Earlier this month, Inman launched two new market data tools: Market Explorer and Market Trends. Here’s how senior housing specialist Rachael Hite is using them to help her clients make decisions.
Numbers are what make the real estate world go round. Like any true tech nerd, I was both excited and skeptical about trying out Inman’s two new interactive tools, Market Explorer and Market Trends, which launched this month to expand Inman’s Market View suite.
Tracking and explaining market trends are key in my daily job as a senior housing counselor. Why? More older adults are selling their homes to self-finance their long-term care needs, and knowing their potential equity helps them determine the right time for them to transition into long-term care.
Two things I’m always interested in for customer service are colorful visuals that are easy to read and statistics that identify the bottom line, much like a Denny’s menu. What do we want? Breakfast or dinner? Heat maps and easy-to-follow charts help clients quickly identify what is vital to their bottom line.
Visual maps and graphs
Both tools are straightforward to use, featuring simple drop-down menus that allow you to quickly identify the markets you want to target and the information you wish to showcase.
This is a nice complement to start your presentation, allowing homebuyers and sellers to quickly establish a 30,000-foot viewpoint and identify the current trends that matter. We are not talking about what happened during the pandemic; we are talking about what market conditions are at this moment.
Where I would use this information:
- Standalone content graphic for blogs or video content.
- Seller’s presentation to help establish appropriate pricing and timeline expectations
- Buyer’s presentation to show “zones of opportunity” where inventory is increasing to reduce competition.
Many older adults are aware that long-term care can be expensive, and they often lack a clear understanding of how long they will need it. Market trends are always part of the conversation at my counseling table to help clients understand how long their home could be on the market and what it will sell for, providing peace of mind.
I have my personal sales zone in the suburbs outside of Washington, D.C., meaning Northern Virginia. For agents working in and near major metropolitan areas, I believe Market Explorer will be a valuable tool in your toolbox for connecting with clients and quickly identifying information in nearby markets that they may not be familiar with.
For example, some of my clients do not consider West Virginia markets in their decision-making process. Still, its proximity to D.C. and the notable difference in pricing make it worthy of discussion. Compare and contrast, and you will find a compromise.
Although no one has a crystal ball, understanding trends helps everyone understand where the market has been and where it might be going.
Of course, there are always things we cannot plan for (like big economic swings and pandemics), but showing five- and 10-year cycle consistencies, such as continual growth, is precisely what clients will need to see to be reassured they are making good decisions.
The trend reports are incredibly user-friendly, and I would use them specifically to reassure clients that market changes are more nuanced than what mainstream media reports.
Practical and helpful tools
Inman’s Market Explorer and Market Trends represent a thoughtful evolution in real estate data tools, aiding agents, brokers, analysts and investors with easy-to-use visuals that detail essential market insights.
For users who rely on data-driven decisions, the visualization and comparison capabilities are both powerful and practical, providing an alternative perspective for client presentations.
Using a variety of data tools, such as Inman’s suite, your local MLS data, and RPR data, can help you paint a more complete picture for clients about just how dynamic and vibrant real estate statistics are.
Client education is key, and it’s up to agents and professionals to not only know how to capture data but also to showcase expertise by using it in meaningful ways for clients. Inman’s Market Explorer and Market Trends can help sharpen your axe, so that cutting down pricing recommendations and building strategy for your clients is less labor-intensive in the long run.