Jul

5 Things Your Listing Agent Should Be Doing

This is by no means an exhausitive list, but these are 5 important things that are often overlooked or skipped:

1. Analyze the Absorption Rate For Your Home

Along with your CMA (Competitive Market Analysis) AND an explanation of market trends in your area, your agent should provide a detailed report on the absorption rate for you home, on both a macro and micro level. Knowing your areas Absorption Rate helps to track trends. Understanding the market and where it is headed is part of a listing agents job as a real estate professional.

Absorption rate is NOT an exact science. Figuring it is based on the premise that one will be looking for a TREND.

The Absorption Rate is the ability of the real estate market to sell off all of the houses that are for sale (like yours). For example, if 100 homes are sold every month and there are 1200 homes for sale, then it will take 12 months to sell all of those homes.

2. Virtual Tour

Now, it isn’t just important to provide a virtual tour but to know why it IS important. Listings with Virtual Tours result in 40% more clicks online. That translates to more eyeballs looking at your home. I will put a caveat in that not all homes should have a virtual tour. It depends on the size, price range and condition of the property.

3. Putting Your Listing in the MLS WITH Photos

I’ve seen this happen with $200,000 homes and $1M homes. A new listing shows up and WHAT?…no photos. Not only is this a pet peeve of mine but it’s an incredibly huge mistake by the listing agent. An enormous lost opportunity. If you are a home buyer, then you probably have a saved property search set up so any home that matches your criteria will be emailed to you right away. How long to you look at new listings without photos….2 seconds?

After that new listing has hit the saved searches, it won’t show up again as new when the photos are added. Those potential buyers may never go back and look at your home. This happens when listing agents get lazy and want to sign the agreement to get you in the system quickly and come back later to take photos. Don’t let them do this.

4. Have an Online Presence and be Able to Justify the Value Proposition of their Website

Most agents have their own website. And most of those websites are free “templated sites” provided to them by their broker. It means they don’t have the ability to enhance your listing on their site, quantify visitors, page views, registered users. Ask your listing agent what percentage of their business comes from their website. Ask them how they drive traffic to their site and will you get more exposure being there. If you get a glassy-eyed stare, keep looking for the right agent.

5. Online Syndication of Your Listing

This is another chance for you to get that glassy-eyed stare. How many sites will your listing agent put your home on? If it isn’t at least a dozen, then they aren’t really sure how many are out there. Is your agent paying for enhanced listings where you get more than a few photos online? Remember, 85% of all buyers begin their search online before they ever contact an agent. This is where the broadest footprint of exposure is most critical.