Understanding Markets

by Marissa Azzara Product Manager on ‎10-23-2015 03:22 PM - edited on ‎05-31-2017 06:23 PM by Bria Hunter Senior Product Content Strategist

    What are markets?

     

    A market is a geographically-organized collection of ZIP codes grouped together by Zap. Because your Zap website exists within a large, nationwide network of sites within your brand, we use markets to segment that national coverage into smaller areas. This helps consumers more easily find local information and service.

     

    Customers on your website or mobile app can search seamlessly across different markets. The customer may choose to search only within a given market, or they can search outside of the area that they started in via the search bar. For example, a customer can begin their search in Portland, OR and then decide they want to look in Seattle, WA. In this case, they are searching in two markets, but they have a single, integrated search experience.

     

     

    Why do we have markets?

     

    Markets allow us to improve your customer’s experience by localizing their service while allowing them the flexibility to search anywhere they’re interested in. Whenever your customer is searching in a market you cover, they’ll see you as their local agent or brokerage, and they’ll be encouraged to reach out to you.

     

    Even if your customer is searching across multiple markets that are covered by different companies or agents, they’ll always be able to return to an agent and company they’ve previously established a relationship with. They can also view their saved homes and searches grouped by market. This keeps your customer’s experience seamless even as they search across multiple areas. It also gives them the freedom to find information about homes anywhere they’re curious about – and because they don’t need to go to a competing website to find that information, they’re much more likely to keep using your Zap site as their go-to resource.

      

    How do we determine what comprises a market?

     

    When grouping ZIP codes into markets, we use a complex methodology that incorporates metropolitan statistical area data from the Bureau of Land Management (via the U.S. Census), MLS coverage areas, and other factors, including total area, geographical features (e.g. mountains and rivers), and major thoroughfares (e.g. freeways).

     

    Markets may or may not match up with the area that an MLS services – MLSs can vary dramatically in size. For example, Ojai MLS covers only 2 ZIP codes whereas TREND and MRIS cover multiple states! Generally, one MLS will map to one market, but this won’t always be the case. We make markets that aren’t too large so that agents and companies can service reasonably sized areas.

     

    What do market names mean?

     

    Some market names may align with the names of cities in the area that your company services. These will usually line up with major cities, but will refer to a larger region. You may also see names of counties as market names. Most market names should be understandable to someone who is not necessarily familiar with the area. If you see a market name that looks unfamiliar or differs from how you usually refer to markets in your area, you can see exactly which ZIP codes are included in what we’ve grouped as that market to be sure that you’re servicing the areas you’d like.

     

     

    Which markets does my company website service?

     

    Companies can service one or multiple markets. The broker or admin can see the markets that the company is servicing by going to the Company Configuration page (under Manage) and clicking Markets. From here, they can see which ZIP codes are included in that market and whether the market is turned on or off for the company.

     

    The markets that a company can service on their Zap website are determined by the ZIP codes they are servicing in LeadRouter and the MLSs that they belong to. For any given market to be turned on as a service market, the company needs to both have lead ZIP codes for that market in LeadRouter and have MLS agreements with the MLSs that service that market.

     

    If you would like your company to cover a market in which you don’t belong to all of the major MLSs, we highly recommend getting access to all of the MLSs so that your customers aren’t frustrated with a small subset of listings. If you would like to add an MLS and/or turn on a market, please reach out to your zapdeployment@realogy.com.

     

     If you’d like more detailed instructions, check out our Knowledge Base article on adjusting coverage areas for your company or agents.

     

    Which markets does my agent website service?

     

    To see which markets your agent website services, just go to your Account Settings page and click on Service Markets. Any market that is turned on here is a market where customers on your agent website will continue to see you as their local agent.

     

    An agent can service any market that their company services. Agents are automatically able to service customers in any market where they have at least one lead ZIP code assigned to them. They can also choose to service customers in a market even if they do not receive any leads there – to do so, they can ask their broker to turn that market on as a service market via their Personnel Profile.

      

    If you’d like more detailed instruction, check out our Knowledge Base article on adjusting your agent website’s coverage area.

    Marissa Azzara May 31, 2017