Market Trends Are Now Available in NeighborhoodIntel Reports
Product
| 26 Sep 2024
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.
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.
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.
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.
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