I was recently asked by a client to write a blog post about the advantages of using interactive infographics instead of static monthly reports. Given that there's nothing client-specific about what I wrote, I thought it was good information to share to a wider audience. So this is what I wrote...
Have you ever heard the phrase “data is the new currency?” In terms of real estate, that concept is more important now than ever. As agents are being forced to show their value to the consumer, the power of data will give them the upper hand. And having the most current, reliable market statistics in an easy-to-use, interactive platform is the key to accessing that power.
But what does “interactive” mean? An interactive platform obtains data or commands from a user and gives immediate results or updated information. In the Domus Analytics dashboards, those “commands” are the filters chosen by the user to show the performance of a specific housing market. The market in question can be as simple as a geographic area, or as complex as homes of a certain size built in a distinct time period on the waterfront within a limited price range, for example. An agent looking for the simple market described might be able to find a static report with that information. But as soon as their client wants to dive into the more complex market, that requires engagement with an interactive platform. With 12 standard filters, over 2 dozen metrics, and 5 different chart types in Market Insights, there are so many permutations of analysis available that there’s no way a static report can compete.
The ability to customize the results you want to see is one of the biggest benefits of using an interactive platform. That customization provides more relevant information to the consumer, and enables a more personalized experience between the consumer and their agent to build a strong working relationship. Real estate is a relationship-based business, so every opportunity to strengthen those relationships can only make agents more successful.
Another advantage of using an interactive platform is the recency of the data. Would an agent ever consider using an MLS where listings were only updated on the 10th of each month? If that were the case, maybe they should just go back using “The Book.” The same is true of statistics. No one should be relying on market reports published only once a month. The Domus platform is updated nightly, giving users the most current economic status of the market. Purchasing a home is typically the largest investment of a consumer’s life, so agents owe it to their clients to provide the most up-to-date information available which may impact those purchase decisions.
Finally, let’s talk about engagement. The 80/20 rule of marketing says that 80% of your results come from 20% of your activities. While it’s nearly impossible to know which 20% will net those results, an agent with interactive market stats on their website has a much better chance of engaging with clients and prospects than an agent who just emails a report once a month. Fresh content and the ability to interact with it directly will drive consumers to your website, reinforcing the value of working with a REALTOR®.