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.

Choosing the Right Tools

If you're considering a market analytics tool, there are questions you can ask to evaluate which option is right for you, like:

• What are the data sources for this tool?
• What is the geographical range of the data? Is the data for my local market available? Is nationwide data available?
• What reports are available? Are the reports easy to understand?
• Do I want to use this tool to create materials to give to sellers or buyers? If so, can the technology support this functionality?