Data technology is driving transformation across every industry when it comes to decision-making, innovation, and customer experience. The real estate industry is not immune to this transformation. Most organizations realize that using data to better understand customer needs and preferences is vital to creating consistently great customer experiences. While the expertise of real estate professionals remains essential to the home buying and selling process, using real estate data is critical to helping clients make informed decisions.
Most real estate MLSs and associations have several technology partners providing various tools to their members, but working with a data partner that offers a user-friendly way to customize and personalize the data is key. With the right data partner, real estate professionals can use the data they collect to tell a story, helping them to effectively communicate insights with their clients that are easy to understand. Using the data strategically can give real estate professionals a competitive edge and help them build trust with their clients.
The challenge real estate professionals face is how to put all of the data they’re collecting to work toward that goal.
Make data more appealing to facilitate client communication
“Data can be scary, especially for those who don’t consider themselves to be ‘numbers people,’” shared Sara Cooper, executive vice president of the real estate market for CRS Data. “Making data more appealing by showing a simple chart or graphic can provide a near-instant understanding of complicated data sets. For example, at CRS Data, we offer users multiple ways to compile reports with multiple data sets that are easy to interpret for both real estate professionals and their clients.”
Using data and reporting that is easy to understand can foster trust and make communication between real estate professionals and their clients more clear, empowering clients to make better decisions.
Use data to reduce risk
The right data partner can provide real estate professionals with data that not only helps determine property location or the age and condition of a property, but also reveals buying or selling trends, pricing models and customer preferences and behaviors. The right data can help reduce unknowns and minimize risk for all parties involved in a potential transaction. With greater insight into market trends and more precise data on metrics such as sales history, demographics and comparable properties, realtors can provide a plethora of data to clients to help better determine not just the value of a property, but whether the location and timing is suitable for their clients.
Data helps make faster decisions
The right data can give real estate professionals and their clients the insights they need to make more informed decisions, faster. For example, partnering with a data provider that offers insights into home value trajectories, school zone information and flood zone data can give home buyers and sellers the context and the peace of mind they need surrounding a given property, which can speed up the decision-making process.
“CRS Data has been providing data to the real estate industry for over 30 years so we understand users’ needs and we provide a number of unique data sets that real estate professionals can choose from to compile a report specific to the needs of their clients,” noted Cooper.
Use data to build trust
Trying to help clients find their dream home can be like trying to find a unicorn. Instead of adding them to an email drip campaign that sends them the latest houses on the MLS system, real estate professionals can use data to better understand their clients’ needs and desires and cultivate relationships of trust with them.
In real estate, both accurate data and people skills go a long way in building trust with home buyers and sellers. While the right property data is essential to the home buying and selling process, it is the presentation of that data – and the human touch behind it – that is critical to closing the deal. Real estate professionals serve real people with real concerns. Being transparent, listening and providing thoughtful data unique to each client’s needs is a surefire way to not only establish trust, but to facilitate and expedite informed decision-making that leads to success for all stakeholders involved.
To learn more about how MLS Tax Suite’s property data can enhance your client’s experience, check us out at www.crsdata.com/mls-tax-suite
