transaction Management, Electronic Signature, iPad App, Lead Generation, Lockbox, and Listing Syndication solution.

What are Market Analytics?

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.

Questions to Ask

There are some important questions to ask when buying any real estate technology product and some that are unique to choosing a mapping or lifestyle search product.

First, let's look at general questions you'll want to ask.

• What are my objectives for this piece of technology and will this product help me achieve those objectives?
• What is my budget?
• Does my MLS or Association have any agreements with any vendors that might help me obtain this product at a discount or for free?
• What kind of customer service and training programs are available? Are there webinars and, if so, are they recorded so you can view them at any time? Is the vendor's online help sufficient?

After you've asked and answered these questions, you can get down to the market analytics-specific questions:

• 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?

Your Options

For more information on these options, download our 2013 Technology 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).
• Heat Map Suite: GeoJet's Heat Map Suite helps real estate professionals create visual representations of local market activity. Maps include: median list price, average list price, average sale price, median sale price, number of new listings, number of sold listings, number of active listings, average days on market, and median sale price to list price ratio.
• Market Reports: GeoJet's Market Reports help real estate professionals and their clients understand market trends and changes over a specific period of time using interactive charts and graphs.
• Point2 Data: The comprehensive Point2 database includes data from over 600 counties including building details, ownership information, title history, recent sale pricing, zoning violation, building permits, and regional demographics. The resulting property reports empower real estate professionals and consumers to make informed decisions.
• MARKETrends: RBI® and CoreLogic have combined their efforts to provide a premium real estate statistics tool. Gain valuable insights through interactive charts, statistical reports, and agent marketing solutions powered by deep data from CoreLogic's MLS and public records databases.
• 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!
• Market Snapshot®: Follow up on leads and establish yourself as the neighborhood expert with Top Producer's® Market Snapshot. With Market Snapshot, you can publish neighborhood data on your website, send it in your newsletter, and parse it out in delectable nuggets to leads in your prospecting pipeline.

Next Steps

• Download the 2013 Technology Guide
• Read articles about market analytics
• Visit the market analytics section of our product directory
• Ask your MLS or Association
• Contact the vendors above