Ask An Ambassador: Market Reports Are For You AND The Consumer

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

I've been a regular writer of market reports for years.  The first of every month starts off with an overall Warren County snapshot (just a quick hit on the pulse of the market), followed by deep dives into various communities in my immediate county that we track.

We DO NOT write market reports about EVERY city in our county.  Some cities aren't in our ideal market and lesson learned is don't blog about places and types of housing you do not want to work.  Blogging works and you WILL get calls about foreclosures and rentals and $40,000 homes.  Those aren't the most productive use of my time, so I avoid them now.

IMO, market reports serve two key purposes:

Educate me about my market.  It's a forced review of DATA.  Not my perception based on my personal activities, but what the market is ACTUALLY doing.  That knowledge is extremely useful.  Knowing "off the cuff" that there are ONLY a total of 6 Mason Ohio condos not under contract makes it much easier to let a buyer know why it's critical to visit quickly when a new condo enters the market and why it's critical to act quickly.

Educate the consumer.  Again, back to my opinion, but your typical home owner wants to know two things:  how much can I get for my home AND how quickly can I sell.  While a market report can't cover the exact details for an individual home, a market report can provide critical information about trends.  Are prices going up or down?  Selling faster or slower?  Is there something special driving the market?  Answer these questions well and the home seller just might think you know what you're talking about :)

 

What should go in a market report?  ActiveRain provides a template for market reports (just copy the html into your blog editor and you'll have a starting point).

Me personally, that format isn't what I use, but I'm an engineer and want more data and we tend to attract data driven clients.

So for me, the key elements of our market reports are:

1. Intro summary of the month prior.  (VERY top line, just a hook sentence or two).

2. Some discussion of the area the market report covers (defined by school district, zip code, etc.)  (template building block, does not change month to month).

3. Summary charts for Total Homes Sold by month, and Median Price Sold By Month.  I prefer bar charts over line charts. 

4.  Data review:  homes active, pending, sold, days on market, average and median prices, min and max sold prices, % sales to list price, new construction info, etc. followed by key highlights

5.  What does this mean to sellers?

6.  What does this mean to buyers?

7.  Links to pertinent home searches on our IDX site

8.  Sprinkle in pertinent pictures to that community

9.  Links to past market reports

10.  A link to a Home Valuation Request page on our IDX site

 

A market report for me typically runs about a 1000 words, BUT large portions of this don't change month to month.  Advice to buyers and sellers doesn't tend to change monthly.

The main sections to update: intro, charts, data & highlights.

Total time isn't much more than 30 minutes to update a market report.

  • About 10 minutes to pull fresh data (I have form I use with all needed fields, so I can pull data for multiple reports quickly and use over the next few days).
  • 5 minutes to update my Excel workbook for my two charts and screen cap my charts
  • 10-15 minutes to summarize

End result is an updated market report.  I'm up to speed, and if I get a question about "How's the market", it's easy enough to email a link to the latest applicable market report.

 

Do market reports get comments?  Not many, but that's okay.  I do not write market reports to get comments from fellow Rainers.  If you happen to look and determine that I know my market, fantastic!  But if you don't look, that's okay too.  My target audience is myself and local consumers that seek the information AND the interpretation. 

MOST of your competition won't bother writing market reports, but those engineers, scientists and accountants are looking for this kind of information.  Be their source and you've got a good chance of getting their business!

Until next Tuesday, just Ask An Ambassador if you have questions.

Bill of Bill & Liz aka BLiz

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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:  Liz@LizSpear.com

Search Homes:  Https://WarrenCountyOhioRealEstate.com

Our Website:  www.LizTour.com

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Rainmaker
3,372,517
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Great post on how to write a market report. I do much of the same... the trick is to set up a template that works for you... then it's relatively easy to update. And writing these absolutely keeps me totally au courant with my market.

Feb 18, 2020 07:48 AM #1
Rainmaker
3,551,653
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Bill(and Liz) - Exactly.  While it has been over two years since my last market report, they served multiple purposes and quite useful ones too.  They enhanced my own knowledge, see nuances/changes as they occurred over time and found their way into conversations with prospective clients.  Obviously, the information was used for the consumer to learn basics as well as some in-depth insight(hopefully).  

Feb 18, 2020 08:34 AM #2
Rainmaker
3,348,704
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Bill and Liz,  always great to see what is happening in other areas of the country by these market reports.

 

Feb 18, 2020 08:45 AM #3
Rainmaker
1,774,050
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

So do you not use evergreen links to market data? I assume that if the links are evergreen but the text is not then it would be a huge disconnect?  I would love to perfect my market reports so THANK YOU - BIG THANK YOU - for the motivation

Feb 18, 2020 10:32 AM #4
Ambassador
4,098,716
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Bill- I find myself reading market reports on occasion to learn what is going on in different areas. I have found some easier to read than others. What I love is when an agent gives their interpretation of the data rather than just present a graph of numbers and that's it. 

Feb 18, 2020 10:56 AM #5
Rainmaker
3,124,033
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I love my market reports and so do those who find my blog. The greatest thing is they have staying power. Working for me 24 hours a day attracting new clients and remonding others what i do. 

Feb 18, 2020 10:56 AM #6
Rainmaker
853,342
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

Not being an engineering type, I have always found market reports hard, but agree they are educational. But, I just am not consistent enough with them. And i know consistency is key.

Feb 18, 2020 01:14 PM #7
Ambassador
2,930,562
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I have a few months to catch up on.  Maybe tomorrow I'll do that.  Today was nailing down negotiations on a listing that took all day. (furniture... of all things) but we got it done.  And yes, educating myself on the market is just as important as educating the consumer on the market.

Feb 18, 2020 04:00 PM #8
Rainmaker
706,246
Laura Filip
Laura Filip Broker , Opening doors for All Seasons of Life - Whitesboro, TX
What can we do for you today?

Thank you for sharing, market reports are cumbersome for me. 

I need to learn how to import the information into a spreadsheet. 

Feb 18, 2020 04:09 PM #9
Ambassador
4,164,698
Jeff Dowler, CRS
eXp Realty of California - Carlsbad, CA
The Southern California Relocation Dude

Hi Bill:

I believe market reports are essential to do so you are up to date on local market conditions in the communities you serve and to educate consumers who will hopefully ring you up for more information and help with their buying and selling needs.

Jeff

Feb 18, 2020 04:24 PM #10
Rainmaker
1,875,534
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

This is a great post as to why everyone should be doing these every month !!! Jesse Keim

Feb 18, 2020 04:42 PM #11
Ambassador
865,011
Mimi Foster
Falcon Property Solutions - Colorado Springs, CO
Voted Colorado Springs Best Realtor

Loved this, Bill. Market reports are something I've always wanted to do but have just started. Interestingly enough, the thing that stood out the most to me was that it was educating me about what was actually happening. Great information here. Thank you.

Feb 18, 2020 08:35 PM #12
Rainmaker
1,528,162
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, Blackstone Realty Group - brokered by eXp Realty - Kalispell, MT
The House Kat

I totally agree that writing market reports helps US as well as buyers/sellers. Knowing things like median price points, and whether it's a buyers or sellers market, and whether prices are going up and down, etc., are perfect data points to use when answering "how's the market?"

Feb 19, 2020 06:14 AM #13
Rainmaker
1,115,546
Margaret Goss
Baird & Warner Real Estate - Winnetka, IL
Chicago's North Shore & Winnetka Real Estate

Hi Bill

I write market reports every month - but they take me several days which is hard to do sometimes. I need to streamline as you suggest!

Feb 19, 2020 09:09 AM #14
Rainmaker
171,242
Raymond Henson, SRES, GRI
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

I printed your post for future reference.  Thank you for your pointers.  You may see a new post soon that looks familiar to you in March.  If you approve, of course.

Feb 19, 2020 10:48 AM #15
Ambassador
2,955,588
Anna Banana Kruchten Broker, CRB, CRS
HomeSmart International - Phoenix, AZ
602-380-4886

Hi Bill market reports are an excellent source of information for clients and agents. When we were doing them about 40 or 50 a month I could spout off the numbers in my sleep.  Now we're headed in another direction. But....I'd still be doing them if we hadn't shifted. Well worth the effort.

Feb 19, 2020 01:40 PM #16
Rainmaker
549,894
Francine Viola
Coldwell Banker Evergreen Olympic Realty, Olympia WA - Olympia, WA
REALTOR®, In Tune with your Real Estate Needs

I hope that those that do market reports pay special attention to your points listed here.  So many reports I read just will state the facts., for example, number of sales this year compared to last year, without any interpretation of what this means to a buyer or a seller.  Too many agents don't go that one extra step.  You've outlined an excellent workflow!

Feb 20, 2020 08:44 AM #17
Rainmaker
194,445
Eva B. Liland Century 21 Doug Anderson
Century 21 Doug Anderson - Lancaster, CA
Glad to be of Service 661-714-1643

Bookmarked for further studying! You have made some excellent points on what to include, really appreciate it. I am doing a yearly report for a few mobile home parks that I include with my fridge magnet calendars. Don't get me wrong, I love selling and listing mobile homes but I need to find a way how to get in to selling regular homes (higher commissions) and by studying and being able to educate what's happening in the market today, might be  the way to go.

Feb 21, 2020 05:07 AM #18
Rainmaker
623,723
John Marshall - FORE!
LoKation Real Estate - Cherry Hills Village, CO
Specializing in Golf Course Properties

This is such great info Liz and Bill Spear I had no idea there was a template on AR for this, I will save this link to my new agent training manual on how to blog for business

Feb 21, 2020 09:17 AM #19
Rainmaker
764,805
Thom Abbott
MyMidtownMojo.com |770.713.1505 | Intown Atlanta GA Condo Living - Atlanta, GA
Midtown Atlanta GA Condos For Sale

As always....just good stuff! I so need to get back at this. Stella has just not been able to get her groove back.....and I and said February 15 was my drop dead date to get going....Made some progress this past week, but much more to do...including writing market reports. 

I'm going to go back and look at my old posts and formats and compare to this format from AR....and get something going!

 

Feb 23, 2020 10:10 AM #20
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