613,494
You must be talking to only those that farm an area...
I want agents to understand what the contract says and means...
Eve
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Michael Jacobs
Pasadena, CA
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Inna Ivchenko
Encino, CA
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Ryan Huggins - Thousan...
Thousand Oaks, CA
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Kathleen Daniels, Prob...
San Jose, CA
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Kasey & John Boles
Boise, ID
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Candice A. Donofrio
Fort Mohave, AZ
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Mary Yonkers
Erie, PA
3,385,833
I must say, I don't memorize any stats. I have found that when someone asks me how the market is, their eyes glaze over when I spout off stats. What we need to do is learn to not answer questions with stats, but with the ever present "How's the market?" question--
"That's an interesting question. Why do you ask? "
What we know about the market will be obvious when someone is at the point of action. We need to find out their needs in order to get them there.
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Michael Jacobs
Pasadena, CA
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Inna Ivchenko
Encino, CA
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Ryan Huggins - Thousan...
Thousand Oaks, CA
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Candice A. Donofrio
Fort Mohave, AZ
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Kasey & John Boles
Boise, ID
5,251,163
Your local market statistics that can be explained quickly and easily in "english" to a member of the public.
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Dorie Dillard Austin TX
Austin, TX
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Kathleen Daniels, Prob...
San Jose, CA
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Mary Yonkers
Erie, PA
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Fred Griffin Florida R...
Tallahassee, FL
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Michael Setunsky
Woodbridge, VA
3,408,180
Know thy contract ... know it ... understand it ... and know how to use it when leveraging negotiations ... this is key because so many agents don't have a clue about the contract.
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Tony and Suzanne Marri...
Scottsdale, AZ
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Eve Alexander
Tampa, FL
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Kasey & John Boles
Boise, ID
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Nina Hollander, Broker
Charlotte, NC
809,308
I like Chris Ann Cleland answer. I personally don't quote any stats off the top of my head because they change and because they are area specific and because I like accuracy. Most buyers don't care about those stats anyway, it's the general market knowledge that is important and if someone does want that information I will provide it in writing with up to date info. I think REALTORS need to know the contracts inside and out, the code of ethics inside and out and state & national real estate laws inside and out. Stats change and can be looked up easily based upon need. -Kasey
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Shanelle Cahill
Kokomo, IN
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Chris Ann Cleland
Gainesville, VA
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Candice A. Donofrio
Fort Mohave, AZ
1,530,594
I'd say a general idea of how the market is going. No one is going to understand absorbption rates, levels, etc. Number of homes sold in a month isn't relevant. I'm looking at buying a car right now, what do I care how many cars were sold in the city last month? What does the guy I'm buying the car from care? ZERO, that's what!
Talk and build rapport. Answer in simple english. If they want stats, go to my website blog for that.
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Kathleen Daniels, Prob...
San Jose, CA
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Nina Hollander, Broker
Charlotte, NC
1,091,065
I think 'top of head' has to be qualified with "typically/generally, but let me check the stats in real time."
Our residential market is VERY diverse - a 300k site built home can be next door to a 25k singlewide mobilehome in some areas, and median home prices can vary dramatically.
In CRE, vacancy and cap rates for various property types are important to know - but even then, there are sub-types and different areas. A property on a main highway might fetch 50% more PSF than a property a quarter mile away with no frontage - what side of the street is it on? Is rush-hour access going to be problematic? This is what makes us experts - we know that there are subtle differences that change value--those won't show up in an auto-generated CMA necessarily.
I can't tell you how many times I've heard a consumer quote 'facts' they got from another agent that once I looked, were painfully off.
And don't even get me started on the Zildabeast.
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Kasey & John Boles
Boise, ID
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Candice A. Donofrio
Fort Mohave, AZ
2,699,707
What Nina Hollander said.
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Nina Hollander, Broker
Charlotte, NC
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Mary Yonkers
Erie, PA
8,083,698
Agents need to know everything about their local market.
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Nina Hollander, Broker
Charlotte, NC
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Mary Yonkers
Erie, PA
5,424,257
Knowledge of inventory in various price ranges and a couple of go to favorites requires daily updates!
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Nina Hollander, Broker
Charlotte, NC
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Mary Yonkers
Erie, PA
5,584,078
absortion rate changes a zillion times every week, but it's within the same range for awhile.... that's an important factor...
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Mary Yonkers
Erie, PA
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Debe Maxwell, CRS
Charlotte, NC
1,466,257
Nathan Gesner Nina Hollander summed it up nicely.
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Mary Yonkers
Erie, PA
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Nina Hollander, Broker
Charlotte, NC
3,416,322
I think one should know number of homes on market, know how many pending sales are averaged each month along with how many sales. Completing market reports teaches you all this. At worst one should know average price of sales, what percentage homes sell for and what is the average DOM
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Mary Yonkers
Erie, PA
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Nina Hollander, Broker
Charlotte, NC
3,073,909
Kathleen Daniels nailed this one!
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Kathleen Daniels, Prob...
San Jose, CA
4,695,399
I like the answers provided by Chris Ann Cleland - Mike & Eve Alexander . Your general understanding of the market is important in my opinion but statistics are always in flux. Knowing the contract and the ability to communicate with people brings the best results long term.
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Chris Ann Cleland
Gainesville, VA
5,216,972
All of the above! Just like Nina Hollander commented..easy peezy!
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Nina Hollander, Broker
Charlotte, NC
2,227,228
current sales in the area you work on
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Anthony Acosta - ALLAT...
Atlanta, GA
1,746,027
SP:LP ratios for your market area and DOM for homes priced right.
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Nina Hollander, Broker
Charlotte, NC
2,282,781
Bryant Tutas posted a wonderful article about that very thing recently.
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Bryant Tutas
Winter Garden, FL
1,004,318
Depends - we have several market segments and each has different stats
Commercial
Residential non-income producing
Residential income producing
Condo non-income producing
Condo income producing
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Candice A. Donofrio
Fort Mohave, AZ
5,439,579
You pretty much nailed it, Nathan Gesner. Know your inventory, average DOM, average (or median) sales prices, absorption rate and it's always good to know what the average list-to-sales price ratio is as well.
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Mary Yonkers
Erie, PA
921,504
Where's my keys?
I find knowing the numbers is not the secret. It is the coherent story the agent tells based on those numbers that becomes the game changer.
That story should NEVER contain real estate gobbly gook like absorption rate or any terminology that sounds the transgression alarm.
Data that is helpful is:
1. Past historic sales volume
2. Where in the annual sales pattern is this community right now.
3. What are the precursors indicating
4. What are the trajectories indicating.
5. Evidence of pent up opportunity.
I find it a bad practice to repeat what the darkside presents.
To tell the story the agent does need to know ASP, ADOM, SPSF, SOLD, in transition, FSBO and long view historic patterns.
It is the story the citizen remembers, not the data.
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Candice A. Donofrio
Fort Mohave, AZ
2,828,713
5,964,048
4,800,282
Absorption rate,
Inventory,
Sales prices (average, high, low),
Local demographics,
1,618,024
4,434,227
4,321,670
There are 10 key points Nathan Gesner - median price, average list price, number of homes sold are just first few...
1,643,360
Average day on the market, median sales price, month of inventory ~ would be my priority.
353,915
1,602,856
All you mentioned if relevant to the clientele in that particular market.
The data to know would be the top 5-10 FAQ's for their market-which may vary from market to market. I know the top 5 questions I get asked, I know the answers too. Here in America's Finest City, I deal with University questions, Military Base Questions, Surf, School and Commute questions more than Median Home price questions.
142,796
86,514
S/he had better know size of inventory (how many "Active" or "Showable" listings are now on the market. There specific market or city neighborhood they can go deeper into data. But median home price, Days on the Market, Month's supply of inventory, how many new homes hit the market, and UC or Under Contracts. Then analyze the data to let them know if it is a Buyer's or Seller's market. I can quote all of the above for Sonoma County as I check data weekly with a market update monthly. Also, what loans are being used. IN our area cash is 25% of the market with Conventional 70%. VA and FHA meager at best.
5,140,891
You have to know the contract. The stats change all the time so while I know them from month to month I don't attempt to memorize and quote them
3,986,423
3,988,138
Every agent should know their market, where are the hot neighborhoods, where are the price ranges of homes in each neighborhood, average days on market, which lenders to turn to and how to qualify a buyer or seller. The list goes on and on.
719,561
How to answer your phone? Because, some days, I think some people forgot how to use it....
917,693
I don't think anything needs to be "memorized" as those numbers change all the time. It's good to be familiar with trends and be awarre of the ballpark figures for the stuff you mentioned.
749,755
What is the market doing? What are the inventory levels? How quickly are homes selling? And knowing unique things about specific neighborhoods if you are representisng people in these neighborhoods is essential.
5,064,945
5,142,463
6,623,295
Site index, Wildlife Habitat type, Timber Quality, MBF/Acre, Cords/Acre, Timber prices, Proximity to Markets, and Access.
1,231,853