Want better data capture? Your wish is our command. There's more changes to feedback and vendor reports! In the Individual OFI Feedback release post we briefly mentioned that we’d introduced three new fields into buyer feedback entries: namely Price Indication, Enquiry Source and Interest Level. This post covers why those fields are important and how the data they capture has allowed us to make some powerful changes to the feedback report.
Like a lot of the new Feedback changes, this one started off as a user voice request:
We loved this suggestion – in particular the new graph on the vendor report. Understanding broadly what buyers think of the property is helpful to sellers – but at the end of the day, the vendor is going to be primarily concerned about how much they’re willing to spend. The new price indication field is available for all entries involving individual feedback from a buyer or tenant. Those of you that have been putting this data into the freeform written feedback area should now use the new field. We’re making the most of this new data by including a new price indication chart in Rex’s vendor reports. The chart lets your sellers (and you) track what people thought their house was worth after walking through it - including how this has changed over time. If you’ve tried out different staging layouts or new marketing tactics, you’ll now get a much clearer idea of whether they’ve been having the right effect.
Enquiry Source Data
Tracking your enquiry sources is important if you want to fine-tune your marketing to bring in the most interest. Before the current release, the only way to track enquiry sources was by manually adding a separate “enquiry” feedback entry whenever potential buyer contacted you for the first time. The current release adds a new enquiry source field to every relevant feedback type, namely:
- OFI feedback
- Private Inspection feedback
- Follow Up feedback
Capturing enquiry sources makes your vendor reports even richer. Data from the new field populates the enquiry source chart to give you and your clients a more representative overview of where all the interest in your listing is being generated.
Third and last up is the inclusion of the interest level field in your OFI, Private Inspection and Follow Up feedback dialogs. A buyer may be marked as “hot” (as in cashed up and ready to buy) but their general interest level obviously doesn’t apply to all the properties they inspect. Before the current release Rex didn’t specifically account for this: a hot buyer was a hot buyer whether they were looking at a three bedroom queenslander, a french chateau or an igloo. This release adds an interest level field for each individual feedback entry. This gives you and your vendors a far better understanding of each inspection attendee and the ability to hone in on the right targets. Interest level (Hot, Warm or Cold) is shown on feedback entries with a coloured dot. As with the other data points, tracking individual interest level has drastically improved the accuracy and usefulness of the interest level charts shown in vendor reports.
Straight from the contact’s Feedback Stream
We’ve talked a lot about how this new data affects your Vendor Reports, but we’ll also show it in the Feedback Stream card on your attendees Contact Record:
The adjusted feedback entry displays:
- The related listing record
- The buyer’s individual feedback
- Their personal price feedback
- How they enquired, and
- Their interest in the property
More and more, real estate is becoming an industry driven by data. The more information you collect, the greater your insights into the behind-the-scenes of the whole operation. The changes described in this post give you the ability to:
- Instantly identify hot prospects for the listing at hand.
- Understand whether or not a buyer is worth pursuing based on their price feedback.
- Analyse how marketing spend, staging etc affect buyer perceptions of property value, and use those insights to drive up property value.
- Fine-tune your marketing and generate more leads by directing your effort and spending into the marketing channels that generate the most qualified enquiry.
- Develop your database for the future: the more you understand your contacts’ likes and dislikes, the better you know your customer.
More recent feedback updates: