Would it make sense to use “average time on market” to select a real estate broker to sell your house?
The easiest statistic to get about a real estate brokerage firm is how long the houses they’re selling have been listed. If I write a computer program to retrieve all the houses each broker lists, and how long each has been listed, would it make sense to use those numbers to give each broker a rating for how fast they sell houses? And would it make sense for people who want to sell their houses to use that rating to decide which broker they want to use?
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Tags: computer program, real estate brokerage firm, statistic
December 28th, 2009 at 10:29 am
On its face, this makes sense. But if someone is selling houses fast, they are pricing them appropriately, because price is the biggest factor right now.
December 28th, 2009 at 10:29 am
Listing times are made between the agent and the seller, 30,60,90 days. A 90 day listing gives sufficient time for the agent to know if the market is ready for the price the owner expects, if any upgrades need to be done and if the house needs any changes.
A seller should have many factors to look at before deciding what broker, agent or company they want to use. Flexibility,timing,price,upgrades are only some of the things agents look at. Sellers should look at experience,marketing,showings,etc.
December 28th, 2009 at 10:29 am
That is a good indicator of a real estate company’s ability to move or sell houses they are contracted to sell.
I am also equally sure that some one in the real estate firm is putting these numbers together as a selling point for new business.
You might want to contact several of you local real estate firms, find out if they do keep these stats. If they do not perhaps you could sell them on the idea of you doing them as a selling tool for their office.
You should especially contact the mom and pop real estate offices as they might not have the staff to accomplish this .
How the accomplish this, I am not sure, perhaps they have developed a program to retrieve these numbers, but you never know until you ask.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
December 28th, 2009 at 10:29 am
4 yrs ago yes.. nowadays.. things are extremely bad. I deal with foreclosures every single day…our office deals mainly with REO properties.. regular properties are not selling as much.. at least not around here.. Things are really tough out there..
December 28th, 2009 at 10:29 am
I agree knowing how fast a real estate company turns over houses would be a key factor in choosing one.
Bad economy or not, some agents are better at advertising, returning calls, giving good advice to the sellers on displaying the home and they truly earn their commission. Then you have the realtors that don’t do anything out of the ordinary, other than list it and maybe put it online.
I had that issue with my house when it was up for sale. Our realtor never showed the house. She said that our house wasn’t "in her target group". What?? Because ours was $300,000 less than all of her other listings? Then we let our 2nd realtor show our house as "open house" when we were gone for the whole weekend only to come home on Sunday night to lights on, doors unlocked and our driveway gate not closed.
As a consumer, you need all of the tools you can get to pick the right person for the job, or company.