Agents - Do You Use Statistics? Or Do You Just Wing It?

By
Real Estate Agent with Crye-Leike REALTORS® 165062

First of all I would like to qualify myself and a statistic addict.  My success is based on knowing as much as possible in my marketplace.  It is marketing 101.  There are a lot of things in the world that can tell you where your business and sales are going and they are free.  Sometimes, agents and even brokers ask me where do I get my information from?  First of all it is all free, and usually right in front of your nose.  Knowledge makes the difference in whether I want to list a home, pricing it correctly, advising a buyer or a seller.  To me it makes the difference between success and failure.  Why guess about the market if your can just as easily pull up the numbers?  Can you answer the following questions?  Does it matter?

  1. The number of agents in your board?
  2. The number of sold homes last month?
  3. What is the absorption rate?
  4. How many homes expired?
  5. What is selling?  Condos, town homes, lofts, or single family homes?
  6. How many are withdrawn from the market?
  7. What did they list for?
  8. What did they sell for?
  9. How long did it take to sell?
  10. How does that compare to last year?
  11. What is the trend?
  12. What percentage of concessions did the seller make?
  13. What price ranges are moving?
  14. What prices ranges are sitting?
  15. What are people looking for?
  16. Are 3 bed room homes more desirable than 4+?
  17. Are new homes selling more than re-sales?
  18. Homes that are under contract what do they have in common?
  19. How many foreclosures in your market place?

 

Posted by

James Crawford ABR, Broker Associate

 

 

 

 

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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

 Lenn Harley, Homefinders.com, MD & VA Real Estate  Lenn you a stats junkie?  LOL!  Atlanta is the same way.  Most agents in my market do not even know that a 4 bed home is more desireable than a 3 bedroom.  I also deduct the seller contribution to buyer from the net price in my CMA's.  The seller needs to look at a realistic number of what they will walk away with.  Most homes in Atlanta today will sell with a seller contribution.

May 30, 2008 05:12 AM #10
Rainer
34,814
L. Wayne Denton
Denton Properties, Inc. - Loganville, GA
I have a handle on your market!!!

Great post with enough questions to get the ball rolling.  I get answers every morning to a set of questions I keep by my computer every day.  If something changes. I need to be able to speak to that chnge positively. 

May 30, 2008 05:14 AM #11
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
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L. Wayne Denton I HAVE A HANDLE ON YOUR MARKET! ! ! ( Magnolia Signature Homes)  That is what the numbers do...they cover you and back up your real estate knowledge with facts.

May 30, 2008 05:19 AM #12
Rainer
44,955
Michael S. Mackey
CENTURY 21 All Islands - Mililani, HI
REALTOR ABR, CRS, GRI, RSPS

Jim, excellent summary of the items that we, as professionals, should have at our fingertips and ready to disseminate to our clients. As you mentioned, these statistics are what makes the difference between pricing a home so it will sell, and being just another turkey sitting on the market, but not IN it. Thanks for the Marketing 101 lesson!

May 30, 2008 05:43 AM #13
Rainer
3,027
Mike Warren
Prudential Missoula Properties - Missoula, MT

Statistics Rule! It seems like it helps me seal the deal. Clients expect more and are informed better on what to expect from a professional real estate sales person. Hopefully all others won't catch on and will continue to "wing it", making all of us that do look a whole lot better!!

 

Thanks and good luck

Mike Warren

Prudential Missoula Properties

406.531.0438

May 30, 2008 06:00 AM #14
Rainer
5,884
Steve Turner
Long & Foster Realtors - Roanoke, VA
Long Foster Roanoke,VA

Especially in today's market (or any market for that matter) you MUST know statistics. Just look at what the media is trying to tell us, they use only the most depressing stats, to flare up the public. If you aren't using sales and trends data to your advantage- you are going to be left behind.

Interestingly enough, those who are using stats and data about their market, are changing with the fluctuating market and WILL flourish while the whiners are left behind and clueless.

May 30, 2008 07:49 AM #15
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Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Jim, I am like you. I love numbers and statistics but despite being trained by a handful that know the MLS, I have found it difficult to extract the statistics. The title companies and the newspapers have more information to give out than I have been able to find for myself. I'm going to dig deeper. You've listed the questions, I just need to know how to get the answers.

May 30, 2008 08:26 AM #16
Rainmaker
826,128
Fran Gaspari
Patriot Land Transfer, Inc. - Limerick, PA
"The Title Man" - Title Insurance - PA & NJ

Jim,

Good info for real estate professionals to have at their disposal...! Thanks,   Fran

May 30, 2008 08:40 AM #17
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Michael Mackey (R) ABR, CRS, GRI (CENTURY 21 All Islands)  Thanks Michael!  We need to raise the bar.  Someone recently asked me a question about the market and I shared some statistics...the comment I received was that I was negative.  My answer, I may be negative, but my insights are data driven.  Some agents complain of no sales and we are doing pretty good.  3 homes under contract this week.

May 30, 2008 09:41 AM #18
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
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Mike Warren (Prudential Missoula Properties)  You are so right!  Statistics really do seal the deal.

May 30, 2008 09:42 AM #19
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
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Long & Foster Realtors  You're right!  Statistics make the difference of a winner and a whiner!

May 30, 2008 09:44 AM #20
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
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Rainer
8,853
Kendra Adams
RE/MAX Alliance - Windsor, CO

I love stats!  Using the appropriate statistics helps both buyers and sellers get a better picture of the market place.  Thanks for the reminder.

 

May 30, 2008 09:58 AM #22
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
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Kendra Adams (RE/MAX Alliance)  Thanks so much Kendra, I totally agree.

May 30, 2008 12:29 PM #23
Rainmaker
57,925
Diana Corcoran
Berkshire Hathaway Home Services Hudson Valley Properties - Rhinebeck, NY
Rhinebeck Real Estate

Another statistics junky here in NY.  Buyers and sellers both seem amazed when you can qoute them the facts.  It also covers a lot of disclosure issues that seem to be cropping up.

May 31, 2008 11:17 AM #24
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
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Diana Corcoran - Rhinebeck Real Estate (Paul Hallenbeck Real Estate)  I think sellers really need a lot of facts before they receive promises.  IN my marekt I may not be able to promise a sale.  Sellers are impressed witht he facts that are delivered and work very hard with us to get the home sold.

May 31, 2008 12:13 PM #25
Rainmaker
449,858
Vickie McCartney
Maverick Realty - Owensboro, KY
Broker, Real Estate Agent Owensboro KY

Jim~  I agree with you, numbers do speak louder than anything we can say or do. Unfortunately, some sellers just don't want to know the truth. Where else do you find the answers to these questions besides our MLS? 

Jun 02, 2008 04:03 AM #26
Rainmaker
394,850
Elizabeth Cooper-Golden
Huntsville Alabama Real Estate, (@ Homes Realty Group) - Huntsville, AL
Huntsville AL MLS

Jim, After reading your list, I need to study my market further it seems. I am the absorption rate queen here, but never thought to check some of the other statistics. Our MLS does show seller concessions and that is a huge help when presenting a CMA.....thanks for the great post. Time to brush up on my homework!

Jun 02, 2008 12:49 PM #27
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
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Owensboro,Kentucky- Real Estate-Vickie McCartney,Broker,ASP,ABR,E-Pro (Home Realty GMAC RealEstate,Owensboro,KY)  I also search news stories in Google News and type in topics like:

  • Atlanta real estate
  • Atlanta foreclosures
  • Atlanta home builders
  • Atlanta home sales
  • Atalnta home inventory
  • Atlanta banks
  • Layoffs Atlanta

 

Jun 02, 2008 05:20 PM #28
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