ResiAnalytics

Too often the lines between opinion and analysis are blurred, with opinions used to push information as if they are facts. The key difference between opinion and analysis is that an opinion is just that: a thought on a situation. Analysis, however, is the the process of breaking down a complex topic to gain a better understanding of it. 

That is not to say opinions aren’t valid, but the problem with them, especially when relating to the residential property market, is that too many agents have an opinion and not enough use analysis. Agents that focus more on analysis, letting it form part of their opinions, are the ones that become the most influential in the industry.

Who has the opinions?

Clients are influenced by what agents tell them, so it is important that they are being fed the right information. They look to the agents to provide them with the insight that will make them feel comfortable instructing their property. 

The big brands’ opinions influence the property industry across the whole of the UK. One of the key factors in them becoming so influential is the amount of time they have invested in detailed analysis to help them form their opinions. 

Your agency won’t necessarily need to focus on the nationwide picture, instead your core interest will be the local area that you operate in. That means that you won’t need to have your own in-house team providing you with analysis. 

You will need to spend a good amount of time researching and making sure that the analysis is correct, but all the information can be sourced for free. What you need to decide on is how valuable your time is selling and letting in comparison with research. 

Why do people have opinions?

Many agents who form opinions and promote them are usually doing so for their own agency’s benefit. That doesn’t necessarily mean what they are saying is wrong, but the opinions can be one-sided, often skewed and not really giving a clear view of the actual picture. Especially if they need the opinion to fit their own agendas. 

Clients will show their appreciation If your opinions are influenced by analysys and provide real insight into the local market. If the analysis doesn’t show the results that you initially hoped for, you need to be smart and create a solution rather than trying to hide the problem. By doing this you can gain the client’s trust and show them that you are the agent with access to detailed market information in the local area. 

Getting out of control

Unfortunately there are some agents who will use their opinions to create a feeling of insecurity with the client. They hope this will get them to make a decision that is better suited to the agent, rather than the homeowner. 

These agents are in the minority, with the majority always having their client’s interests in mind. However, sometimes that minority can let their opinions influence people to make the wrong decision. 

These small scenarios are limited but they are damaging and have been one of the reasons that the online-only platform has found a place in the market. A small number of agents have made it harder for the majority to thrive in what is already a congested market.  

Stay with the facts

Agents can sometimes be a little too enthusiastic, overpromising and under delivering, which only ends up with a disappointed client. They can give an initial valuation that is higher than the market average to get the client on side, then end up pressuring the client to lower expectations when the property is not selling or renting. 

That is why using analysis of data can help to show that your valuation is a realistic one. Maybe your value is not the initial price the client was hoping for, but by showing them the data to prove your pricing is correct, you are being up front and honest from the start. 

Even if they initially instruct with an agent who overvalued their property, there is a strong chance that they will come back to you after realising it is not selling or letting. By giving them an initial, realistic prognosis of how their property fits into the market, you will gain their trust and ultimately their business. 

Keep it local

Focus solely on your area so you can show that you are only interested in what is really important to you: your clients and their property. Do the research, learn the facts and let local analysis form your opinion on the market. Then share that opinion with clients and potential clients in the area, installing yourself as the local market leader. Analysis of data is important to your agency, but it is also important to your clients and helps to gain their trust.