What’s Your Value When You Can’t Market Your Stats?
This week’s post is for listing agents. We’ve gotten used to our stats being our point of value. We lead with our average market time, or our list to sales price ratio. And while you can still out perform the market, it feels less exciting to boast about double digit market times and a sale price less than asking. Or what happens to your confidence when you can’t guarantee how long it will take, how many offers you will receive or heaven forbid – will you have to do a price reduction?
We have been hyper focused on these things for so long, that many agents have forgotten the value they actually bring to the table.
Before I get you too spun out, let me go on record as saying – the current market is one of the EASIEST ones to stand out in. If you know how to do it right. We are entering a market where not all sellers will sell. Some will be rejected by the market. It’s an awesome way to reframe canceled and expired listings. Ask your client if they would like to see the homes buyers have rejected. I’m guessing it hasn’t crossed their mind that not all homes sell, just because they go on the market.
Take a deep breath, relax and look forward to these next few months with excitement and anticipation. Here are some tools that will help you stand out from the rest.
- Learn absorption rates – how many houses sell a month vs how many are available will give you an idea of how long it ‘could’ take to sell their home. Unless they use your amazing listing prep system, which will reduce that to a fraction of the time.
- Show don’t tell. The market data will tell you everything you need to know. If you know how to interpret it. A great tool right now is to look at the market time and list to sale price for homes that sold in 15 days or less and those that went past the 15 day mark. It’s a HUGE difference in market time and final sales price.
- Have a plan for after you list, so they aren’t left high and dry. Let them know that you have a plan and system, no matter what happens. You know how to interpret the data and thoughtfully respond vs nervously over reacting.
Knowing all of this doesn’t guarantee everything will go smoothly. Things can shift on a moments notice. But it will instill confidence in your clients that YOU are the right one to help them navigate the market, whatever that may look like.
To your success!
Nicole
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