Real Estate Data Aggregation – Business Intelligence for Brokers and Agents

real estate data aggregatorReal Estate Data Aggregation might be a term that is unfamiliar to many brokers and agents.

But it is certainly something they should pay attention to.

Previously, data aggregation appeared to be the realm of large multi-national or national companies.

Companies like the IBMs of the world had the massive computer-power, servers and hard drives to process and store billions of bits of information.

Only the big guys were able to play with this data.

But that is no longer the case.

First, let’s go back to the definition of data aggregation.

According to IBM, “data aggregation is the process where raw data is gathered and expressed in a summary form for statistical analysis.”

Another way to define data aggregation is that it is simply the process of compiling information from different sources (databases) to create separate datasets. Then those datasets could be used in a number of ways.

Real estate data aggregation provides information buyers want

In the case of Real Estate Data Aggregation, those datasets could be:

  • Recent Home Sales
  • Trends in Home Prices
  • New Construction
  • School Data
  • Neighborhood Demographics
  • Cost of Living Indices
  • Crime Ratings

There’s also a geospatial element to data aggregation as well.

That’s where the data aggregators also gather geographic data.

That data can range from longitudes and latitudes and geographic coordinates down to highways, roads and street addresses.

That geospatial data is then rearranged to show “shapefiles” for a variety of geographic entities – counties, cities, neighborhoods, subdivisions, school attendance zones, etc.

real estate data

Real estate data aggregators provide “feeds” to local websites

As you can imagine, there are quite a few variables related to the real estate profession.

When you combine all that data for each county, city, zip code or even neighborhood in the United States, that’s a massive database.

In addition, tapping into the right sources for all that information is critical.

For Real Estate Data Aggregation that would also include MLS services, county and city records and numerous other sources.

That’s the part concerning the sourcing, extraction and accumulation of the raw data.

Then there’s the data management part. That involves filtering, verifying, updating, storing and sorting all that data.

Data aggregators such as Home Junction use proprietary algorithms to sort this data and package it in a way that is useful for the average real estate broker and agent.

Then there’s the process of sending that data to a broker’s website.

Home Junction, for example, has its own proprietary “Slipstream API” (Application Programming Interface).

That Real Estate API is basically some simple software that is easily embedded into a broker’s website to distribute all the hyper-local information they want for the areas they are farming.

This ability to present all these hyper-local datasets is no longer just in the hands of the larger corporations.

Now any broker or agent can provide this highly-relevant information on their website.

This is where the Business Intelligence part entersinto the equation.

Real estate market data is Business Intelligence.  It’s this intelligence about the local housing market that is super valuable to consumers.

That data also helps with Search Engine Optimization and rankings on Google and Bing.

Consumers will search the web for this data, such as school data.

Will yours be one of the websites that will appear in the search results for School Information in your marketplace?

This data is so valuable in fact, that consumers will be willing to fill out lead forms to get it.

Take Home Valuation Data. As you know, one large real estate portal that starts with the letter “Z” built up their brand with this type of business intelligence – home value estimates.

Market data that persuades sellers

Real estate market data is not only a great way to attract and inform home buyers.

It’s also a very valuable tool in persuading home owners that your realty firm is truly the company with local knowledge.

An agent can show a potential seller how they are going to use that real estate business intelligence to market their home and attempt to generate the most and highest offers for their property.

That business intelligence now puts the local broker on the same level as the large, public portals.

That’s empowering.

In this digital day and age, consumers are used to finding the information they want just by typing (or even saying) a few words into a device they hold in their hand.

That’s why it’s critical that local brokerages work with a real estate data aggregation company to establish themselves as the local source for this information.

Real estate market data is Business Intelligence for the housing industry.

Working with a Real Estate Data Aggregator to provide that valuable hyper-local data to consumers on a broker’s website is the intelligent decision to make.

 

 

 

 

 

 

Real Estate Market Data Helps Agents Demonstrate Their Negotiating Abilities

real estate market data negotiatingReal estate market data when making a listing presentation can help influence a seller in a number of ways including one BIG factor that could be the tipping point.

That factor? Your ability to negotiate for the top price for their home.

Sure there are lots of variables that go into a home sale – location, condition of the property, size, the market, available inventory, age, amenities, size, kitchen, bathrooms, etc. etc. etc.

But as we all know, at the end of the day, one of the biggest factors that will dominate the conversation will be price.

What’s my listing price?

What’s my home really worth?

How much should I be willing to compromise?

Lots of unknowns.

As CP Scott once said, “Comments are free, but facts are sacred.”

When making a presentation to potential listing clients, real estate market data, the hard facts, removes many of those unknowns.

By providing several pieces of hyper-local real estate research in addition to a CMA, an agent can start to paint a clearer picture of where any property stands.

And just as importantly, they can demonstrate how they will defend that pricing strategy.

This will impress homeowners.

Real estate market data from one source

Now, an agent can go out and try to find all those hyper-local statistics. And they can attempt to keep them updated every month.

But why do all that when there is a better solution?

Use a real estate market data API (Application Programming Interface) for a data feed from a seasoned data aggregator and technology company such as Home Junction Inc.

We’re not talking about bits and pieces of hyper-local real estate market data. We’re talking about hundreds of different datasets. All custom-tailored to each individual agent’s local market coverage.

real estate data API

Charts provided by Real Estate Data API

For example, when presenting to a potential sellers show them:

  • Charts on Recent Homes Sales in their market
  • Charts on Trends in Home Prices in their area.
  • Charts on Comparable Markets nearby.
  • Home Valuation Estimates
  • Market Position – where does that property rank for Square Footage, Sales Price, Price per Square Foot and Age. (For example, the homeowner’s property might be in the top 20% of their neighborhood for square footage. Certainly an asset to promote).
  • Available of Inventory in their neighborhood and surrounding neighborhoods (Home Junction doesn’t just provide real estate market data by zip code, but down to the neighborhood and subdivision level as well).

All that data will be important in responding to the inevitable lowball offers. Or even offers below the homeowners target price.

School and neighborhood data

Home Junction can provide other data as well that could influence pricing in the mind of buyers.

That information includes School Data. Schools are super important to families and even non-families. People know a good school district is golden when it comes to the value of properties in that area.

School Attendance Zones are another important factor. These zones show which school a child will attend based on their address. Attendance zones are different for different grade levels – elementary, middle and high school.

They frequently change, due to enrollment, etc.

Then there are Municipal Boundaries. Showing a property located within city limits will mean higher taxes.

Who lives where? Home Junction also provides Neighborhood Demographics to give buyers a sense of the people who live in a neighborhood. Are they older? Younger? Highly educated?

Crime Ratings naturally are also an important consideration.

How about the cost of living? One town might be more desirable than another, but geez, it sure is more expensive to live there. Home Junction has that Cost of Living data.

All of these facts and statistics can be used to support and justify a pricing target.

A homeowner is going to want to know their agent will fight the good fight for them. As we all know, there many issues that will pound away at a pricing target.

Home inspections for one.

But an agent prepared with local market research can help counter any pushback on price or other conditions.

In addition, that agent can point out how real estate market data will help take the emotion out of negotiations.

This not only works when dealing with buyers, but as we all know, when calming down sellers who feel hurt or insulted during the negotiation process.

Having that hard, real estate market data can keep logic in the conversation and prove the fair market value of any property.

That’s how you get parties to settle down and get to an offer letter quicker.

It’s a harsh, cruel world out there sometimes. Your listing clients want to have the perception that you are going to be a tough and savvy negotiator on their behalf.

Showing them you have an in-depth reservoir of real estate market data assures them you have the cold, hard, “sacred” facts to wage that battle effectively.

 

 

 

 

Property APIs Can Help Buyers And Sellers Involved In Renovated Properties

property-data-APIs

Property APIs can be a real asset when helping home buyers who are considering a fixer-upper.

With the abundance of all those “fix and flip” shows on TV, it seems like half the world is now looking for a fixer-upper.  In fact, according to one recent study, about 30% of buyers are willing to spend time and money renovating a home with flaws.

What a great thrill it is to take an old, worn down property and turn it into a suburban Taj Mahal.

Of course, experienced real estate professionals know, there’s TV land and then there’s reality.

Fixer-uppers can be very challenging.

As we all know, most of the time renovations cost more than anticipated, take longer than anticipated and encounter many unanticipated challenges (like starting to repair the drywall and finding mold or rusted, broken plumbing behind it, etc.).

Home buyers are treading dangerous waters. According to one study in Houzz, people spend on average about $34,000 on renovations after they buy a home.

Of course, there can be huge swings in those numbers. No agent wants to see their client continually dip deep down into their savings for repairs.

Property Data APIs help with decision-making

One way to help home buyers when they are considering a fixer-upper is to offer them information surrounding a property in general to help them justify the purchase…and know there is a silver lining with all that blood, sweat and tears.

With a Property Data API embedded on their website, an agent can point out all the positive attributes of a LOCATION…and the wiggle room it provides in terms of upgrading that property.

A Property Data API is basically a software program that lets an agent tap into a giant warehouse of hyper-local data acquired by national aggregators such as Home Junction.

Home Junction has developed numerous sources for information that is super-relevant to home buyers and owners.

The company then gathers all those millions of bits of data from those sources. It then filters, sorts and organizes the information into a feed than can be installed on an agent’s website.

That agent can choose just the information for the neighborhoods they are farming. What’s great about Home Junction’s Property API is that the data can be pared to not just the zip code or city level, but all the way down to a specific neighborhood or subdivision.

Real estate data API provides hyper-local facts

That information includes:

  • Recent Property Sales
  • Trends in Home Prices
  • Charts on Market Conditions
  • School boundaries
  • School information
  • Municipal Boundaries
  • Neighborhood demographics
  • Neighborhood amenities
  • Transportation hubs
  • Cost of Living indices
  • Crime Ratings
  • Home Estimator Tools
  • Market data on how a property compares to others in their market in terms of Square Footage, Price, Age and Price per Square Foot.

This is extremely valuable information every home buyer needs to know. This is especially true for a buyer who is not only about to sign up for a sizable home loan, but is also about to plunk down a significant amount of money to restore that property.

Even with spending tens of thousands of dollars on a home, perhaps market data will show there is still a big cushion for return on investment compared to homes of similar size in that market.

Use the data to help owners of sub-par properties

Conversely, an agent might have a homeowner as a potential client who is about to list a less-than-ready property, for whatever reason.

Again, with access to that valuable local real estate market data, an agent can let a homeowner know there is real value in their property and its location, even if the rugs are stained, the kitchen is outdated and the bathtub in the guest bedroom has sunk into the crawlspace.

The agent can prevent that homeowner from leaving money on the table.

Much of the repairs for a home can seem nebulous at times. Uncertain. Who really knows the extent of the damage? Even contractors will tell you they don’t really know until they start digging into the issues.

But a Property API provides hard data. Facts.

That data can be reassuring.

Thanks to TV, fixer-uppers are the hot thing right now. Many people have ventured into fantasyland thinking they can be the ones to salvage a house and transform it into a dream home.

But sometimes dreams can become nightmares.

An agent with a large databank of local market information from a Property API on their website can bring their clients back to earth and give them a better understanding of the facts affecting any rehabbed property.

 

 

 

Use A Real Estate API To Build Trust With Clients And Overcome Negative Perceptions

real estate API

A Real Estate API with a huge reservoir of hyper-local market data can be helpful to brokers to establish an overall sense of trustworthiness for their firm.

Apparently this is a challenge for real estate brokers and agents with consumers today.

According to a recent Gallup Poll, agents are on the cusp when it comes to how they rank among professionals for honesty and ethical standards.

A Gallup Poll from Dec. 3, 2018 ranked several professions for honesty and ethics. Here are the findings for Real Estate Agents:

  • Very High – 2%
  • High – 23%
  • Average – 54%
  • Low – 15%
  • Very Low – 4%

Meanwhile, the group that ranked at the top for honesty and ethics was Nurses.

This was followed by:

  • Medical Doctors
  • Pharmacists
  • High School Teachers
  • Police Officers
  • Accountants
  • Funeral Directors
  • Clergy
  • Journalists
  • Building Contractors
  • Bankers
  • Ranking below Real Estate Agents were:
  • Labor Union Leaders
  • Lawyers
  • Business Executives
  • Stockbrokers
  • Advertising Executives
  • Telemarketers
  • Car Salespeople
  • Members of Congress

Real Estate API provides facts, not hype

Now, it’s important to point out most people find Real Estate Agents honest and trustworthy. The small percentage of people that don’t, about 20%, probably get their perception from Hollywood movies or TV shows which doesn’t always paint agents in a favorable light.

It’s also important to note, the difference in ranking between agents and other professions such as lawyers for example, is substantial.

About 28% rank lawyers very low.

For telemarketers, 55% of respondents gave this profession a low rating for honesty.

And the worst, Members of Congress, had 58% of those surveyed ranking them poorly and only 8% ranking them above average.

Still, in this era of robocallers and spammers, it would be smart for agents to take measures to ensure they appear trustworthy in the eyes of their customers and their community.

One way to do this is steer clear of fluff and hype.

Offer customers the facts as much as you can.

Offer narrow-focused hyper-local market data

A great way to display facts is with hyper-local data.

 

real estate API

Charts provided by Real Estate API

That data could include:

  • Recent Home Sales
  • Trends in Property Prices
  • School Data
  • School Boundaries
  • Neighborhood Demographics
  • Crime Ratings
  • Cost of Living Indices
  • Municipal Boundaries
  • Points of Interest

Okay, a broker or agent might shrug, here’s more work for me to do.

But when you work with national data aggregators such as Home Junction, they do all the work for you.

All the broker or agent needs to do is choose the neighborhoods they want to target and then order the data from Home Junction.

Home Junction provides a Real Estate Data API (Application Programming Interface) which is basically just a few snippets of code added to a website.

That Real Estate Data API then supplies a wealth of hyper-local data for a specific neighborhood or subdivision on the agent’s website. Not just by zip code, but parsed right down to a designated area such as a neighborhood, community or subdivision within that zip code.

Talk about credibility.

With this valuable data, an agent can show buyers market trends not just for an entire city, but for the specific neighborhood where they would prefer to live.

Pulling stats from a large area can be misinterpreted and misleading. For example, home prices for a town might be flat overall.

But for the Exciting Heights Community where schools have high rankings, the hyper-local charts might show sales are booming and homes are selling fast.

Conversely, wouldn’t it be great to show potential sellers how you are going to use your Real Estate API to show prospects their street is “hot” is when it comes to desirability?

Facts mold perceptions

Consumers today have their fake detection filters up on high.

Using a Real Estate API to show them the real facts about the local housing market will go a long way in building a high level of trust.

After all, most of the real estate business transaction is based on trust.

And this simple attribute can go a very long way in helping consumers make a decision.

That trust can also be parlayed into future business and a significant number of referrals as people tend to trust their friends and family more than ever when making decisions.

As they say, perception is reality.

While a Real Estate Data API provides hard data, those facts will go a long way into shaping the perception about your firm in the minds of your clients and your community.