At the Peters Company, we take great pride in the service that we provide to our clients. In fact, because our team specializes and separates our business into the “buyer side” and the “listing side” we are able to provide even MORE detailed service to each of our client types.
At The Peters Company, we have spent years tweaking the many details and specifics that go into a listing and helping our sellers get the most money for their homes in the least amount of time. One of the best ways to do this is to keep a very close pulse on the market. It’s important to understand that the market is dynamic – it changes every single day. In fact, the price of your home is simply a moment in time. Today it could be worth one amount and tomorrow another – and without an agent keeping a close eye on how the market is responding to your home, you waste valuable time on the market and are putting the equity of your home at risk.
So, what are the ways we keep our eye on the market and keep sellers up to date on what’s going on? The number one tool we use is a weekly seller update. In this update we are reporting on a few keys factors:
- Overall Activity :: Here we calculate the total number of showing in both the listing period and over the previous week. We look to have 3-4 showings per week (depending on the price point this can adjust).
- Feedback :: We know that feedback is the breakfast of champions, and that doesn’t change in real estate. We have both automated and personalized systems in place to gather information from agents who show the subject property. We want to know it all – and we don’t sugar coat anything. It’s important to gather honest feedback about the home’s price and condition so that we can react accordingly.
- Micro Market Watch :: On a weekly basis we are also keeping you abreast of any new homes that have hit the market (our new competition), any homes that went under contract (the competition that beat us out), and any homes that have sold (the comps that will be used to determine our ultimate price). This market analysis is a tight view of homes that are the direct competition for your listing, and therefore the criteria is extremely specific to ensure we are always comparing apples to apples.
- Red Light/Green Light Update :: This is the tool we use to determine if we are ultimately on track with your listing. There are three categories that we cover to determine if we are on the right path – if we hit any of these markers we are in “red light” territory and need to stop and evaluate to get back into the “green light” zone:
- Showing activity – If we have gone 10 days without a showing, we are immediately in “red light” territory where we need to stop and evaluate the listing. If no one is even visiting the home, we are off base and need to understand where. Typically, this is a pricing issue.
- Offer activity – If we have had 10 showings, the statistics suggest that we should receive an offer from at least one of these buyers. If we’ve had 10 showings and no offers, we need to look to the feedback to understand. Often, this is the case of a small pricing issue and/or condition of the property.
- The 30-day Marker – Finally, if we’ve been on the market for 30 days and haven’t gone under contract (but all other activity is in alignment), it’s again time to evaluate what’s going on. Typically, this results into another deep dive into the market stats in the area to understand why the home hasn’t sold, and depending on what’s happened the past 30 days would result in a change to the listing.
As you can see, we spend a lot of time and effort watching, interpreting, and sharing the current market with our sellers. We are here as your ultimate real estate resource, and we don’t take the lightly! Are you looking for an agent with experience and knowledge to sell your home? Look no further than The Peters Company – visit our website anytime for a free market analysis of your home at thepeterscompany.com.
- Jennie Moshure