Mary is a HotSheet junkie. Ever since MLS went on-line 15 or so years ago, she has made a habit of checking in 2-3 times a day to look at the HotSheet (you may know it by another name, but it's that MLS function that shows all the new listings, and price and status changes, since the last time you looked). It only takes her about 10-15 minutes to check, and she rarely misses a day - when she does, she frets and fidgets, because she feels like she doesn't know what's going on in the market. 
What's the benefit? Mary knows our market in detail. She knows what just sold, what just came on the market, how things are moving in different areas and price ranges, and who just dropped their price again. And she sees it as it is happening, and somehow manages to remember most of it.
Have you ever been in a listing presentation, going over your comps, and the seller asks about that house two blocks over that sold last month? You don't have any idea what he's talking about, because it didn't come up as a comp, but Mary knows all about it - what it was listed at, what it sold for and that it had 5 bedrooms and a 3-car garage, so it isn't a good comp for our prospect's 3-bedroom, 2-car garage home.
Or, how do you like it when your buyer calls and asks why you didn't tell him about the house he saw on the way to work that got listed a couple of days ago? Mary knew all about it and was on the phone to our buyer within an hour of it getting listed.
Less fun, she watches as that overpriced listing we didn't get languishes for months on the market and suffers through several price drops until it finally goes under contract at the price we first recommended, while she's mumbling to herself, "we told them that was the price".
It is very obvious to our clients and prospects that Mary knows the real estate market. It's also obvious to other agents. Pass Mary in the hall, or run into her at the title company, and she's likely to congratulate you on your new listing or on finally getting that old one under contract. She has the scoop on the market.
It's just a little thing that she does, but over time, it represents a massive amount of attention focused on the real estate market. And it has a huge payoff - knowledge readily generates opportunity.
I'd recommend it as a very effective way to develop market expertise and a deep understanding of what is going on. It takes a strong commitment, though - it's not something you can do every once in a while. But it will make you a better agent.
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services
Mary is on the right track. I try to check to hot sheet every day ~~ at least twice a day. This paid off when I got an up call and a guy needed a rush CMA over the labor day weekend. I asked for the address.. the property was listed with another agent and came on the market earlier in the week. It's a long story, but the hot sheet revealed that this dude was not being upfront.
Oct 26, 2012 11:58 AM
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County
Sounds like Mary rocks the real estate world. I wish she could join us at Broadpoint Properties.
Oct 26, 2012 11:59 AM
RETIRED / State License is Inactive - Portland, OR
I love my Hot Sheet . . . I tell my clients about it, and how I check it 2-4x's/day and how invaluable it is to me in my represtation of buyers. I picked up several BOM's that got away from my clients the first round. When they hit BOM and through my programmed HotSheet I was all over it !
Oct 26, 2012 12:13 PM
LAER Realty Partners - Burlington, MA
Metro Boston Homes For Sale
Worth developing such habits for sure, Dick. And it is not so easy, it does require lot of hard work.
Oct 26, 2012 12:39 PM
Long & Foster Real Estate, Inc - Silver Spring, MD
Silver Spring and Takoma Park Maryland Real Estate
Chevaux Group Realtor, The Woodlands and Spring - The Woodlands, TX
The Woodlands TX Real Estate
I read them every day but for some reason numbers don't stick in my head that easy :)
Oct 26, 2012 12:41 PM
Van Blake-Coleman Realty, St. Thomas/www.talk-to-Tanya.com - St Thomas, VI
Improving the Quality of Your Life
Cypress, TX
Home Stager/Redesign
Dick- now that's going back to the basics. Know what's going on in your business!
Oct 26, 2012 02:06 PM
RE/MAX BAYVIEW - Santa Cruz, CA
Great post and discussion. This is something I use to do...time to get back to basics. Thanks!
Oct 26, 2012 03:12 PM
Certified Realty Services - Saratoga, CA
Silicon Valley Realtor since 1976; 408-373-4411
Dick, great post. Sounds to me like Mary has a brain like her partner's. There is no substitute for market knowlege and it can't be faked. It's manifest in subtle ways to everyone including propsective buyers and sellers. These days I have a tough time remembering my MLS password and where I left my laptop.
Oct 26, 2012 03:26 PM
REALTY EXECUTIVES ARIZONA TERRITORY - Tucson, AZ
Tucson's BUYERS ONLY Realtor since 1996
I wish I was more like Mary. In my defense I do have automatic searches set up for all my buyer prospects. They, as well as myself, are notified for new listings as well as price reductions that apply to them.
But I still like what Mar is doing.
Oct 26, 2012 05:03 PM
The Jordon Wheeler Group - Fairburn, GA
J W Group Real Estate Sales and Service
Hey Dick,
Mary's diligence is paying huge dividends for your team. Great example to emulate. Best of success to you all for a strong finish this year!
Oct 26, 2012 06:05 PM
Keller Williams Realty Metropolitan (Keene,NH) - Keene, NH
GRI
We have an agent in our office we can "Mr. Inventory". Like Mary, he knows what's newly listed, under agreement, sold, back on the market or changed in price. And he the top producer! No surprise there.
Oct 26, 2012 08:49 PM
Samson Properties - Chantilly, VA
Northern Virginia,Washington DC & Maryland Realtor
I have top few market area I check couple times a year...so even if I get a random call on those I have clue what is going on in that market.
Oct 26, 2012 11:03 PM
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents
Good Morning Dick, I am teh same way, I check it many times a day. It is a great way to learn one's market and trends. Have a great Saturday.
Oct 26, 2012 11:35 PM
Top Agent Plus - Middleboro, MA
Tap into Judy's real estate expertise & resources.
Coldwell Banker - Santa Cruz - Santa Cruz, CA
Santa Cruz Realtor (831) 419-9345
John L Scott Market Center - Birkenfeld, OR
"Your Local Expert!" 503-739-3843
Dick and Mary~Carla Muss-Jacobs re-blogged this and it's a DANDY! We love the Mary's of the world who keep us well-informed, sharing their continuous wealth of knowledge. The HotSheet isn't one I look at much, because in my little resort community, I've got most of the listings and most of the sales (yea!!), but Vernonia is a market that the hotsheet helps with as it's not my niche, but I occasionally work in it.
Congrats on the feature M/D!
Oct 27, 2012 04:00 AM
Alachua, FL
full service
Awesome job Mary! I normally check about 1-2 times per day, but it seems like I have to bring my standard up to 3 :)
Oct 27, 2012 12:21 PM
Christie's International Real Estate - Summit Colorado - Breckenridge, CO
Breckenridge CO Real Estate & All Summit County CO
Dick, it is so great that Mary keeps up on the market so well. What a great tool for your partnership. Have a wonderful day! --Krystal
Oct 29, 2012 03:41 AM
Rainmaker
2,810,349
2,810,349
Dick Greenberg
Northern Colorado Residential Real Estate
Service Areas
Real Estate Resources
Recent Posts
Just for Fun
over 1 year ago
Just for Fun
over 1 year ago
Real Estate Market Trends
over 4 years ago
Comments(61)