New property portal PropertySoldBy has launched a market information report for agents.
The Property Data Insights report called “Are you taking on the right instructions? An analytical approach to winning the instructions that matter”, is available free on the website although agents will first have to activate a free profile.
We have had a look at the report, and it certainly seems to make for interesting reading, although as EAT is not an estate agent, we would be interested in the views of those who are in a much better position to say.
The site, launched by a former estate agent and which describes itself as a property data intelligent portal, provides a way of letting consumers know which agents sold particular properties after the Sold board has come down.
www.PropertySoldBy.com/Insights
%20-%20IMAGE%20Client%20Accounting%20%E2%80%93%20what%20are%20your%20options.jpg)
Comments
Yet another "here you go guys a free tool to put to use" dismissed by the experts with local knowledge.
Thank you for the reply Phin, you have put a lot of thought and effort into this and it is obvious you are 'convinced', I'm not.
By dismissing demand and so glibbly allowing it to be the focus of the portals you have in one sentance convinced me and very other Agent that you are focusing on the wrong stuff.
Good luck Phin, I wish you well.
@ PropertySoldBy on 2013-07-24 15:36:33
I look forward to you reporting progress in 12 months time!
@The elephant in the room, many thanks for your response to our white paper. I (as in Phin the Founder of PropertySoldBy and ConveyancingBy) thought it best and fair to share my thoughts on your response, in the spirit of engaging with our partners / prospects / clients. As an aside it would really be helpful to use your real name, I feel terrible having to refer to you as “the elephant in the room”.
In the financial markets there is the popular risk awareness statement “past returns are not an indication of future performance”, and undoubtedly this is true of not just the financial markets, but property, commodities and even sporting events (my beloved football team does not win every single match they play unfortunately). However, the objective behind any data analysis (which is what those historic sold prices are once analysed) is to provide valuable insight. The facts are those properties have sold in those numbers (volume) at those prices (value) – no one can dispute it, argue against it or give their opinion on the matter, those are the facts. Demand, house prices, whether blue is better than green etc. are all “opinion based”.
Furthermore, property sales by the very nature of their sales cycle are not a ‘in real time’ market, like equities. As such data analysed within a time period of 1 day to 6 months, is normally a near to accurate representation of what is happening in the property market (In our white paper the data went back as far as the 1st January 2013). We expect to release a report in the future which will have analysed what the UK average time is to sell a property, breaking it down into geographic areas, over a determined period of time. We however can make an educated assumption that the projected average time to sell i.e. from when a vendor puts their property on the market to the time it completes will be at the very least greater than 10 weeks and perhaps in some really buoyant markets greater than 6 weeks. (You can of course work this out at branch or office level based on your own sales data. We’d be more than happy to do the analysis for you, for free of course).
You mentioned that this is a “supply based report that gives no regards to demand”. You are correct, our focus is on the supply side. Rightmove, Zoopla et al. focus’ is on the demand side i.e. their primary focus is buyers and Estate Agents, our primary focus is sellers and Estate Agents. In order for there to be demand there has to be supply, and vice versa of course. However from an economic principle point of view the principle of supply and demand primarily focuses on the pricing of a commodity, in this case the property. As an Estate Agent you will of course know there are several other factors to consider when valuing a property besides just price and of course eventually selling it to a buyer.
In response to the “this is a disturbance, blackmail sell”, I can’t see how we are ‘blackmailing’ anyone into a sale when we provide the platform for an Estate Agent to showcase their success to prospective vendors for free and it will always be free - this is no promotional offer. From next month Estate Agents on our platform will receive a localised monthly Property Data Insights report, this will be free as well. Overtime there will be natural trends that will allow Estate Agents to better understand their local market based on the analytical data and be in a position to make informed decisions whether it is on the marketing, targeting and pricing.
You may now be thinking, “how do you make your revenue then?” Very simple, we charge an introducers fee for any vendor we introduce that converts to a sale. It is a performance based model - no leads, no sales, no fee. Now where have I seen that model before …
On the matter about online Agents, the localised Property Data Insights example we provided in the white paper was for Royal Tunbridge Wells and the Estate Agents listing properties for sale at the time we analysed the data (I believe this was the 15th July). If an online Estate Agent was not listed, there did not have any properties for sale in Royal Tunbridge Wells at that time.
I’m very open to hearing feedback, positive, constructive or otherwise and you are welcome to respond here or email me directly phin[at]propertysoldby.com.
Have a great day.
All that is very nice and very comprehensive but it doesn't actually do what it says on the tin! Reporting what has sold is a historical record but not an indication of what today's stock ought to be; rather like restocking a jeans shop with Flairs because that is what was selling yesterday.
This is a supply based report that gives no regards to demand.
This is a disturbance, blackmail sell aimed at niching Agents, the more that subscribe the more that hve too. How come 'Agents' like hatched don't appear in the report? if the online Agencies are doing so well and selling so much why don't they show up?
We've now made the white paper download conveniently available via the link in the article. No registration required. We would certainly love your feedback, positive, constructive or otherwise :). Have a great day
Hello, apologies for the 404 error, we are actually migrating servers. Hopefully you should have no problems accessing the white paper now. If you do, you are welcome to connect with our Founder on LinkedIn (linkedin.com/in/phinmpofu). The report has been published there as well.
You are welcome to read the white paper and share your thoughts and feedback
All I am getting is a 404 error (it isn't working or has no data) but that doesn't matter; any agent that needs someone else to tell them whether or not they are winning the right instructions really ought to give up.
Estate Agency is about farming the local area, knowing what to have on and when but also when not to be taking stuff on.
I am fairly sure someone will subscribe to this but really it will be the class remedials who let applicants buy property rather than them actually Selling property. Based on some of the comments regularly posted on EAT there is an obvious market for this product with the low ability 'Agents' [Portal, Software reps?] who don't understand the difference.
I suspect that this product has been built with a view to being sold off to Zoopla, they seem to buy up this type of thing.