THE NUMB3RS DON'T LIE OR DO THEY?
Ever wonder how so many different people can accurately claim to be #1? The answer is surprisingly easy...statistics can support a variety of claims. The top position in sales, for instance, could be measured by the number of homes sold, the sales price volumes of homes sold, the number of homes sold and closed. You get the idea, right? When interviewing agents for the job of selling your home, there are several key statistics that you should consider to make sure you're getting a true picture.
% Sales Price: List Price - This number tells you the agent's track record at negotiating offers at or close to asking price. A low ratio may suggest one or two things, either the agent is not a strong negotiator or they tend to "overprice" their lisitngs.
Days on Market - This is a tricky statistic. I'm sure you've seen the claims of real estate agents that "sold this house in 7 days" or that "average market time is 4 days." Be sure that you ask enough questions to accurately evaluate this number. For instance, the average days on market of "sold" homes will logically run considerably lower than the average days on market of "currently available" homes. It is quite possible that an agent who claims "average market time of umder 1 week," has pleny of active inventory on the market over 3 months!
Too much emphasis is placed on how quickly a home sells, rather than more important factors: such as holding out for the best price, favorable terms, and a thorough check on the qualification of the prospective purchaser. A good agent will focus more attention on the seller's priorities than how quickly a sold sign goes up.
Current Production Statistics - If an agent is going to flaunt the number of listings that they've sold in the past 12 months, be sure to ask them to also show you how many have expired or have been withdrawn from the market. Follow up by asking for references, ideally from each category. Then, check them!
Another interesting statistic to review is which brokerage firm brought buyers to your neighborhood in the past 12 months. This will show you not only who is putting up for sale signs, but who is getting them sold!
Although statistics can be an accurate measure o f a successful agent when analyzed properly, there are many other factors which you should consider when interviewing agents:
1. Ask to see a detailed marketing plan, including where and when your property will be advertised. How will incoming prospect calls be handled?
2. How often will your agent communicate with you, both during the marketing period and after a contract is accepted? Will you speak directly to the agent, or will certain tasks be delegated to an assistant? If the latter is the case, consider interviewing the assistant as well.
3. How many clients does your agent handle at one time? How much time will be devoted to marketing your property, and managing the process between sale and closing?
Use this information to help you make an informed decision as to which Realtor® you choose to work with.
Courtesy of Yvette Smith, SRES® REALTOR®
WILLIASMBURG REAL ESTATE
757-753-7472
5350 Discovery Park Blvd
Williamsburg VA 23188
YvetteSmith@lizmoore.com