Using Solds To Get More Listings
on Apr 8, 2013
Listed in Coaching

90802 Real Estate Market StatsAgents, do you feel it?  It’s April 2013 – the market has changed.  Have you?

  • Prices are going up
  • Solds are increasing and inventory is down
  • Plenty of multiple offer situations

So while in the past few years, buyers were great to have in your pocket, now listings are back on top.  According to Redfin, since October over 13,000 listings nationwide have sold in less than 24 hours.  But, it turns out that many people aren’t listing their homes today, because they believe they are still upside down, when in fact they aren’t.  Numerous publications including NAR report that as many as 1.2 million homeowners will be back to positive equity by the end of 2013. So what are you doing to ensure they know they now have options?

So what are you doing to get listing inventory up?  Here’s one little tip you may not be doing that might be a huge help.

Take a look at your past client list since 2005.  Set each person up on either a property drip of homes in their neighborhood through your MLS or utilize tools like Altos ResearchMarket Snapshot, or our market data inserted into broker or agent websites.  Email / Mail the reports to them to make sure they know what’s going on in their area.  According to Mike Simonsen, CEO of Altos, there is less than a 0.1% unsubscribe rate on these reports.  People want to receive them!

More importantly, you’re letting clients know that their fears of being upside down may  be unfounded and encouraging them to take a look at what they might be able to now afford with rates at historical lows.

It doesn’t have to just be your past client’s solds however.  You can also select farm areas to focus on that have had larger upsides in the past year.  This is the time to potentially go after the farm that the big agent in the area has been neglecting lately.  A perfect example where I live in St. Charles, MO – 2 agents used to own a 450 home community.  From 2001 through 2010, 3/4 listings went to one of these two agents.  They owned that market.  But they are letting things slip.  They no longer mail out to the farm regularly and they have done nothing to let homeowners know that now might be a great opportunity to sell.  A pioneering agent with some time and energy could go into this market and own it with the right marketing in educating sellers.  Consider the snowball effect in one of these subdivisions – if you can get a couple listings and sell them quick, how easy would it be for you to get more?

If you want to take it one step further in your education process, you may want to explain the issues behind Zillow data and provide them information on their accuracy ratings.  Their system and other AVMs tend to lag 3-6 months behind the market.  So while Zillow is still using data from last year to estimate value, you can say what’s happening right now.

With more than 17 years experience in the real estate industry, including being a Realtor and Broker / Owner, Stegemann brings a wealth of knowledge to this job as CEO of TRIBUS. He focuses his time on helping brokers enhance and expand their business and working with the TRIBUS labs team to consider what's next in real estate.
  • Great strategy Eric, we are updating and adding to our data base now.
    Thanks, Ben

  • Dearest seller, I hear you saying you want a discount on my commission, something like, say, 4%. I hear you saying you find no value from me doing three independent CMAs of your home, because I waste my time crunching numbers when I could just use a Zestimate to price your home. So, let’s see if I got this straight, OK? I will list your home at Zestimate value for 4% cooperative commission, is that right?


    Zestimates are off 10%, they saved 2%, and oh what a bargain.
    It is hard to be relevant with such a cutting edge value proposition out there and all those rockstar broker/agents subscribed to making lame apologies for, and justifying, a mountain of stale listings gone pending before zillow ever got them online, for significantly inaccurate Zestimates, and all that money these entrenched veteran rockstar celebrity broker/agents pay zillow for the privilege to defend the indefensible 800-lb gorilla in the room.

    On top of all that, the current market dynamic appears insane to buyers.

    what’s not to like?

  • This is a great tip!! I need to use this NOW!

  • Good article. Motivated me. Thanks

  • Awesome post Eric! We are hearing some great success stories from our clients using the same strategy! For example: Loading up ALL your past clients and dripping Market Trends to them monthly. Watching your open rates per person is a leading indicator to listing their home! When you watch the read rates you see that as people start to be more frequently engaged with the reports, it is the signal to call them, reach out, they are thinking about the opportunity to sell!~

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