Why Market Data Matters Now More Than Ever
Jun 19, 2015
Why Market Data MattersNow More Than Ever
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Only Three Questions
What’s for sale? IDX Search
How much is my house worth? CMA
How’s the market? This is your opening!
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When they ask, “How’s the market?”
“I want to participate, show me how I can/why I should?” They know the market is bad… But how is it good for them?
A “buying” signal Buying your services – they need an
expert Compelling to action – they want
guidance
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Principles & Technique:“Let Me Show You What I Mean” Be prepared
With clients, plan the story in advance The story is your chance to engage
Be transparent Address their unasked questions - honestly Confused people don’t buy!
Be the expert What aren’t they expecting? Setting price, market time expectations
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Sometimes the Data ≠ Headlines
Scottsdale dropped a little – but mostly held strong!
Phoenix has been down – but picking up this Spring!
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Get Local!Comparing Zips to Set Expectations
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How and When to Use The Data On the web, blog
Prospecting, relationship & trust building Lead conversion
In person Listing presentation / buyer meetings With active listings – Keep clients updated In the yard sign “I sold this home in a
week. Ask me how.” In their inbox
Weekly market Reports Part of your drip, one of your touches
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Strategies for Data on Your Website
Soft Sell Hard Sell
Blog
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Relationships, inform Convert visitors to leadsGoals:
Presentation:
Style:
Personality, quantity High profile data, fewer options
Approach:
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Great Web Site Samples Real Estate Bloggers
www.MovinMaryland.com - Audrey Forshey www.BlogTheRockies.com - Ro Troia www.AtHomeInScottsdale.com - Dru Bloomfield www.BlogByTheBay.com -Ginger Wilcox
Local Market Pages www.OCExclusives.com – Jessie Brossa www.StlHomeData.com – Eric Stegemann www.LoCoMarketStats.com – Heather Elias
The Three Questions www.Housechick.com – Kelley Koehler
Lead Focused www.TheHarperTeam.com – John Harper
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More Than Just a Price Trend
Setting seller expectations Percent Price Decreased: “This is what
happens to the over-pricers” DoM: “here’s what we’re looking at…”
Buyer off the fence Inventory: “You’re in the highest-demand
segment” Average vs. Median DoM: the best
properties moving more quickly
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Setting the Price Right% Price Decreased: Measures the number of active listings thathave experienced a price reduction in the last 90 days
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Inventory Trends: Understanding the “Competition” Don’t assume
clients know these trends!
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Trends in New Listings
New Listings are pricing BELOW the Market’s Median PriceHomes exiting the market are even lower
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Market Analysis by Price Level (“Quartile”)
Quartile 1: Most expensive 25% of propertiesQuartile 2: Top Middle 25%Quartile 3: Bottom Middle 25%Quartile 4: Least expensive 25% of properties
Example: 80 homes for sale in a market (city or zip code) 4 "quartiles" (groups) each have 20
properties based on individual property prices.
Allows for market definition by price, not just geography
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Price Trends by “Quartile”
Different Price Trends based on Price Quartile
Days-on-Market by “Quartile”
Significantly higher DoM in most expensive price segment
Market Activity by “Quartile”
The lowest 25% of the market has the most activity – Implications for both Sellers AND Buyers?
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Key Takeaways:
How do you answer, “How’s The Market?”
Use the data to illustrate your expertise
Clients want the insights/statistics/guidance no matter how you reach them: web, email, print, face-to-face
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For REBarCamp Attendees
Posting this presentation online to Slideshare (Or give us a card and we’ll email.)
Send you a Personalized Market Report to use next week Buyer Meetings Listings Presentations Sellers
Altos Research: Contacts
Web: www.AltosResearch.com Product Demos: 1-888-819-7775 x.2 Email: [email protected]
[email protected] Twitter: @altosresearch
@mikesimonsen @scottsambucci @AltosSalesDude
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