Since the peak of sales prices in April 2022, the real estate market across Australia has grown increasingly more challenging for real estate agents who have been faced with decreasing stock and reduced buyer confidence due to increasing interest rates.
Being able to ride the wave through the cyclical nature of the real estate market has proven critical to the longevity of agents. Access to accurate, up-to-date data can make a substantial difference to an agent’s success. How can it help?
Understand the current state of the market
With a good understanding and knowledge of your local market, you can make more informed decisions on your prospecting opportunities. Data can provide insights into trends in the market, such as the types of properties that are in demand and the average selling prices for different types of properties. This information can help you tailor your marketing and sales strategies to meet the needs of clients and potential buyers.
When talking to prospective clients, with the knowledge of recent suburb and market trends, you can also demonstrate your expertise to help secure new listings and provide insights to your client to enhance your communications.
Identify new opportunities and focus your efforts
Having good market data can also help you stay competitive. There may be fewer available listings and more competition from other agents, which can make it more difficult to secure listings. By using data to identify opportunities such as withdrawn listings or properties on the market for extended times, you can better focus your efforts and differentiate yourself from competitors.
Facilitate better price negotiations
Accurate market data can also help you to educate your buyers and sellers, and negotiate more effectively. In a declining market, buyers may be more hesitant to make offers and sellers may be more open to negotiation on price. By having access to data on market trends and comparable properties, you can provide your clients with the information they need to make informed decisions and come to mutually-beneficial agreements.
Up-to-date market data is a valuable asset and can be used to your advantage to help: secure listings, negotiate prices and generate income even in challenging times.
CoreLogic Australia