The One Tip You Need for Writing Those Market Reports

By
Real Estate Agent with Solutions Real Estate CA DRE #01490977

 

The One Tip You Need for Writing Market Reports

 

If you don’t already buy into the logic that writing market reports makes a lot of sense, this post is not designed to make you change your mind. It may make you think, though. 

There are plenty of reasons to write a market report, the least of which is providing valuable information to consumers. And disputing generalized reports shared in the media. 

Market reports provide huge value, but are you doing this?The added value is becoming more informed and educated about the market as a REALTOR so you will be more effective with your clients and can answer the proverbial question, “How’s the market?” knowingly.

But here’s a tip on making the best of those reports and creating ones that will resonate with buyers and sellers.

This post was inspired by a recent conversation I had about market data. 

The big take-away was these reports need to speak to buyers and sellers.

By that I mean they must provide a description of what is going on in the market under discussion, and explain what this means for consumers. A chart of data, pretty graphs, and stats are just a part of the picture.

And they leave the reader needing to make an interpretation.

What the data really mean IS THE VALUE to the reader. 

While we generally know what data tell us, buyers and sellers do not. We need to tell them. And therein lies our real expertise, not the fact that we can copy charts from the MLS or compile summaries of statistics and splash them on the page in a spreadsheet or graph.

Our experience, our daily footsteps in the market, our unbiased perspective, and our ability to tease apart the data to tell a story is the telling point. 

It’s too easy to get lost in the jargon and make assumptions that buyers, or sellers, are looking at things through the same lens as us, and understand what we do. 

The truth is they don’t.

The reader should not have to ask…but what does this mean? 

We should provide that answer!

 

 

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Rainmaker
902,276
Kay Van Kampen
RE/MAX Broker, RE/MAX - Springfield, MO
Realtor®, Springfield Mo Real Estate

Jeff, this is very useful information.  My market reports are going to change after this.  Graphs are great, but words explain it better.

Dec 08, 2011 07:04 AM #90
Rainer
135,009
Geoff Grist
Mosman Neutral Bay Realty, Sydney Australia - Sydney, AU
Author of Sold Above Market book

Yes, just have a regular conversation with everyday people in your patch, they all want to know about the market but have no interest in trying to decifer a cumbersome report

Dec 08, 2011 08:27 AM #91
Rainmaker
1,431,210
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

I used to do elaborate number reports.  Now I look at the numbers, pull one or two key numbers and focus on those.  I tell them what it means to the general public.

Dec 08, 2011 08:50 AM #92
Rainer
31,223
Rachel Tipton
KingOne Properties International - Pawleys Island, SC

Jeff,

Thanks for this insight. It is true that people ask me that all of the time. It is great to know the answer and put it into terms that a non-Relator can understand!

Dec 08, 2011 09:00 AM #93
Ambassador
3,986,990
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Ruthmarie - spoken like an agent who KNOWS about providing relevant data to consumers!

Dan and Linda - that is so true. And we need to report the local market conditions and explanations, not the headlines like the media does.

Eileen - that is an excellent point. They WON'T likely ask and we should not assume they understand.

Thanks, Brad

Jeff

Dec 08, 2011 09:28 AM #94
Rainmaker
840,582
Bob Miller
Keller Williams Cornerstone Realty - Ocala, FL
The Ocala Dream Team

Hi Jeff,  That is what I have been saying about blogs also.  It needs to speak to buyers and sellers.  Why else would we blog?  To impress other agents?

Topics Almost Guaranteed to be a Featured Post; And those NOT! - Case in Point!

Dec 08, 2011 11:20 AM #95
Rainmaker
1,921,168
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Jeff

Those market reports are the best thing I ever did for leads. People follow them and look forward to them

Dec 08, 2011 11:53 AM #96
Rainmaker
516,438
Russell Lewis
Realty Austin, Austin Texas Real Estate - Austin, TX
Broker,CLHMS,GRI

Hi Jeff, I'm glad this was in tye newsletter because I've bookmarked it for help as I start doing market reports myself! Thanks!

Dec 08, 2011 12:34 PM #97
Rainmaker
1,363,996
Cheryl Ritchie
RE/MAX Leading Edge www.GoldenResults.com - Huntingtown, MD
Southern Maryland 301-980-7566

I learned this concept on a recent AR Market Reports Concept, too.

Dec 08, 2011 05:42 PM #98
Rainer
95,987
Jamie R. Bell
Bell Realty Group at Berkshire Hathaway HomeServices NEP - Glastonbury, CT
Your Central CT Realtor

Jeff, good post and points. I always hear how is the market many times I'll say are you buying or selling? Market reports are wonderful and tend to help many understand current market conditions.

Dec 09, 2011 12:16 AM #99
Rainmaker
508,351
Sylvie Stuart
Realty One Group Mountain Desert 928-600-2765 - Flagstaff, AZ
Home Buying, Home Selling and Investment - Flagsta

Great advice, make the market reports as user friendly as possible. Don't make them work for the information, give it to them with a different perspective than they would have as a consumer.

Dec 09, 2011 01:20 AM #100
Rainer
309,157
Debora Nichols
Residential Sales, Purchases, Investors, Vacation Homes - Phoenix, AZ
Realtor Anthem,Phoenix,Scottsdale,Glendale,Peoria

Thank You for this reminder, I agree 100%.  We are writing these to educate those interested in that particular market and they don't always understand our "Lingo"

Dec 09, 2011 01:29 AM #101
Rainmaker
662,099
Patricia Aulson
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes

I totally agree with you,  I should put more efrfort into it than I do>  Market reports are great information.

 

Happy Holidays to you and yours!

 

Patricia Aulson/ Seacoast NH &  ME  REALTOR

Dec 09, 2011 04:49 AM #102
Ambassador
3,986,990
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Mike - there are many ways to use market updates and you clearly have a good plan for doing so.

Pamela - sorting out what it all might mean CAN be more challenging, but that really IS the point, isn't it?

Joy - I also like to email them to buyers/sellers/prospects when appropriate and talk more about what the report says in light of their particular questions

Denise - agreed

Krystyna -I find that some people who are watching the market closely have a pretty good grasp of what is going on, but they may not know why. Sometimes we don't either.

Donna - that's very kind of you but it would be OK with me. So here IS that link to the Market Reports bonus points challenge so writers can work on their market reports in December WITH THEIR OWN COMMENTARY and OPINIONS of what is going on and get those extra points.

Jeff

Dec 09, 2011 05:20 AM #103
Ambassador
3,986,990
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Cynthia - well numbers can be kinda boring but we can make them more interesting. And understanding what is going on helps make US better at what we are supposed to do.

Carla - being proactive as you are doing with reports is probably the best use of them apart from having them here for consumers to find, especially if we address questions we know they will have. I like to use them with past clients, too.

Lori - I think Donna's challenge is an excellent one. I'm glad she, and you, reminded me. I had forgotten about it and didn't even consider it when I wrote this post.

Jeff

Dec 09, 2011 05:29 AM #104
Ambassador
3,986,990
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

John -I think you need to report what you see and believe. Certainly one can make the decision to target the update to buyers or sellers, depending on who you are really trying to assist. Seems to me that conditions that favor buyers often do not favor sellers, and vice versa.

Peggy - and that's true of other reporting that we do as well.

Kristin - it does make sense, though, doesn't it? We, ourselves, want to know and understand, why shouldn't consumers?

Luis - guess it depends on what is going on in the market and what information will be of value to the reader

Jeanne - just as it's true in our work with them during a transaction. People can make a better informed decision if they understand, which is true in many situations, not just RE

Jeff

 

Dec 10, 2011 07:15 AM #105
Rainer
159,100
Monique Ting
INET Realty Honolulu, HI - Honolulu, HI
Your agent under the sun

Jeff, I absolutely agree with you. Every month I do send out a market report issued by my local boardto my sphere of influence but always include a summary and an explanation as to what it means to both sellers and buyers. That usually is a strong "call to action" message.

Dec 10, 2011 11:32 AM #106
Rainer
80,593
Chris Lewis
Gracious Living Realty - Front Royal, VA
I want to SELL your home, not LIST it!

When we prepare our market reports we always add a comment section that interprets the data and explains what they mean.  It is our experience that most statistics, such as absorption rates, median prices, etc., mean nothing to most buyers and sellers.

Dec 12, 2011 06:28 AM #107
Rainmaker
120,440
Sean Williams
AcklesWilliams of Semonin Realtors - Louisville, KY
Your Louisville Realtor

Thanks for the brush up. Market reports are a great way to show your expertise in a specific area however they need to be very specific and provide the readers with valuable information. If they see value, they will value you as their next realtor!

Dec 12, 2011 12:28 PM #108
Rainmaker
679,259
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I just read a post wherein a buyer’s father harangued his son’s agent because the agent suggested writing a full-price offer in a multiple offer situation. If the father had read the market reports for that area perhaps he would not have cost his son the house that he wanted.

Dec 13, 2011 11:35 AM #109
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