Have you ever asked asked the question “Where do buyers come from?”
On February 2 2021 a new field in Matrix will help answer that question! RAHB implemented an optional postal code field in Matrix to monitor Buyer Path projections, as seen in the picture below.
By adding this field, the data collected gives REALTORS® the ability to visualize where buyers are coming from based on filters such as price, date range, location and property type. This field was added in May 2018 for the Kamloops and District Real Estate Association (KADREA) and their information can be seen in the image below.
CREA is now offering their own Buyer Path application for all Associations to utilize across Canada which will be ready for implementation in the first quarter of 2021. CREA’s Buyer Path application provides vital information for RAHB REALTORS® and external stakeholders.
Example: You are listing an apartment condominium at $500,000, you can visit the Buyer Path application and determine exactly where Buyers have originated for that type of property over the past 6 months. You can then target your digital marketing to that specific area.
CREA has advised it will require at minimum 9 – 12 months of postal code data for the application to be beneficial for users.
With regards to privacy, it is important to let your buyers know that a postal code is simply a mailing route and does not pinpoint a Buyers origin address.
Although the field is will start out as being optional, RAHB hopes to make the field mandatory over time in order to provide the most accurate data possible.
For further information about the Buyer Path Application, please read the following REM article https://www.realestatemagazine.ca/how-small-real-estate-boards-can-be-leaders/
If you have any questions, please contact the MLS® Help Desk at email@example.com.