HOW TO EVALUATE THE SUCCESS OF A REAL ESTATE LISTING
The success of a real estate listing isn’t defined solely by a ‘Sold’ sign being placed in the front yard. It’s a culmination of strategic planning, effective execution, and the ability to resonate with potential buyers.
With the market cooling, competition is fierce in the real estate realm right now. Housing prices in the US were up 1.3% year-over-year in July 2023, but the number of homes sold fell by 14.7%.
So, it might be a good time to start evaluating the success of your listings to figure out what went right and what could be improved for next time to ensure your marketing is translating into higher and faster sales.
10 Steps for Evaluating a Listing’s Success
1. Number of Inquiries
Figure out the number of inquiries received for the property. The more you have, the more you can tell whether your listing has successfully captured buyer interest and prompted them to take the first step.
2. Showing Attendance
Track the number of showings scheduled for the property. It’s one thing to receive an inquiry on a listing, but an entirely different thing to have potential buyers take time out of their day to view the property in person. A higher attendance rate suggests that your listing has generated curiosity and motivated potential buyers.
3. Days on the Market
Assess the time the property spent on the market before it went under contract or was sold. This metric offers insights into the market demand, and a shorter time on the market generally means the property was priced appropriately.
4. Offers Received
Evaluate the number and quality of offers received for the property. Multiple offers, or offers close to the asking price, indicate that a listing has attracted serious buyers.
5. Sale Price vs. List Price
Compare the final sale price of the property to the original list price. A higher sale price relative to the list price suggests that the agent has priced the property accurately to the market conditions.
6. Buyer Feedback
Ask for feedback from potential buyers who have viewed the property, including what they liked about the listing and what they didn’t. Their comments can provide insights into how the listing is perceived by your target market and whether any adjustments or improvements are necessary.
7. Online Engagement
Monitor online engagement metrics, such as views, saves, likes, comments and shares on listing platforms and social media. This can paint an accurate picture of how your listing is being perceived online, which can be a make or break for generating leads.
8. Agent Feedback
Seek feedback from fellow real estate professionals who have shown the property to their clients. Their input can provide valuable insights into the market perception of the listing and potential areas for improvement.
9. Comparative Analysis
Compare the listing's performance to similar properties in the area. Assess how it fares in terms of inquiries, showings, time on the market, and sale price to determine its relative success within the market context.
10. Client Satisfaction
Lastly, gauge the satisfaction of your client, the property owner. If you’ve achieved their goals and they are happy with the outcome, the listing can be considered successful from their perspective.
The Human Factor
Beyond the numbers and feedback, the human element plays a pivotal role in a listing’s success.
Your expertise as an agent, including your strategic approach to marketing, negotiation skills, and ability to accurately price the property, contributes significantly to the outcome.
‘Success’ is multi-dimensional and extends beyond the transaction, as it encompasses a blend of quantifiable metrics, market dynamics, and the human touch of the agent.
So, the next time you reflect on a listing, remember that its success story goes far beyond the ‘Sold’ sign.
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