Build your business by improving your understanding of local real estate market activity. For every new listing, a close examination of the following is guaranteed to build customer satisfaction:
Pricing. Determining the list price of a home can be a very frustrating experience if you don’t have the facts to support your recommendation. RBI allows you to explain the median and average sold price trends of comparable properties, ensuring you set realistic price expectations. After examining current inventory and previous market demand, you can continue to educate your seller by reviewing days on market of similar properties in comparable price ranges. Time is money and these concrete statistics are a compelling argument for making sure your new listing is priced to the market. This most important decision will impact the entire length of your transaction and go a long way toward establishing customer satisfaction with your seller.
Competition. Although market trend reports won’t make the home smell like fresh baked cookies, they will undoubtedly boost your credibility and value proposition. Using RBI, you can easily answer specific market questions and build clients confidence in you as the local expert. You’ll win a competitive edge and you’ll be the trusted agent in even the most unpredictable markets.
Here’s an actual example of how RBI stats can be the game-changer when it comes to selling. A FSBO property was listed for sale at $403,000 and wasn’t getting any showings or offers. After an agent was asked for assistance and checked in RBI, the reason became obvious. The average DOM for homes over $400,000 was more than 20 days higher than DOM for homes listed between $350,000 and $400,000. After decreasing the listing price by just $4,000, the market responded and the seller received multiple offers. Sometimes its simply catching on to micro-trends that makes the biggest impact on closing a listing.
RBI: The Key to Understanding Your Local Market
“Armed with the sales, days on market, market absorption, sales trends etc. you can arrive at a price together that will land you in the five to ten percent of homes that are selling in the marketplace.”
Associate Broker, RE/MAX 100
“Since I list a lot of homes in the upper price brackets, I love the way I can specifically separate out the homes with larger square footages thus showing the differences in timing, percent of list price received and the total numbers of homes in the upper brackets.”
REALTOR®, RE/MAX United