Descriptions
Matter
Scriptbiz LLC was founded on the idea that while there have been many advances made in analytics applications in recent years, data applied to words and text lags behind.
We realized that there is a tremendous amount of value to be gained for real estate professionals who craft property descriptions, as descriptions are one of the most important touchpoints realtors have with their customers.
The data shows that property performance, measured as the number of favorites/likes and total days on the market, varies widely based on the contents of property descriptions.
Scriptbiz aims to provide insights to real estate professionals to optimize this part of their business, leveraging state-of-the-art analytics and methods.
Our leadership has a wealth of experience applying analytics techniques to a wide variety of industries, including sports, technology, banking and manufacturing. Scriptbiz Property Description Handbook, Volume I, is our team’s vision to apply state-of-the-art analytics methods to rich property data, and provide valuable insights to real estate professionals at a low cost.
All else equal, property descriptions that use a top word or phrase are over 2 times more likely to receive a favorite and over 1.5 times more likely to sell in less than 30 days than average descriptions for comparable properties.
Our insights will help real estate professionals increase engagement and ultimately, reduce the average time on market for properties –improving both brand and income.
Great descriptions drive engagement through favorites and likes. Indeed, the objective of this handbook is to lay out the words, phrases and concepts that drive favorites.
But what is the value of engagement? We’ve analyzed this, and the data shows that, all else equal, engagement leads to faster selling cycles.
The properties with the most favorites per day (the top 10%) sell in under 30 days 25% of the time.
All other properties (the bottom 90%) sell in under 30 days only6% of the time.
This relationship holds across all price points and this is important, because obviously, more desirable homes receive more favorites. However, when we control for price, we still see the same pattern - the more favorites, the faster the homes sell.
For example, take homes that sell between$350k and $360k. These are clearly homes of very similar value and desirability. However, the homes in this group with the most favorites (the top 10%) sold 45% faster than the rest of the group. Pick any price band and the results are similar.
As we will emphasize in this handbook, engagement is critical to selling your property quickly – low engagement homes stay on the market 76% longer than similar high engagement homes.
Homes with the most favorites (top 10% in favorites): Sell in under 30 days 21% of the time.
All other homes: Sell in under 30 days 7% of the time.
Homes with the most favorites (top 10% in favorites): Sell in under 30 days 21% of the time.
All other homes: Sell in under 30 days 5% of the time.
Homes with the most favorites (top 10% in favorites): Sell in under 30 days 36% of the time.
All other homes: Sell in under 30 days 7% of the time.
The conclusion is clear: driving engagement through favorites and likes will reduce your average time on the market. Optimizing your descriptions is a great a way to do this.
