Here we go. You’re in real estate. I’m going to assume this is your career and not just a hobby. So, since it’s your career, answer the following questions as you read them…without looking them up.
How many active listings do you currently have?
How many pendings/escrows do you have?
How many closed deals do you have so far this year?
How many deals does your office/company have closed and pending year to date?
What’s your average list to sale price ratio (percentage of list price your listing sells for)?
What’s the market’s average list to sale price ratio?
What’s the average days on market for your listings (DOM)?
What’s the average days on market (DOM) for listings in your whole market?
How many homes are currently listed in your market?
What percentage of the listings you take sell? (last year and so far this year)
What percentage of homes listed are selling vs. expiring in the market? (last year and so far this year)
How many homes sold in your market last year?
How many homes have sold and gone under contract so far this year?
If you didn’t know the answer to at least 60% of these questions without looking them up, then clearly you aren’t treating your business, or this business, as a business. Or, perhaps you didn’t know you needed to know these stats.
Either way, let me tell you now, in no uncertain terms, it is extremely important to know these stats. Having knowledge of your personal stats, your office/company stats and the market stats will undoubtedly help you sell many more homes.
Imagine going up against Sally Superagent and showing the seller that for all the business Sally does, she’s only getting 93% of the asking price, while you are getting your sellers 95%.
Or, perhaps Rick Rockstaragent has promised to get the seller you’re trying to list a really high price, and you can show the seller that Rick only gets 50% of his listings sold, while 75% of yours sell.
The possibilities are endless, if you know the stats.