Market reports are one of many tools that real estate agents use to generate leads and engage a large pool of prospects.
But what makes market reports so valuable, and, more importantly, what can agents do to ensure theirs are actually driving results?
Keep reading to find out how you can create a market report that will help you connect with a great number of relevant leads and close more deals.
Why should I create a market report?
If you’re serious about becoming the agent in your market, you need to do everything in your power to be considered the local expert.
First and foremost, the real estate business hinges on trust. People trust you to either get them into the right home or to get them the best possible return on their investment. When you’re the most knowledgeable agent in the area—fluent in not just the local housing market, but the overall culture and values of the neighborhood—people are naturally going to be more inclined to believe that you’ll get the job done.
Another great thing about a market report is that it’s a valuable piece of content marketing. Market reports are an inexpensive direct mail tool, as they can be printed relatively cheaply and sent to everyone on your list.
Alternatively, a digital market report provides excellent fodder for social media posts, as well as your email newsletters. You can use also use your report to drive more local traffic to your blog, which will increase your website’s ranking in search engines.
Ultimately, a market report is about adding value to the lives of your clients and prospects. Whether or not someone is looking to make a transaction in the near future, the local real estate market has an impact on everyone in the neighborhood—affecting everything from rent prices and property taxes to the performance of the local economy.
Rather than simply offering up data, consider your market report an opportunity to inform and update the community on topics that are deeply relevant to their lives.
What are clients looking for in a market report?
While some buyers and sellers might be focused on a broader area—and some agents are happy to report on the national real estate market—the best way to create lasting, meaningful relationships is to connect with customers on a hyperlocal level.
Start off with a friendly introduction.
In the same way you wouldn’t immediately start talking numbers the first time you meet a new client in person, you don’t want overwhelm your readers by immediately bombarding them with data.
Try to tie your introductory paragraph to something relatable and relevant, whether that’s an upcoming holiday or local event, or something especially interesting you’ll be talking about later in the report.
Again, you’re looking to create relationships that will yield not only repeat business, but also referrals. Give people a reason to want to keep reading.
Make the numbers matter.
Offer your readers a comprehensive, but accessible overview of the local housing market. The key word here is “accessible.” Don’t get caught up in industry jargon. Instead, lead with visual representations, such as charts or graphs, and then follow those up with clear analysis of what the numbers mean.
Here’s some of the data you might want to include:
- The median selling price now vs. this time last year (or quarter)
- How these numbers compare to surrounding neighborhoods
- How many homes are for sale, by neighborhood
- How long homes are typically on the market
Again, it’s crucial to not get too bogged down in the data. Figure out what might be causing these current market conditions, and then relay that “big picture” analysis to your readers. By articulating what these numbers actually mean, you’ll build trust with your audience.
Don’t only report on real estate.
It might seem counterintuitive at first, but you’ll actually find more success with your reports when you don’t spend so much time dwelling on the housing market. Remember: your goal isn’t just to show that you know real estate—it’s to build relationships that will, in turn, grow your business.
There are countless ways you can use your report to brand yourself as a community resource. If you’re creating a two-page report, printed on both sides of a single sheet of paper, you could devote the flip side entirely to the community you serve. For example, you could include a calendar of upcoming events, offer a schedule of trash and recycling pickup days, and even spotlight a local business.
This might seem like a small gesture, but your recipients won’t overlook the fact that you’ve just devoted half of your marketing campaign to serving the community. Plus, they’ll be more likely to hang your report on the fridge, where they’ll be consistently reminded of you and your business.
How do I make my report stand out?
As mentioned earlier, marketing reports are a common tool used by agents, which means you’ll have some competition. The way to make your report stand apart is by delivering more than what’s expected.
While including a calendar of local events is a good start, you can take your commitment to the community even further.
- Congratulate a local high school team for winning a big game.
- Spotlight an adoptable pet at a local animal shelter.
- Include a recipe for a quick and delicious meal.
- Recommend a good book or movie that people should check out.
If you’re a ReminderMedia customer and are sending your market reports by email, you might also include a link to the American Lifestyle digital edition. Each month, readers get access to compelling articles, great videos, and tasty recipes.
At the end of the day, you want to provide as much value to people as possible, with the end goal of creating a relationship. When you demonstrate that you’re not only knowledgeable of the local real estate market, but also committed to the community you serve, people will know, like, and trust you. And, from there, your business will blossom.