Show me the data!

Angie Shipe August 26, 2013 0

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Data can be an excellent selling point of any property.  Let’s be honest, purchasing a home is an investment.  Realtors want to not only make a home attractive to potential buyers, they also want the purchase to make sense.  As a professional, you should be aware of real estate statistics.  There are a few simple ways to use numbers to increase your business or convince a client that now is the time to buy.

There are signs that the housing market is improving, and some would argue booming in certain areas; however, there is still a great deal of uncertainty.  Data can be a useful tool to show that the economy is stabilizing.  The National Association of Realtors, NAR, publishes statistics on existing home sales towards the end of each month.  Another useful source of data is the pending home sales index.  This report is published the first week of each month, and measures housing contract activity.  To put buyers at ease, you want to show them that people are buying and selling houses.

In 2012, 9% of homes sold were sold by owners without the assistance of a realtor.  Knowledge of For Sale by Owner statistics, FSBO, can be a strategy for attracting clients who were planning to work without an agent.  Statistics show that many of these homes have sold for much less than they would have with the help of an agent.  Statistics also show that these sellers also struggle with completing the paperwork associated with selling a property, and prepping a home for sale.  Additionally, the data also shows that a large number of these properties sell by yard signs.  A realtor could easily identify and approach these sellers and provide data which suggests it would be a benefit for them to work with a professional.  NAR reports that on average an agent assisted home sells for about $40,000 more than when an owner sells a property on their own.

Statistics about the schools in an area are a piece of data families looking for a home may be interested in.  States provided achievement data for schools annually.  These numbers can attract buyers to an area if they have young children or are planning on starting a family.  It is wise to know the rankings of the schools in your area.  Provide this information to potential buyers as you are showing the property.

Many people think of data as boring.  Some even try to avoid it; however, if used appropriately it can truly be a bonus to your business.  Realtors regularly site the comps of an area; know how long a property has been on the market, and the changes in prices of a listing when doing their work.  I recommend you take it one step further.  Use the numbers to show why buying now is a great idea. Be prepared to use data and infographic statistics to put your clients at ease.

 

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