Homes sales data by zip code can provide brokers and agents with information that can be just the spark to get a potential home buyer or seller to act.
As every agent knows, buying or selling a home is a major, mind-wrenching decision for the average person.
Their faculties get pulled in all directions by national news, emotions, uncertainty, input from family members and a number of other persuasive factors.
With all that noise going through their heads, real hyper-local market data can bring them back to earth and give them a solid overview of properties in their town.
Part of that package is Home Sales Data by Zip Code, even down to the Neighborhood Level, that can really help consumers feel confident in their choices.
Because those facts have impact.
Home Sales Data by Zip Code can create impetus
Marketers have known for years there are certain psychological behaviors that can be prompted by outside stimuli, or what they refer to as “triggers.”
A simple example would be someone who is hungry and driving down the road when they see a McDonald’s truck drive by with a picture of a Big Mac on the side. That image might trigger them to pull into the next McDonald’s they see.
That’s an easy example. But here are a few more sophisticated triggers and how using home sales data by zip code and neighborhoods can get people to purchase something a little big larger than a hamburger.
Take the concept called “Fear of Losing Out.”
Humans are basically hard-wired for “loss aversion.” We are more afraid of losing something rather than taking an risk and benefiting from a potential gain. This is why many people, especially young people, tend to under-invest because they are afraid of losing what they have.
Conversely, people also are concerned about missing out on something beneficial as well.
Say for example you provide home sales data by zip code on your website. The agent can send updates to potential buyers letting them know that home sales are increasing in a particular neighborhood they are interested in.
If they really want to be in that neighborhood, perhaps its time to get serious about making an offer. All the available inventory will soon be gone. In other words, they will miss out.
For home owners who are thinking about selling, when they see real estate market data showing how many of their neighbors are selling their homes, that might prompt them to finally give you that listing.
If Neighbor Jane just sold her home for a nice price, Home Owner Joe certainly doesn’t want to miss out on that heated demand for homes on his street.
Many agents do this now with letters. However, what about sending out graphs, charts and maps showing a bunch of neighbors who have just sold their homes in the area, along with charts showing a spike in home sales.
Geocodes can point out amenities next to listings
An agent can also use local amenities in regard to the concept of missing out.
For example, use geocodes, the location software that integrates a map with MLS listings. With that powerful tool an agent can point out how a home has just become available across the street from a:
a) beautiful Park
b) Whole Foods Store
c) popular Golf Course.
If the potential buyer doesn’t grab that home right away, someone else will.
The same effect can be created when you use home sales data by zip code and neighborhoods to point out trends in prices.
Displaying pricing data in a visual chart is a compelling way to accomplish this.
Visual images are effective. They get right to the point. All a home shopper or seller has to see is a trend line indicating prices are steadily rising in that neighborhood and they get the point.
Time to buy/sell.
For the home shopper, they could miss out on lower prices today.
For the home seller, they could miss out on getting that high price for their property today.
Fear of missing out is a very potent persuader.
The power of other people
Another convincing trigger is the concept of “social proof.”
This is where people make decisions based on what other people are doing.
If a bunch of consumers are buying X product and then telling their friends about it, it must be a good product. If a local restaurant is always packed, consumers assume this must be a great place to eat. If readers see a museum has received a ton of positive reviews on Yelp, then that must be a quality place to visit.
An agent can use home sales data by zip code and neighborhoods for this technique as well.
With home sales and price trends the social proof is very obvious. (But it still might be smart to point this out to a prospect so it resonates with them).
If home sales in a particular neighborhood are trending upward, that’s obviously proof that other consumers out there see the value of buying there.
We’re not talking about the latest Air Jordan sneakers either.
These consumers have obviously made a HUGE commitment by putting down a deposit of thousands of dollars and obtaining a mortgage for hundreds of thousands of dollars. That’s certainly proof.
Obviously, the same effect applies to trends in home prices.
If their fellow home shoppers are willing to pay higher prices for homes in one neighborhood, other home shoppers are going to pay attention.
Hyper-local data shows the true the agent with local knowledge
Another benefit to agents from providing all that home sales data by zip code, etc. would be potential testimonials.
When you sit down with a home shopper and show them in-depth, hyper-local market data, they are going to be impressed.
After they make the decision to purchase and move into the home, ask them for that testimonial. (And referrals).
Same with a listing presentation. When a home owner sees you used your real estate market data to help them understand market conditions and price their home correctly, they will be appreciative. Get that testimonial.
There’s your social proof. Rather than just hearing an agent tell them how great they are, when future home buyers and sellers see testimonials from other consumers, that’s also convincing.
Agents all know the value of referrals.
Adding this home sales data by zip code is just one more factor that can help paint that picture in the mind of shoppers and sellers that this agent is really on the ball.
Consumers today are very savvy. They can find answers to their questions with a few clicks. Hype doesn’t cut it.
But real facts do.
We’re obviously not suggesting you use the concept of “fear of losing out” to scare a shopper into buying a home or an owner to list.
Or to aggressively push a consumer into taking action because all these other consumers are making moves.
If you have the right tools, such as multiple segments of real estate market data, those triggers will happen on their own.
That’s human nature. You are just supplying the right context for these mental triggers to go into effect.
Bottom line, let home sales data by zip code and neighborhood do the persuading for you.