Over the years, a lot of agents come to me and ask about how to improve their business. The first question I ask them if it is a buyers market or a sellers market. What is the absorption rate for their particular area for class of listed property...how many active listings are on the market...is that higher or lower than preceding years...what is the number of agents in the MLS... and it that number up or down for previous roster lists? They invariabley look at me like I have two heads!
My focus is that to keep ahead of the competition, I feel it is necessary to have real market knowledge. Not guess work, not pull numbers out of the air, not make anything up...just the facts. I carry them with me on the listing appointments. Why? Sellers love them! First of all, no other agent is doing them or interpreting the numbers. It allows the seller to more carefully choose who will represent them, and what your worth is! That translates wil they pay you nothing...or a full commission plus!
In our market we used to have about 45-52000 listings during the winter months...in the last few years it has peaked. As of today in one listig service I noticed there are Active - 65691 Properties Found. Another service 90965. A few years ago we had about 13,000 active agents today we have about 42723. The problem is that sales have not increased exponentially. And as a matter of fact they are dropping over the last few years. Foreclosures are up, and no one talks about the sales numbers. The deals per agent have declined big time. The number of expired listings equal annually the number of homes sold. the monthly forclosure inventory can equal the number of homes sold in a month.
To compete in a market with numbers like these and be successful you have to know what is a good listing and should I list it or walk away, choosing not to work with a waste of time buyer or investor that will not sign agency, and where to spend marketing dollars most effectivley! If you know the facts it is easy to answer, and act accordingly! None of this is guesswork. Do you know the stats in your market? If so share them!
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