How to grow your real estate business in 2024 with data-rich listing content

The real estate industry has undergone some changes over the last year. Gone are the days of properties sitting on the market for mere days. And as more inventory becomes available, the market will get more crowded. The news is not all bad, though. The tumultuous economic climate is creating opportunities as buyers become more selective. Brokerages, MLSs, and agents can reposition themselves to get ahead of these new developments and surpass their competition.

To thrive in a down market, the industry must meet growing consumer expectations, and to do so, the homebuying experience needs to be refined for the end user. Enriching listing content with meaningful data will help guide and inform home seekers during their purchasing journey, enabling them to find a home that meets their needs.

Share relevant content to accelerate conversions

As William Edwards Deming once said, “In God we trust. But all others must bring data.” The relevancy of real estate data is greater than ever in a down market. Most agents remark that clients are unsure of what they want. But the key is ensuring that buyers have access to the right information and tools to understand what their needs are. To enhance the entire buy/sale process, data — whether it’s about property conditions or neighborhood characteristics — should be more readily available for end users.

Adding more data to your property listings will improve the consumer’s search experience. Asking yourself the following questions will help you get valuable data in front of home seekers:

• How can you make sure that the data you share matters?
• Are you positioning yourself to meet the needs of buyers?
• How will you provide more data without overwhelming consumers?
• What is the right data?
• How are you going to leverage this data?
• Which dataset do you currently have and how can you increase its value?

People have a tremendous appetite for deep, actionable insights. Access to relevant data can help consumers make informed choices, especially in a down market. Data continues to be critical because it influences decisions — and decisions will always need to be made, regardless of market conditions.

By integrating data solutions that offer up-to-date information on a property or surrounding area, you provide greater transparency to buyers while introducing robust, interactive user experiences. Ultimately, it’s about whether your data increases consumer confidence and speeds up decision-making.

Quantify and showcase the value of a location

Consumers often face tradeoffs when looking for their dream home. Two houses might be available for $480K, for example. Both of them are located in the same town, possibly even in the same neighborhood. However, the consumer might prefer one of them, if they are looking for a shorter commute to work, or want to live closer to schools for easy drop-offs. 

For 60% of buyers, the quality of the neighborhood is the most important factor in their choice of location, especially in suburban areas where homes are similar. Yet, the value of a location has traditionally been difficult to quantify. 

As a location intelligence company, Local Logic uses thousands of data points to provide a detailed understanding of a location to MLSs, brokerages, and consumers. Location data is a powerful storytelling tool that can help home seekers envision themselves living in a particular neighborhood. With Local Logic, you can also quickly identify valuable features of a location, like proximity to amenities or level of quietness, without scrolling through Google Maps or 20 websites, simplifying the homebuying process.

Hit your revenue goals by building a healthy pipeline

Your real estate website is a valuable resource for generating business — and you can increase its revenue potential by layering data-driven insights. Adding rich data to your listing pages can help you acquire more users and build a healthy pipeline early to meet your targets. By providing consumers with in-depth insights, portals or brokerages can attract and engage buyers in a new way. 

For example, with interactive search filters, consumers can create custom heat maps on your brokerage or company site instantly. Upon selecting their criteria, like nearby restaurants or grocery stores, a map of their options appears within a few seconds. Such a neighborhood discovery tool expands consumers’ starting search by 20%, allowing them to discover areas they might not have considered before.

When you enhance your website with valuable insights, people are more likely to spend time exploring your content, creating a more engaging consumer experience. In turn, you’ll be able to improve visibility, generate more traffic, and boost SEO value. Ultimately, it’s a win-win since consumers are getting a better value proposition, which increases leads, makes agents happy, and creates a stronger brand.

Get the most out of your data with a reliable partner

Unless you have a lot of experience in the industry, it can be hard to measure how well the support team handles your integration and usage when you sign up for a service. The cheapest data provider isn’t always the best option — you want to choose a partner who will deliver a better experience. The right partner will not only help you navigate the integration process, but also brainstorm and identify solutions to help your business grow.

Companies you work with should be able to evolve along with your needs as they change. API-forward platform integrations, for example, give you the flexibility to choose which data to display and how to display it — allowing you to personalize the solution to suit your needs.

In the wake of the declining economy, the real estate industry, including brokerages and MLSs, is exploring ways to leverage data and generate revenue. As we enter a period of reset, it’s crucial to think about what data you have and how you can enhance it to create greater value for consumers and continue to grow your business.