Ask An Ambassador: Market Reports Make Music To My Ears!

By
Real Estate Agent with RE/MAX Elite 513.520.5305 www.LizTour.com SAL.2002007747

"I love reading your market report blog."

Not exactly the message I expect to get on a Sunday morning, but there it was in my Inbox!

And a little email back and forth later and I've got a buyer 2-3 months out that knows where they want to live and what they want to buy.  Score one for blogging!  All I have to do is make sure I continue to maintain contact and prove the actions back up the blog posts.

Now for those of you that might think writing market reports is a grind, I'll not argue with you about that.  It's far, far easier to post pictures and write 50 words, collect 225 points and blog another day.  And I'll give you that, those posts might still work very well for you because it establishes your humanity and might give a potential client a reason to like you and call you when they're ready! 

But for me, that "human" approach doesn't come naturally.  I'm an engineer so I'll tend towards the methodical.  Gimme data and I'll do my best to tell you what it means.  I write a handful of market reports each month for multiple reasons:

  • Self education
  • To educate local buyers and sellers
  • To increase my authority on the net and have Google find me more for "Warren County Ohio real estate agent", "Mason real estate agent", "Lebanon RE/MAX agent" and other general terms buyers use
  • To better serve my clients (you know your market's trends and you know when a home is over OR underpriced and the best advice you can give your clients!)

Are market reports the most enjoyable thing I write every month?  Of course not!  But they're actually relatively easy once you get in the groove. I've got a printed form that has spots for each of my key data fields, so literally 5 minutes of MLS work and I've got all I need for a monthly update.  I've got an Excel worksheet with my two charts already set up, so fill in 2 cells, calculate Sold to List percentage, use Jing to screen capture the two graphs and I'm done.  Again, just a few minutes.  From there it's just a matter of updating my market report template with a new intro paragraph, change the charts, update the data report section, summarize with bullet points and then review the Buyer Advice and Seller Advice sections and update if market conditions have changed.

All told?  Maybe 30 minutes per report.

End result?

Better knowledge of my market.

Something the other 6000 agents in my market are NOT doing available for the public to find. 

Less time spent responding to comments on your posts...but I'll pay that price :)

And sometimes, calls from potential clients, especially those that are data driven.  I attract my fair share of engineers, accountants and the like.  And you know what?  If you speak their language, they're great clients.  They're not going to get super-emotional, but analyze the situation and make a decision, all they need from you is the info to make those decisions.  

So you want some music to your ears?  Make market reports a regular part of your blogging schedule!

Until next Tuesday, just Ask An Ambassador if you need help!

Bill of Liz and Bill aka BLiz

 

Posted by

Serving Warren County Ohio & Adjacent Areas


The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS, Ohio License SAL.2002007747

William (Bill) Spear, CRS, Ohio License SAL.2004011109  Kentucky 77938
Ask for us by name if you visit the office!

EHO Two locations: Lebanon & Mason, OH
Bill Direct:  513-520-5305
Liz Direct: 513-265-3004     
Fax: 866-302-8418

MailTo:  LizSpear@Go-Concepts.com

Search Homes:  Http://WarrenCountyOhioRealEstate.com

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Ambassador
2,558,027
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Bill - I used to be surprised when one of my market reports generates a call, but it happens often enough to make the effort really worthwhile. I do about 20 a month and it takes about 3 days to binge them all - like you, I use templates and rewrite the text parts. That's a tiny investment of time for the return we get.

Apr 12, 2017 11:04 AM #25
Rainmaker
117,141
Tricia La Motte, CRS
661-212-2896 eXp Realty - Santa Clarita, CA
Santa Clarita Real Estate - Guiding the Way Home!

Thanks for the article, Bill!

Market reports are good for the client and good for us to keep on track of the market! This information helps us guide our sellers into better listing prices, and our buyers into making better offers.

Your posts look very impressive and show extensive research. Kudos to you!

Apr 12, 2017 11:31 AM #26
Ambassador
2,601,979
Anna Banana Kruchten CRS,CRB
Phoenix Property Shoppe - Phoenix, AZ
Arizona's Top Banana of Real Estate!

Bill great post - you clearly show why those of us who are consistent with market reports month after month keep doing them! And it's not because they're a lot of fun but it does get easy once there is a system in place.  I enjoy reading other folks market reports and it's good to have a feel for what's going on in other markets.

Apr 12, 2017 12:01 PM #27
Rainmaker
1,311,486
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Bill and Liz, making our phone ring should be the first priority, market reports do just that. It may not happen immediately but it will happen. 

Apr 12, 2017 12:03 PM #28
Ambassador
3,068,340
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

BLiz- were I an agent, I would be posting market reports on all of my areas.  What better way to provide much wanted information to potential buyers and sellers!  And you inform yourself as well. 

Apr 12, 2017 12:38 PM #29
Rainmaker
509,147
Elva Branson-Lee
Solid Source Realty GA - Atlanta, GA
CDPE - Atlanta Real Estate & Short Sale Agent

BLiz, it always helps to have a system. Hope you don't mind if I borrow yours.

Apr 12, 2017 01:05 PM #30
Ambassador
2,353,191
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Jeff, Writing them regularly has me ready for those questions, and they do come up.

Margaret, I love getting the data driven clients because if you give them the facts, they're happy.

Jeff, And they're easy to do!

Richie, I'll keep pounding that drum every month!

Krystyna, It's something we know consumers want, and if your competition doesn't do them, you'll get the extra eyes on your sites.

Tammy, It does come in handy.  When I know that as of a week ago there were only a handful of Mason condos for sale, an interest Mason buyer better act quickly.

Dick, They're way more cost effective than banner ads or other sponsorships.  Just an investment in time and a website to post them on.  You've got in nailed!

Tricia, The kicker is they look way more time intensive than they are, just a matter of maintaining discipline and writing them :)

AB, It's good to have the pulse of other markets and have an idea of what might be coming our way.

Beth, And they have that in common with most of blogging.  It's a time delayed payoff, but the work does pay off.

Kathy, It's a great way to distinguish ourselves from the competition.

Elva, Of course!  I've got a very top line post that I do the 1st of each month, then the deeper looks that are more community specific starting around the 5th of each month.

Apr 12, 2017 03:10 PM #31
Rainmaker
39,652
William McClain
London Foster - Miami Beach, FL

Even if you don't end up getting any online juice from it- at least you'll be sharp for any other leads that come your way- buyer or sellers! Really the commitment to studying the market is what people value and why they will trust you vs. someone else! Definitely an approach that adds value!

Apr 12, 2017 03:52 PM #32
Rainmaker
607,629
David Alan Baker Laveen Realtor & South Phoenix Realtor
HomeSmart - Laveen, AZ
Your local Expert

Well said, they are indeed a very worthy use of ones time.

Apr 12, 2017 04:11 PM #33
Rainmaker
409,463
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Specializing in Brookside, Waldo, Prairie Village

I post market reports but oh so desperately need a template that I can just drop in! I am not that tech savvy and even asked two tech savvy pp to do it for me--didn't work. Anyway, I agree with you--good information to share!

Apr 12, 2017 06:51 PM #34
Ambassador
2,353,191
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

William,  Not having to say "gimme a 1/2 hour to check out market conditions" before answering a seller or buyer is invaluable.

David, Other than our patio home niche posts, probably our most valuable category to write.

Mary Hutchison, SRES, ABR , Did you happen to see the link in comment 18 for the AR provided market report template?

 

Apr 12, 2017 06:56 PM #35
Rainmaker
2,253,675
Rebecca Gaujot
Perry Wellington Realty, Adam Conrad, Broker - Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

I agree that Market Reports are not easy. But, they do make the phone ring, as well as helps me understand my market.

Apr 12, 2017 07:16 PM #36
Rainmaker
134,806
Zurple Marketing Team
Zurple - San Diego, CA
Zurple, Client Generation Software for Agents

This is a great article Liz and Bill Spear thank you for sharing this. Interesting to know your reports attract data driven professionals. Keep up the insightful blog posts 

Apr 13, 2017 09:20 AM #37
Rainmaker
566,701
Nick & Trudy Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtors, Philly Main Line

Yep, this is where I always let it slide, start out with good intentions, but just find them so boring although I agree with everything you say. So sucking it up and making more effort to include them in my schedule.

Apr 13, 2017 11:07 AM #38
Ambassador
2,353,191
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Rebecca, I can't come up with a lot of good reasons for NOT writing market reports.

Zurple, It's happened too often to be a coincidence.

Nick & Trudy, It's part of the reason I set aside certain days of the month for market reports.  It's a "to do" that I know I have to do unless I've got a really good reason to do something different that day.

Apr 13, 2017 02:57 PM #39
Rainmaker
743,881
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Market Reports help me and my clients. They are important!

Apr 13, 2017 04:20 PM #40
Rainmaker
333,582
Donna & Larry Johnson
Keller Williams Real Estate - West Chester, PA
Chester & Delaware County

Market reports add great value. I think we could all do a little better at that.

Apr 14, 2017 07:24 AM #41
Rainmaker
840,078
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Excellent post as to why we should be doing market reports!  You are the go to agent with knowledge of your local market and it shows!  (Wish I had that kind of competition - here it's 30,000 agents!)  

Apr 16, 2017 08:03 AM #42
Ambassador
2,353,191
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Sheri, They definitely have a spot in our blogging agenda.

Donna & Larry, And there's usually room to expand.

Jan, That's a LOT of agents!  One more reason a niche such as yours is so critical.

Apr 17, 2017 12:23 PM #43
Rainmaker
181,265
Janice Hope Zaltman LEED AP
Keller Williams Partners - Hollywood, FL

Thanks Bill. Would like to develop a market report that people view and find informative. Their appear to be so many different formats and styes.

 

May 02, 2017 05:55 AM #44
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