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10 ways to measure real estate portal effectiveness

10 ways to measure real estate portal effectiveness
10 ways to measure real estate portal effectiveness
10 ways to measure real estate portal effectiveness.
Posted in: Intranets
10 ways to measure real estate portal effectiveness
10 ways to measure real estate portal effectiveness

According to the Next Move Strategy report, the size of the real estate market is estimated to reach $14.55 bn by 2030 at a CAGR of 4.8%. Companies from this sector use real estate portal development services to expand their business and attract new customers and partners.

How to evaluate portal effectiveness? Real estate portal owners can resort to tracking the number of KPIs.  SharedEasy said some organizations can help facilitate connections and provide additional resources for real estate professionals looking to enhance their portal's effectiveness.

What is a KPI for real estate? 

According to Darren Robertson, a real estate key performance indicator (KPI) is a quantifiable measure used to evaluate business performance in the real estate sector. KPIs can help analyze several different business metrics, such as the performance of an individual realtor, the number of deals closed, or the number of visits to the portal.

With these insights, portal owners can make better business decisions, identify portal weaknesses, and improve overall business results. 

10 KPIs that define real estate portal effectiveness 

10 KPIs that define real estate portal effectiveness

Many metrics can be used to measure and optimize portal performance. And here are some of the most important KPIs to track:  

#1.Total portal traffic

Tracking the number of portal visitors is the most direct way to measure interest and whether the portal gets enough attention. Analyze how many unique visitors come to your portal, what pages they visit, how many pages per session they view, and where they come from: 

Google search, email ads, or social media. If your portal traffic is low, it may be worth evaluating the effectiveness of your SEO, design, and social media presence.  

#2.Organic traffic

By analyzing the organic traffic of the real estate portal, you can assess the overall brand awareness. Organic traffic is an important aspect of KPI because it determines how many people visit the portal without promotion. 

Organic traffic metrics show how relevant and engaging your real estate portal content is to potential buyers and give you insights on how to improve it. 

#3.Conversion rates

Conversion rate is a percentage value that indicates how many people took the targeted action out of the total number of visitors. For example, a portal's conversion rate can measure how many visitors actually contact a realtor or seller, find the right page with property or sign up for a mailing list.  

You can compare your conversion rates to the national averages provided in the Nationwide Real Estate Lead Generation Statistics report to better understand how well your campaign is doing.

This will give a holistic view of all marketing and sales efforts in developing, attracting, and retaining visitors and converting them into customers.  

#4.Total leads

Leads are all potential customers who have contacted realtors, agencies, or sellers about property posted through a portal. Lead reporting in real estate should measure the total number of leads and the dynamics over the month. The more leads you generate, the more effective your portal is.  

#5.Cost per lead

  This metric gives you an idea of the success of your marketing efforts to promote a portal, regardless of its type. This will help you estimate the marketing costs, measure the result of your campaigns, and whether it makes sense to scale efforts. 

If the marketing investment isn't producing results, you need to assess whether other marketing activities can help the portal be more effective.

#6.Clicks to listing

The simplest indicator of a portal's effectiveness is the number of clicks on your real estate listings. People click on ads and go to the portal to see the offer only when they think they are relevant and valuable. 

Based on ad clicks, you can make decisions about the development of portal marketing campaigns.

# 7.ROI  

Return on investment (ROI) is valuable because it allows you to measure the profitability of your real estate portal. Simply put, it tells what kind of return every dollar invested in the real estate portal generates. Measuring ROI is even more important if the goal of the portal is to boost visibility, attract leads, or increase engagement. 

Tracking return on investment will help improve a marketing strategy and sustain the budget.

#8.Number of days on market  

This key performance metric is most suited to real estate and is used to track the real estate market conditions and identify properties that may be open to price negotiation. If a property has been on the portal for a long time, sellers may be more willing to adjust prices relative to other listings, which can help close a deal faster.

#9.Listings closed  

  Real estate listings for sale or rent reflect the total number of closings over a period of time. This is one of the most meaningful KPIs, especially for real estate agent portals and realtors, allowing them to compare successfully closed deals over different periods to predict future growth and success, as well as to identify the most effective employees.

#10.Client feedback ratings  

Increased customer satisfaction boosts loyalty and benefits your business in the long run. Customer feedback is especially valuable for real estate agent portals and realtor portals.

If clients are satisfied with the service, they are more likely to recommend the real estate agent to colleagues. According to the National Association of Realtors, 28% of buyers found a home they purchased with the help of a real estate agent. 51% of buyers found a home through the Internet, which means they were browsing through real estate portals online.

To measure this KPI, it's worth including customer feedback surveys as a standard step in the sales process. 

The bottom line 

Real estate portal KPIs may vary depending on the portal type. To estimate your real estate portal effectiveness, make sure you are tracking the KPIs your business needs.

Some of the leading real estate portals are Zillow, Rightmove, REA Group, and Trade Me. Tracking competitors' performance and best practices is key to keeping up with market demand and becoming a one-stop shop for renting, buying, and selling real estate property.

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Friday, 19 July 2024
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