by Carolyn Hicks
You’ve heard the old adage “Information is Power.” It’s true – the more you know about your competition the better you can position yourself. Use your transactional volume, your ranking in the marketplace or your activity levels to set yourself apart from other agents. Your local Board of Realtors® has all the information you need.
For more tips on how to use market information to your advantage, read Dirk Zeller’s “Key Statistics That Link With Credibility” below.
By utilizing the resources that are already available, we can set ourselves apart from other Agents. We have a large pool of resources that we can easily access, but few Agents do. We merely need to have the right questions, and then contact the right people.
The first group to access is the local Board of Realtors®. We need to learn from them:
1. The number of Agents in the marketplace
This information will help you calculate per Agent productivity, average listing per Agent on the board, and segment stats in your core geographic area based on Agent production. You can also see the Agent count and find out if it’s growing or shrinking. Showing your prospects that their odds of selecting an ill-equipped Agent is either moving against them or for them.
2. The average production of Agents in units and volume
You will be able to compare your performance to the new Agents and other Agents in the marketplace. It will allow you to segment production into the top ten, twenty, or fifty Agents in the marketplace. Knowing where you are in comparison to the other Agents you compete against is essential. You might not be in a favorable position once you know the stats. You will then have to sell something else as valuable when up against higher producing Agents.
3. Experience (in years) of Agents on the board
Most boards keep exhaustive studies on this area. For some reason, the public is swayed by experience. The funny thing about that is an Agent with twenty years in real estate could have one year of experience twenty times over.
4. Percentage of licensees that would be considered part time This number, coupled with the experience number, can be used to illustrate to a prospect the transient nature of sales people in the real estate industry. This statistic is extremely effective in building trust in a changing marketplace.
You can secure valuable statistics and information from your local MLS as well. The MLS can give you key market stats such as:
- Days on the market averages
- Inventory levels of active listings
- Geographically active markets inside your service area
- Active markets based on price point inside your market area
- Listing price verses sales price ratios
- Listings taken verses listing sold ratios
All this knowledge is really a phone call or a few keystrokes away. In some MLS areas, your Broker will have to generate these numbers because they have access to more information than you do. Most MLS systems restrict what the Agent can assert.
National Association of Realtors® – Some of the most valuable and least used services that NAR provides are their reports, market studies, and analyses of the national and regional real estate markets. They issue reports and studies on every segment of real estate sales like; second home markets, investment property, an annual homebuyers and Sellers report, Internet popularity in real estate sales, and many others.
They also conduct studies and surveys of home Sellers and Buyers. They probe into why people selected a certain Agent, consumer satisfaction levels of their Agents, home amenities that Buyers want most, what services consumers want from us, and a host of others.
This knowledge, in the hands of a Champion Agent, can easily be used to build credibility and trust. It will clearly provide value that will be unmatched by your competitor. Most Agents are unaware of these items I have listed. It’s the least used and best service, in my opinion, that NAR provides.
The information is available for you to utilize. Set yourself apart by doing what few Agents do and access the resources that are available. This information will link you to knowledge and credibility in your prospects’ eyes.