REINCheck

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

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Andrea Rice
Hello and welcome to REINCheck. I'm your host, Andrea Rice, and today we are checking in once again with REIN’s Data Administrator, Josh Garbin, for a discussion on Domus Analytics and some updates. Some good stuff coming. So Josh, thank you so much for taking time out of your busy schedule to be here today.

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Josh Garbin
Thank you Andrea, I'm glad to be here.

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Andrea Rice
All right. So let's just dive right in. Josh, can you start by telling us what Domus Analytics is and how our members can access the program?

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Josh Garbin
Yeah. So Domus Analytics is one of the tools that is offered to members of REIN. It’s a program that allows you to generate quick statistics that can be used for presentations. It's broken down into several dashboards that can be accessed on REINMLS.com. So these dashboards are the Market Review dashboard. This is a dashboard that gives a summary view of the status of our market, like the median sales price. the Market Insights dashboard, this is the one with the most options.

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Josh Garbin
And one favorite thing that I like about this is you can run stats all the way down to the subdivision level. Then we have my favorite dashboard which is the Pricing Insights dashboard. A member can put in the asking price of a property and compare it visually to other activity in the area. So when you're sitting down with a listing appointment and somebody says, hey, I'd like to list my home for $350,000, you actually have a visual representation of where that home could be as compared to others to help really set the expectation.

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Josh Garbin
And the final two dashboards are shareable. So this means that they can be displayed on websites or shared via social media. They are the Market Snapshot and the Market Summary. So the Market Snapshot is a snapshot of some of our stats of the area. And the Market Summary looks a little bit like the statue see on our press releases.

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Josh Garbin
So if you read the press releases and there's that little, graphic at the bottom, it looks like that. One really cool feature of that dashboard is that potential clients can view the market properties on REIN.com just by clicking a button on the dashboard. So there's an area where it says Active. And they can click right on that button and it'll take them to REIN.com

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Josh Garbin
and look at the active listings.

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Andrea Rice
Oh that's really interesting. A lot of good stuff. Like you can really dial in with Domus and then to have it connect to the listing is fabulous. So I hear that there have been some updates recently to Domus. So can you explain what they are and how our members can benefit from them?

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Josh Garbin
Right. So the new dashboards, Domus Analytics have some nice features. First there was a massive overhaul of how it functions. So the data will actually be updated more frequently and it's easier to read and navigate. Unfortunately, the Weekly Trends dashboard has been sunset, but the features from that dashboard have been added to three of the dashboards.

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Josh Garbin
So that's going to be in the Market Review, Market Insights and Market Summary. So that shareable link with the Market Summary actually does have a dropdown that you can go to weekly. And the previous version, the only place to look at weekly data was the Weekly Trends dashboard. Also, along with those two dashboards I mentioned earlier that are shareable, the Market Insights dashboard has a bunch of new options.

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Josh Garbin
It includes absorption rate. You could overlay the mortgage rate, which is really nice, and days on market to pending status. So all these features allow for creation of graphs that could be used for presentation to show expertise in the market.

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Andrea Rice
All right. Excellent. And Josh, you spoke a minute ago about the shareable dashboards. And everyone's on social media and has their own websites. So this is really a nice feature. How can our members share the stats?

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Josh Garbin
Okay. So once either of those dashboards have been accessed at the bottom there's an area where you can click on it says, show me where I could share and it'll take you to, another page. And there's, some coding that's going to be available, including the links. So right from the two dashboards you can easily access that.

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Andrea Rice
Nice. Thank you. I think I think a lot of people would be interested in that if they're not already aware of it.

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Josh Garbin
Yeah, we've had a couple of questions on that so far which is really nice.

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Andrea Rice
Yeah. And of course if they have issues they can always call product support. Right?

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Josh Garbin
Absolutely.

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Andrea Rice
So Josh you are these stats guy. How can our members use the stats and Domus Analytics to set themselves apart? Maybe some insight into how these numbers translate into the real world.

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Josh Garbin
Absolutely. So these stats are just another tool in the toolbox. These stats will help our members gain an understanding of how the market is working in our area. So this could translate to listing appointments or helps to put in the best possible off for your clients. Like I said earlier, the pricing insights. You could sit down with your client and say, okay, this is what you are thinking we should offer for.

00;04;56;03 - 00;05;11;23
Josh Garbin
Let's see, you know what's going on in the market. Or the flip side could be, hey, this is what they're asking prices. Let's take a look and see if that is reasonable for the market. So these numbers helped set expectations and adding these stats from Domus can help really to add to your presentations.

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Andrea Rice
Yes most definitely I think if you're not using some kind of stats, it's hard to really get people to understand where they fall when they're listing. So Josh, do you have anything else that you would like to add before we sign off? Any parting thoughts or tips for our members?

00;05;30;11 - 00;05;52;29
Josh Garbin
Absolutely. So, on REINMLS.com we have our training calendar as well as helpful tips on how to use Domus. Domus themselves also have a help area that can be accessed anywhere on REINMLS.com, on any of the Domus dashboards. They actually have Domus University that they can access. Of course, if you have any questions, please reach out to REIN’s Products Support department and we'll be glad to answer any of them.

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Andrea Rice
Thank you. Josh, a lot of great information. I think my favorite part is just how much you can dial in like down to this subdivision. I think that's really powerful. So if you guys have not checked out Domus, now that they have even more updates and features, I suggest just go in and play around with it. Give it a look how you can share the information, which is super powerful.

00;06;15;13 - 00;06;32;13
Andrea Rice
So go ahead and take a look at it. And thank you, Josh, for being here today and giving us all that insight. And thank all of you out there 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 to REINMLS.com to take a listen.

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Andrea Rice
And if you haven't done so already, please make sure you subscribe to REINCheck so that you get new episodes delivered directly to you when they're released. Thank you and have a great rest of your day!

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