As information shifts from scarcity to abundance, real estate professionals can no longer rely on being the gatekeeper. Most of the information buyers and sellers think they need is now just a few clicks away. It’s time to shift our focus from delivering information to delivering something new: insight.
Insight is information with value added to it. That value might be your years of experience or it might be important details that only you have access to. It could be your ability to take something complex and make it more easily understood. Insight is information that they didn’t know, they didn’t know.
Three Strategies to Shift from Information to Insight
1. Add Interpretation
Put the information in context for the consumer. What’s a sales-to-listing ratio? What does that mean to the price I put on my home? What’s happening with mortgage rates and what does that mean? What strategies do I need for a buyer’s market? How about a seller’s market? Think about what you can add to the information that will make it more useful to your clients.
2. Bring Scarce Information
There’s still lots of information out there that’s hard to find, protected, not easily compiled, or that requires relationships to access.
No one needs you to bring them MLS listings. That information is abundant. But what about:
- Future development projects?
- Economic development plans and prospects for a community?
- Trends in school planning and school quality?
- Upcoming changes in zoning, highways and infrastructure?
What new, scarce, hidden or ‘insider’ information can you bring to the table?
3. Add Advice
Now more than ever you’re going to have to tell clients what you think. Of course, you need to give your clients all the information and insight possible to help them make an informed decision but when they ask your opinion, you need to put your expertise and reputation on the line. You’ve got the training, the experience and the market knowledge. Tell your clients what you’d do if it were your home.
Over the coming decade, whoever has the strongest ability to create insight from information will be the dominant force in a market. They’ll make the best deals, get the most referrals, and build the strongest personal brand. Master this key differentiator now.
What are some of the best insights you have about your market right now? How are you transforming information to insight? We would love to hear from you.