Neighborhood Deep-Dive Market Research for Real Estate Brokerages
Building a Complete Picture of Your Market Opportunities & What It Will Cost to Win Them
Quick Note: This service is the extensive Brokerage / Team version of REVAS Agent Niche Analysis™ (more geared toward individual Agents).
The goal of Neighborhood Deep-Dive Market Research is to build a complete picture of your market opportunities, and to define what’s going on in your target markets, determining where the best ROI can be had for your marketing dollars.
We’ll dig deep into particular neighborhoods and Zip Codes, to help you identify & compare each unique local market opportunity, including providing you with powerful data points like:
- Total Housing Market / Commercial Market Value,
- Total Average Annual Sales Volume,
- Top Agents in each targeted Neighborhood
- (And their Annual Production — Sides + Sales Volume)
- Other Brokerages active in the Neighborhood,
- Demographic make-up of the Neighborhood,
- Detailed geo-targeted Crime & Commerce Stats,
- [Optional] Property Owner Names and Contact Info
- (using REVAS Skip Tracing)
- [Optional] Customized Live Surveys conducted with local property owners.
In essence, our goal is to provide a comprehensive & precise breakdown of each Neighborhood you’re targeting, performing a “Deep-Dive” into all the stats & local info available — even (optionally) conducting live, one-to-one surveys with local property owners.
This service aims to provide powerful data & analytics you can use to better plot your Brokerage’s growth plans. The information is designed to be invaluable for helping you decide on the best niches to target and finding the best possible ROI strategies for all your Marketing Campaigns.
How It Works:
Neighborhood Deep-Dive Market Research builds on a foundation of the same assets as Agent Niche Analysis™ which means for your target neighborhoods, we’ll start out with the same 7 Key Data Points:
- Total Properties,
- Total Approximate Aggregate Value,
- Annual Transaction Volume (by Sides and by Sales Volume),
- Average Annual Turnover,
- Top Producing Agents,
- Gross Commissionable Income (GCI) earned by those Top Producers, and
- Market Share Percentage the Top Producers currently represent.
This service can apply to both Residential and Commercial Real Estate Markets, and will work in any locality nationwide (USA only).
While the 7 Key Data Points above are the complete picture for REVAS Agent Niche Analysis™ … the Neighborhood Deep-Dive goes much deeper still.
We also dig into the Demographics, Crime & Commerce Stats, identify all other active Brokers with recent transactions in the Neighborhood, and can even (optionally) provide all Property Owners’ Names & Contact Info for the Neighborhood, and conduct live Surveys with them!
With this powerful local market info, you will be able to better focus on how to increase your local market dominance & boost ad budget ROI.
Neighborhood Deep-Dive Market Research will help you better invest every ad dollar to get as high as a Return On Investment as possible for all future marketing campaigns.
You’ll learn significant details about your hyper-local marketplace, including your potential Clients as well as competitors who are already successfully closing deals in your target Neighborhoods. This will allow you to size up the market opportunity, as well as your competition for it, so you can act accordingly.
This will help you identify the “lowest hanging fruit” in your target areas, where you can instantly gain market share for the lowest possible cost.
On a broader scale, the Neighborhood Deep-Dive data can continue to inform & drive strategic decisions for the future, both for Sales & Marketing, as well as for the general direction of your Real Estate Brokerage / Team.
There are two main challenges with Neighborhood Deep-Dive Market Research, and the resulting data it will reveal.
The obvious first challenge is cost.
Doing all this research isn’t cheap (starting at over $2,000), so it’s not going to be practical on smaller opportunities. It only makes sense to invest in a Neighborhood Deep-Dive for target locations where you’re spending $10k+ on advertising per year.
The next challenge is not so obvious, but it’s definitely the more difficult to overcome:
A Neighborhood Deep-Dive will yield A LOT of information about your target location.
If you’re not prepared to utilize it to inform decisions, and you don’t have a plan for how you’ll be sharing it with key team members…
… It can end up feeling like too much information.
What you do with this information is what matters, and a big con of doing this type of research is that it’s easy for the data to gather dust (without taking any action on it).
The biggest challenge you’ll face is not only paying for the research & getting it completed, it’s thinking about how to implement it in your Brokerage / Team to drive strategic change & vision. You need to be mindful about what action items you’re going to take, based on this information, to ensure you’re getting the best ROI on both the Deep-Dive & your future marketing dollars.
The Work Estimate for Neighborhood Deep-Dive Market Research largely depends on:
- How many Neighborhoods / Zip Codes you’re targeting,
- How big they are, and
- How many total transactions occur there.
With a minimum starting cost of $2,000, and ranging upward from there, it’s a consultative service that involves hands-on efforts from many of REVAS Senior Managers, including direct input from CEO Marshall Hatfield.
It also requires a decent amount of grunt work on the front lines using both Overseas & US-based Virtual Assistants to gather the research data & then format it into useful reports.