Did you know that there is one simple number that can help you choose your next Realtor?
The statistic that I believe is over looked and should be front and centre for sellers is what I call the "Listings Taken versus Homes Sold" ratio. This is how many listings does the Realtor have (or taken) versus how many they sell over a set period of time.
In 2010, I sold 40% of the listings I took. Our board average for 2010 was 7%. Does this mean I was 5 times more productive than the board average? I guess it does.
Taking listings (or selling your listing skills) does not necessarily mean that you can sell the listing - it merely means that you are good at selling yourself - which is also important. Selling listings is much more difficult and the ratio is the relationship between a promise to sell and the act of actually selling. After all, this is what you (the client) are "actually" hoping for - to sell your home soon and with fortune, close to your asking price.
In 2010, 93% of listing clients in my board area were unable to sell. This success rate is not a wonderful number. A heart surgeon with this success rate would thankfully not be employed long, a painter or skilled tradesperson with this success would likewise find it difficult to make a living. However, Realtors must work in this environment and we must find a way to succeed.
I have some unique techniques that I use with my clients and I rely on my fellow Realtors for support. At RE/MAX, we work together to help price and analize specific properties on tour. After showings, I speak with the showing Realtor and we weight the features and benefits with the needs of the buyer against the price. This pattern of work creates a cycle of feedback and data. And, we can use this data to help sellers.
The bottom line is that I believe the most important factor affecting my listing to sales ratio can summed as follows.
"honest advice based on my experience, analytical abilities mixed with gut feelings"
If you were looking for something more scientific, sorry. If you are looking to sell your home, call me anytime.
Dean
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