Understanding where you stand alongside your competition is an essential part of any marketing strategy. RP Data’s On The Market® service can help you ascertain your market share and competitive standing to incorporate into your overall approach.
To do this, simply run an On The Market® report in RP Professional on a suburb in your area. This will show you every property in the area that is currently being listed, along with its initial listing date and agency.
Comparing the overall results to your agency’s current listings will give you an approximate measure of your current market share – if 32 properties are currently on the local market and you’re listing seven of them, then you have a market share of approximately 22%.
The On The Market® report also offers you the Average # of Days On Market for listings in any suburb area, sorted by property type, attributes and price range. The report will also provide you with a measure of Listings By Activities and Listings By Listing Type. You can compare your agency’s own days on market to the area’s average, to find out whether you are performing better than the competition. If you are performing better than the average, this is a vital piece of information to tell your clients and prospects!
Having determined where you stack up against your competition with regard to market share, days on market, and suitable pricing, you’ve turned a single report into a benchmark with which to plan realistic goals, measure your success and promote your achievements.
Log in to RP Professional to start planning your next strategy using On The Market®. For more information, view the On The Market tutorial video under the Results option or call our friendly customer care team on 1300 734 318. If you would like to register for a training session on using all of the great functionality RP Professional offers visit rpdata.com/training.