I'm receiving a message saying that my search is "too narrow"?

In the quest for precise information, there is a common misconception that narrow search criteria lead to more accurate results. While this may hold true in certain scenarios, the intricacies of the real estate market demand a broader approach to generate meaningful reports, especially when aiming for comprehensive market insight.

When search parameters are too narrow, the system may struggle to gather sufficient data to produce a well-rounded market insight report. For instance, limiting the search to a specific neighborhood or a narrow set of property features might result in an insufficient sample size, leading to skewed or incomplete conclusions. In essence, the old adage "garbage in, garbage out" holds true – limiting the input can severely compromise the output.

If you are seeing the following error, this is indicative that the sample size of the report is insufficient.

You wouldn't want to send a report to your customer that says "zero property sales in the past week", or indicates a "0% increase in the average sales price". This is why this safeguard is here - To ensure that reports are not automatically sent out with information that most REALTORS would not want to provide to their clients.

Solutions

1. Change your frequency: Instead of sending your report on a per-week or per-month basis. You can choose to send your report every quarter or even once per year. Choosing a wider timeframe will result in more market activity being captured overall - Even in smaller neighborhoods and communities.
   
2. Expand your search area: It may be necessary, to expand your search parameters, specifically the geographic area definition. As a result, you will capture more results. If you are receiving the indication that the sample size of the data is insufficient, you may want to consider a more appropriate type of report such as a CMA report (discussed below) as a Market Insights report may not be appropriate in such scenarios.

The Alternative

Comparative Market Analysis (CMA) Reports: In situations where specific details or a localized focus are required, a Comparative Market Analysis (CMA) may be a more suitable alternative. CMAs typically narrow down the search criteria to a specific property type, location, or set of features, providing a more tailored analysis. While CMAs lack the broad perspective of market insight reports, they excel in delivering detailed information for specific purposes, such as pricing a property for sale or assessing the value of a potential purchase.

Conclusion

The quest for accurate real estate reports requires a nuanced approach to defining search criteria. While precision is essential, it's equally crucial to strike a balance and avoid overly restrictive parameters that may hinder the system's ability to generate meaningful insights. By understanding the specific goals of a report, professionals can choose between a comprehensive market insight report or a more targeted Comparative Market Analysis, ensuring that the chosen approach aligns with the desired level of detail and accuracy needed for informed decision-making in the dynamic real estate landscape.