Rory Black from our Dataloft Inform team recently contributed to an article by Lisa Isaacs at the Negotiator Magazine, exploring how agents can use local knowledge to bring power to their proposition, prospecting and professional reputation.

“... the world’s most valuable resource is no longer oil, but data.”

— The Economist

In 2017 the Economist claimed, “the world’s most valuable resource is no longer oil, but data” and although arguable in today’s climate, there can be no doubt that utilising data is intrinsic to business success. In agency land, local information should be as integral to your pitch as your fee. From retrospective price analysis to future trend forecasting, data that’s generated by the agent can be combined with information held in the ether to win new business and improve service levels.

Data uses are limitless. Get to know your client then deliver them tailored information - reassure sellers that your valuation is accurate. Convince landlords that they're buying in a high yield area and educate buyers ahead of a lifestyle relocation. What's more, today's powers of persuasion don't rely on agent-based anecdotal evidence but are derived from independent, third-party data for genuine authenticity.

Here's the rub. There are hundreds of data points and sets to monitor, from Land Registry to Royal Mail, plus there's data filtering into branches on a daily basis via online capture forms. Most agents don't have the time to distil all the facts and stats needed to come across as the 'local property expert' but fear not. There are multiple number crunchers, fact gatherers and prediction professionals whose job it is to build the algorithms and refine the data noise to provide agents with the local area guides, comparable properties, graphs, charts and heat maps clients have come to expect.

Local information can be loosely segmented in three areas – past data, present data and future data – each playing its part in the home moving lifestyle. The Negotiator explores the role of specific local information in relation to your client base.

If clients are so focussed on future outcomes, is there any worth in knowing about the past? It’s an emphatic 'yes' when it comes to valuations and courting new business. Agents are frequently pitted head-to-head and when it comes to the age-old advice of inviting three agents in, they'll sit on the same sofa and probably deliver a similar spiel. So, what marks one agent out over others?

Rory feels the difference can be the degree of local knowledge ...

“ln this year’s Property Academy Home Moving Trends Survey, the top three reasons for choosing an estate agent included: ‘They had good market knowledge’ (71%) and ‘I liked and trusted them’ (67%).”

— Rory Black, Dataloft

This stems from a client's ability to trust an agent, and demonstrating knowledge instils confidence. Being able to illustrate sold prices for similar homes and whether transactions levels are rising or falling shows an agent has its finger on the pulse - people love a property statistic, especially if it relates to where they live.

“We have found that the agents who consistently share local market insights that are relevant to their audience will give themselves a better chance of being considered as the appointed agent, as well as build trust in their brand.”

— Rory Black, Dataloft

Subscribers to Dataloft lnform, Dataloft’s online market insight platform can choose from six fully populated market reports covering sales, lettings and new homes, as well as a range of other market insights and collateral. Market reports can be taken to valuations to add an extra layer of professionalism, emailed, made available online or posted on social media.

“The challenge is how to make sense of the considerable overload in property’s ‘data space’. As many people say, ‘data is the new oil’ but it’s essential that it is refined properly. Subscribing to a platform like Dataloft Inform takes away all that pain and saves considerable time and money.”

— Rory Black, Dataloft