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Delta Media Group Blog

Saturday, March 30, 2013

March Madness is going on, as we previously noted.

There are a million ways to fill out your brackets, but one of the newer ones is by seeing what teams are trending through Social channels.

The idea might seem silly with basketball, but it’s not far-fetched when looking how to market online.

We like to talk about the old way of doing things, and the old way of gauging interest in homes on the market was by taking phone calls on that listing. More calls from a particular sign, newspaper or home magazine ad meant there were obviously more people interested in that listing. If they chose not to make an offer, perhaps other factors came into play.

The beauty of the Internet world is there is a lot more data occurring before anyone ever contacts your brokerage or you directly.

That data goes beyond predictive analytics. In fact, we’ve built the DeltaNet in such a way that you can follow how many people are directly viewing each of your listings online.

Maybe you put Jim and Karen’s listing on the market in October. You initially received a dozen or so showings. None made an offer, and only a few gave much feedback. The information made it difficult to deduct any trending, and you chalked it up to just not finding the right buyer yet.

The trouble with your reasoning is the listing contract is about to expire. You realize as much when you spot Karen at a local store. You haven’t contact her or Jim in some time, and you already assume you’re not likely to get another listing contract from them.

The scenario was a bit embarrassing, and a lot of agents have been through it. But the tragedy behind it is you’re losing business you’ve already worked to attain.

Now you need to work harder to attain new business while another agent will take over—and possibly sell—the listing you already had.

A few ways you could improve your approach:

1. Turn on Seller Reports. They’re automated, and they email your client weekly to inform them exactly how many times their listing has been viewed on your website and throughout your brokerage website.
2. Follow your listing statistics. Seller Reports will show this, but if you don’t want your client to receive them and attempt to overanalyze what the numbers mean, you can analyze and interpret these statistics to your client yourself.
3. Set up a Market Watch report for your sellers. Another automated report, Market Watch is generally made to target buyers, but can help sellers keep up to date with what’s available in their market and the price trends. If they need to make a price adjustment, they might see it themselves in the data.

If a house isn’t selling it’s likely to cause frustration to any seller. But the behind-the-scenes data might show a different side to the story, or provide support for the verdict you’ve come to.

Maybe you haven’t had a showing in a month, but the amount of people viewing at the listing on your website has increased. They might have interest in the listing, but just haven’t expressed it yet. Maybe they like the home but feel it’s a bit overpriced. The Market Watch could help you justify this angle, particularly if you see other listings sell in a shorter time span in the same market.

It’s well documented that the real estate market is booming in recent months. This might have made you a lot busier than you expected to be. Or you might be questioning how an improving market hasn’t driven interest to your listing.

Data is the driver of the details behind your dilemmas, and automated reporting systems can help you alleviate time while better informing your clients.

If you’re not leveraging either, you’re not doing your clients and your own business the service it deserves.

Contact Delta Media Group to learn how the DeltaNet can help you accomplish both.
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