Ok folks,
I hinted about this in the past, but I’m at a point now where I can’t contain the excitement of this new software I’m building. Very soon, I’ll be reaching out to a few select customers (trusted, long term, high-volume) about joining an alpha group for Market Watch.
What is Market Watch? It’s a data and analytics software that combines the entirety of MLS data with data insights and brokerage roster information to provide epic insights and research into your market, brokerage, team, or specific agents.
What is it specifically (how about a few examples)
Well it started with @robthomson and @David telling me about how they used Broker Metrics and how they wished there was a better product when I was doing some consulting out at their office in Florida. “Yeah I can do that” - things like market share, reporting on volume by city or neighborhood or city - easy peasy!
So we built that (Here’s an example) and yes we provide trending data including past period, YOY etc
But then as team leader myself, I realized that I wanted reporting and trending for my specific agents, and I wanted to tie in listing and sold data. BAM built that too!
But then I put my recruiting hat on and thought about some of the things that mattered in terms of watching other agetns (their volume increases to decreases, activity), their tenure,e and many other things that are signals and important data when considering recruiting agents (or retaining them) - No sweat!
And THEN I realized - I have all the listing data (and sold data) mapped - and one of my big challenges is getting brokerages, team leaders, and agents to consistently add their deals AND it’s especially tough to get brokerages to go back several years to report past deals
BOOM!!! I’m building that too!!!
There are so many other cool things in this software I can hardly contain my excitement.
As for the Alpha - it will need to be invite only (it’s a custom implementation that takes quite a bit of time as it’s not a product) - there is also a very heavy lift when it comes to “mapping” each specific MLS (it’s currently only mapped in VIREB and CREB) - we’ll likely choose 3 or 4 more markets for testing, and those markets will be chosen based on MLS size (we need to be working with large data sets) and the overlap between that and influential customers (by size, tenure and current activity / spend at REW).
Honestly, in my 21 years at REW we have built some AMAZING tools and software.
Market watch just may be our greatest invention ever. It’s that big.
I have some plans on integrating it into our new listings / insights reporting as well - which will make it even more powerful. (Not that it needs it).
Thank you to those few trusted advisors who have provided product feedback and testing along the way. I truly appreciate you