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Knowledge is power, and never more so than in the rapidly evolving real estate industry and market.
Domain is supporting agents’ digital transformation during this extraordinary period by unlocking its groundbreaking Domain Insights data and analytics for every customer.
Social distancing measures during COVID-19 have ushered in a chapter of innovation in the business of real estate. By opening up its Insights suite, Domain will provide more customers with the inside intelligence to have quality, detailed conversations with buyers and sellers, win listings and secure the next sale.
Domain’s property-specific Market Insights were released earlier this year, exclusively for Platinum clients.
That has now been expanded with the launch of Market Trends, providing fast-tracked data on market movements, which will be live from April 30.
For a limited time, Market Insights and Market Trends are accessible to Platinum, Gold, Silver, Branded and Basic customers (from now to August 31, 2020).
Domain Group Director, Commercial, Tony Blamey, said the decision was made, given the market conditions, to make these in-depth sets of insights and market indicators accessible to all Domain clients.
“Domain has an incredibly rich and unique set of data insights, and increasingly we want to put those insights in the hands of agents, with the aim to win more listings, and to transact listings quickly and at an optimal price,” Blamey said.
“This is unique – we have shared similar data at a property level, but not an area level, so it is going another step,” Blamey said of Market Trends, adding that agents who adopt a data-led approach inspire confidence in their vendors.
“Typically, the single listing reporting that we have always had in the market helps a vendor understand how their marketing campaign is tracking. What this does is enables an agent to win more listings by sharing it with a potential vendor, and gain their listing.
“Vendors want this kind of data and insight into the current market conditions. It gives them real confidence to list and transact properties, which is so important, particularly now, and always has been.
“Vendors want to deal with a professional agent who understands the dynamics of the market and has those insights at their fingertips. Agents that can differentiate themselves by using data and insights effectively really have an edge over their competition.”
Market Insights helps agents shape an astute marketing campaign and strategy based on property-specific market dynamics and analytics.
Agents can investigate supply and demand trends, find estimates of property values (including rental prices and yields), compare sales strategies, check time-on-market performance, and see breakdowns of which postcodes potential buyers are coming from and the key words they are searching for in their property hunt.
The Market Trends series helps agents to become the authority on their suburb and surrounding area.
It offers insights around supply and demand (revealing current supply, competition and new listing trends in a specific suburb and surrounding area), potential interest (detailing levels of engagement, not just property searches but higher-intent activity such as requesting a contract, inspection, or phone and email enquiries), and Homepass Check-ins (to monitor and track property seeker interest, now and after COVID-19).
Blamey said Domain will keep building on the Domain Insights series, particularly around professional performance.
“We will add more to the suburb's insights, and we will start to roll out agent and agency performance insights as well, so principals can see how their staff are performing,” Blamey said.
“It is so important for agencies to retain and attract high quality talent, and we want to help enable that through these performance insights in the future.”
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