REINCheck

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VO [00:00:06] You're listening to REINCheck with Andrea Rice, Contracts and Industry Specialist at REIN, where you get the latest member news and information delivered straight from the source, REIN MLS.

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Andrea Rice [00:00:20] Hello and welcome to REINCheck, I'm your host, Andrea Rice, and today we are checking in with Mike Davis, REIN's Product Support Trainer, to talk about Domus Analytics. So those of you listening, you may already be familiar with Mike. If you've taken advantage of any of REIN's training classes lately, Mike does a lot of in-person and online training here for REIN. So Mike, thank you for carving out some time out of your busy schedule to be here with us today.

Mike Davis [00:00:48] Thank you, Andrea. Glad to be here.

Andrea Rice [00:00:50] Thanks. So let's go ahead and talk a little bit about Domus Analytics. So REIN launched Domus in June of this year as a new member benefit. And for those of you listening, hopefully you've had a chance to check it out, or at least you know you've heard about it. Mike, for our members that may not have had the opportunity to experience what Domus has to offer, what can you tell them about this powerful new set of tools that they now have access to?

Mike Davis [00:01:18] Well, in a nutshell, Domus Analytics allows members to retrieve statistical data on the MLS right from REINMLS.com. Members can find weekly or monthly stats, get a quick overview of what's happening in the market, or they can drill down deeper by identifying trends or current market conditions. And this is all possible using four distinct dashboards that offer easy to read interactive graphs that tell the story of the Hampton Roads real estate market in real-time. These dashboards are flexible enough to assist members with gathering their own insights in regard to regional market performance. Also, I should mention, the data presented in the Domus dashboards is for residential property and land only.

Andrea Rice [00:02:04] Great. You know, and in this market particularly, having real-time data is so important for our members when they're working with their clients. You mentioned that there are four dashboards. Can you tell us a little bit about the different dashboards and what they offer?

Mike Davis [00:02:20] Absolutely. The four main dashboards go from the simplest to the most complex. The market review dashboard gives members a quick one-page summary of the local market. So if you want to see metrics like median sales price, median days on market, number of active listings, or month's supply of inventory all on one page, the Market Review Dashboard give you all of that and then some. Weekly Trends Dashboard is for those members who don't want to wait for monthly stats. With 17 different metrics to choose from, you can see what's happening in the MLS week to week and even compare market performance between the most current week and the same week the prior year. While monthly stats found on the other dashboards update the first week of the month, the Weekly Trends Dashboard updates every Monday evening. Now, the Monthly Insights dashboard is your go-to if you want a deeper dive into stats for the MLS. With 17 different metrics to choose from, stats can be broken down by property type, by city or county, by area, or by new versus resale. You can also view stats on a monthly, quarterly, or annual basis. So if you want to identify long-term trends going all the way back to 2004, you have that capability. Also of note, this dashboard has a pricing distribution feature, so if you want to see at what price ranges properties are selling the most, you can identify that for any particular city or area within Hampton Roads. Pricing Insights Dashboard is a great tool to use when you have a new listing. When you have a list price in mind, use this dashboard to determine where your proposed list price fits within the market. So you know right away if your list price is way off base or if you have some room to grow. The dashboard is not a substitute for CMA or an appraisal. It's designed to give members a visual of how a proposed list price compares to the rest of the market, so members and their clients can make informed decisions about how to price listings. Now the stats for each dashboard can be broken down by the available property types, residential detached, residential attached, multi-family residential, and land. Also, members can retrieve stats for specific cities or areas. So, for example, you're looking for the median sales price for residential detached properties in North Eastern Virginia Beach in September 2021, that's not a problem.

Andrea Rice [00:04:48] Wow, that's awesome, Mike. That is a ton of great information, and it sounds like you can really customize, you know, what stats you're looking for, just based on, you know, different dashboards and how you want to fine tune that data. It sounds like this could be really useful for our members. So what if someone wants to share the stats that they found with their clients? Is there an easy way for them to do that?

Mike Davis [00:05:14] There is. Each dashboard has a print icon at the top right corner of the dashboard with which members can save a copy of a graph as a PDF document. They can then attach the document to an email and send it to a client. Even better, there's a fifth dashboard available that's not like the others I mentioned. The Market Snapshot is an interactive graph on which one can find monthly stats for sold homes, median sales price, median days on market, and active listings for any of the ten major cities and counties in Hampton Roads. While members are more than welcome to use this dashboard to find stats, it is really designed specifically to be shared on members' websites and social media. This allows clients and potential clients who visit members' websites and social media pages to get a look at what's happening in the market, and it helps to position the agent as an expert in the local market. Members have access to an embed code to add the market snapshot to their website or a link to share on social media.

Andrea Rice [00:06:18] Wow, that is a lot of great information, and I know our members will really be appreciative of the fact that they can go in not only find the stats but then share with their clients. That's really helpful. Is there anything else that you'd like to add before we sign off today?

Mike Davis [00:06:35] Oh yes, one other thing. Often with stats programs, you're asked to trust the data, but with Domus Analytics, you can actually see what properties we use to compile the data. On the weekly trends, market insights, and pricing insights dashboards you can actually export a list of properties represented in the graph and save them to a CSV file. So if members want to check the numbers for themselves, they have that power.

Andrea Rice [00:07:02] That's great. Thank you so much for sharing all of that wonderful information about Domus. And so if you have not done so already, check out Domus Analytics in the product section of REINMLS.com. I want to thank you all for listening. I hope you enjoyed this episode of REINCheck. And if you missed any of the previous episodes, I do invite you to go back and take a listen. You can see all of the past episodes on REINMLS.com/podcast. You can also now sign up for the subscription service where you can get new episodes and directly to your email or be notified when they hit your podcast service that you're already subscribed to. So go ahead and sign up for that service so you don't miss any of the upcoming episodes. Just like this episode, we've got a lot of great things coming for you between now and the end of the year and a whole bunch more to plan for the new year. So thank you all and have a great rest of your day.

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VO [00:07:59] You've been listening to REINCheck with Andrea Rice. Stay in the know from those who know. Delivered straight from the source, REIN MLS.

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