What are Market Analytics?

A real estate professional can look at the market much as a doctor approaches a patient. Your doctor will assess your health on a variety of different levels and use a battery of tests to determine how well each of these levels is functioning. So, too, do real estate professionals assess the "health" of their local market – but instead of an MRI or blood test, you use market analytics tools. Instead of cells, organs, and bones, you are examining specific properties as well as neighborhoods, regions, counties, and the nationwide market. And, of course, your insights are possible thanks to data collected about taxes, sales histories, demographics, schools, zoning, and more.

Just as a doctor needs accurate information to cure a patient, a REALTOR® needs complete and accurate information to serve their clients. This is where market analytics tools can help – but it's imperative to find the right solution for you. So, let's make sure you're armed with the questions you need to ask and take a look at a few of your options.

Questions to Ask

There are some important questions to ask when buying any real estate technology product and some that are unique to choosing a mapping or lifestyle search product.

First, let's look at general questions you'll want to ask.

• What are my objectives for this piece of technology and will this product help me achieve those objectives?
• What is my budget?
• Does my MLS or Association have any agreements with any vendors that might help me obtain this product at a discount or for free?
• What kind of customer service and training programs are available? Are there webinars and, if so, are they recorded so you can view them at any time? Is the vendor's online help sufficient?