Digesting the data: How information can give agents a much-needed edge

“Nowadays, the use of data is quite precarious because of that accessibility and the need for consistency,” Mardiasmo said.

“You can’t really blame the consumer because they are going to depart with a large chunk of their wealth, so they want to have the most accurate data possible.”

For agents, who were already time-poor, she said it was integral to identify the key information and not to get lost in the depths of the data.

When it comes to deciphering data, Mardiasmo said agents needed to focus on the essentials, including pricing, rental yields, vacancy rates, and buyer demographics, in addition to broader information such as economic trends and future planned developments.

“It’s not just about knowing one specific data point or growth, it’s about knowing all of the data points that will go into someone’s decision to go into the market.”

“The data you need to know to become an area specialist is all of those touch points.”

“As agents, we are all very busy people who can lose focus a little bit because there is information everywhere.”

Mardiasmo said one of the big issues she had seen with data was that agents were spreading themselves too thin across research.

“I see a lot of agents trying to cover a lot of ground, and because they’re trying to cover so much, they mix it all up.”

“I have always trained agents from a research perspective is to be very clear about what their areas are and what they are not.”

“So it’s about being clear as to which is your area and focus on those areas and making sure you know that ‘these are the key indicators that I need to know.’”

To keep the data as clear and concise as possible, she said agents could create a system to regularly track changing trends.

“When you have that list of indicators, then it becomes easy to update on a three or six-monthly basis because you might have an Excel sheet with all of the indicators laid out.”

Using data to close deals

By conducting the research beforehand, Mardiasmo said that agents can provide buyers with a comprehensive report on the property and its surrounding area to ensure clarity for their purchase.

“Having a report that is specific and local to that postcode or area is literally a golden tool for you.”

She said that instead of just passing a report on to clients, agents should summarise the information into key points to make it easier for their clients to understand.

By providing buyers with clear information and telling the story of the property, Mardiasmo said agents could cut through the noise to help purchasers make a smart decision.

“It’s two things. One, it’s the completeness of your data and two, your ability to use the data to create and tell a story.”

“It’s about having all of the data points and being able to intertwine them together into a story and being able to convey that to somebody.”

“Because at the end of the day, data is power, information is power, and information builds trust.

While it was essential for agents to leverage data, Mardiasmo said that nothing was better than conveying the information in person.

“It still doesn’t beat agents who actually dedicate that time to sit down with their potential clients and do that listing presentation, not only having all of the data, but can leave a nice presentation folder with the client.”

Invest in continued learning

In a low-supply market, agents need to be well-informed to stay ahead of the competition.

For agents who have been overwhelmed by the amount of information available at anytime, Mardiasmo said they should look to upskill themselves.

“If you have access to a research class or data training or anything like that within your own network, then that is definitely something that you need to invest your time into.”

“Or if you don’t have that and you are a new real estate agent, there are so many research classes that you can enrol in on how to actually read data.”

She said that younger agents could also look within their own office and ask more experienced agents for help.

“You can ask your principal, ‘Can you sit down with me and talk to me about the trends and what does this number mean?’”

Even with her extensive experience as an economist, Mardiasmo said that for someone unfamiliar with data, it can be easy to get lost in the information.

“I’ve had those moments myself, and you know, economics and data and graphs are my jam, it’s my thing.”

“It can literally be like it’s a bowl of soup with a bunch of different ingredients, and you are trying to make sense of it,” Mardiasmo concluded.