Forward planning is the first step along the road to success.  In the competitive world of real estate, understanding where you stand alongside your competition is an essential part of any strategy.

Here’s how RP Data’s On The Market® service can help you prepare a plan to improve to your chances of success:

Running an On The Market® report in rp.professional on a suburb of your choice will show you every property in the area that is currently being listed, along with its initial listing date and its agency.

Quickly searching through these results for all of your agency’s current listings for your agency will give you an approximately 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%.  It doesn’t take long to determine how your market share compares with those of your competitors, and to keep this in mind when planning your market strategy.

The On The Market® report also offers you the average days on market for listings in your area, sorted by property type and price range.  You can compare your agency’s own days on market to the area’s average, and further strategise from these results to find appropriate asking prices for new listings.

Having determined where you stand in relation to 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 and measure your success.

Log in to rp.professional to start planning your next strategy using On The Market®.  For more information, see our tutorial videos and getting started guides, or visit rpdata.com/training to book a training session.