In an industry where data is key, agents who can combine storytelling and numbers will stand out, attracting more leads and referral business.
With a constant influx of information, agents nowadays need to navigate the noise and relay insights to prospective clients, boosting trust and conversion rates.
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Ahead of his talk at the REB Innovation Summit, Property Analytics founder Andrew Stone said that with a vast range of market knowledge at hand, agents often found themselves unable to single out the most important data points.
Instead of simply showing prospective clients the figures, Stone said agents who could apply personalised data to their sellers would have a better chance of winning listings.
Additionally, with AI increasingly making it difficult to discern the truth, Stone said agents had an opportunity to win sellers’ loyalty by having the capability to verify information.
“The agents that focus on being a trusted voice with credible insights that matter, as opposed to just one of the other hundred agents that throw a bunch of numbers at people, will be separated from the rest.”
While some agents fail to prepare enough data, Stone said other professionals may go to the opposite extreme of overpreparing information without explaining the meaning to vendors.
“It becomes a bit of death by data, throwing everything on the wall and hoping it sticks.”
He said to gain sellers’ trust, agents needed to be prepared with coherent stories that could back their data up, be selective, and ensure the figures were relevant to vendors.
In a tough buyer’s market, he said agents should show quantitative proof of a successful database, and that they knew how to attract purchasers from other suburbs, and introduce them to properties they hadn’t considered.
“Show that you’re in touch with more active buyers. Pull out a case study – ‘we actually just sold this one, we had three bidders, we’ve got two under bidders’.”
“If you can pull out those specific use cases and bring them to light with digestible insight, what we do is we really focus on making the insight intuitive to understand.”
To improve their conversion rate, Stone said the most important data point was not the number of properties agents had sold, but whether they had been successful with similar properties, and the kind of buyer demographic they would attract.
“I find vendors don’t really respond that well to saying, ‘we’re the biggest, we’re the best, I’ve sold a hundred and look at my awards’ – that’s pretty superficial.”
As AI becomes more dominant in the industry, Stone said it was also important for agents to arm themselves with knowledge to verify information and establish themselves as trusted experts.
Stone’s comments came after new data showed Australians were among the most cautious when it came to AI in property, preferring to trust agents and other experts.
“What’s going to separate the good from the great is, to be able to really demonstrate that our numbers are factual, our numbers are credible, is where we’re getting our numbers,” he said.
In contrast, Stone said agencies that blindly use AI bots to generate information, such as their market share, would find it difficult to recover from the lack of trust formed if the data were wrong.
“People are going to increasingly get caught out, and it’s really hard to come back from that if you actually demonstrate a lack of integrity.”
Listen to the full episode here.
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