There are realtor and real estate agents that will tout statistics and how much they spend marketing. For example there are two large teams in the metro Detroit area that love to say that they spend more money marketing than any other realtor. It is very true. However the marketing dollars they are spending is marketing themselves. Yes, they spend more on putting up bill boards, advertising on radio and TV. But WHAT DOES THAT DO FOR YOU AND MARKETING YOUR HOME?
NOTHING, ABSOLUTELY NOTHING
You see that claim about spending money on marketing isn't about your home, it's about the agent. So what good does that do you? Absolutely nothing. So you have to separate fact from fiction. Most home sellers never think about it.
Sometimes statistics are as confusing as these buttons
So ask the questions "where are you marketing my home? What are you really doing for me"? Then think about what they are doing? Is it smart marketing? Are they spending their advertising dollars on print advertising? That does so little for you. 96-98% of all buyers use the internet. So the marketing dollars should be there and not being spent on magazines and newspapers. You need to market where the buyers are.
The second part I am going to address is statistics in the real estate field. You will see agents tout that they have a 98.5% of getting list price. They get that number from the sales price and the list price. There are ways to manipulate those numbers. You may not realize that number derives from that last number it was listed at. Not the original price the home was listed at. So if there has been 4 price reductions that is not going to be in the statistic at all. So if they reduced the price four times that statistic is only being pulled from the last dropped price. So most of the real estate agents statistics on that does not matter. Sure it looks good to you, but it's just a number manipulation.
Even the average time on market is manipulated by some agents. Some agents will pull the house off the market for a short period and re-list it to show as a new listing. If it shows up as a new listing it sometimes generates buyers interest. It also starts the clock on how long the property has been listed in many cases. So a real estate agent can manipulate the average time on the market to keep statistics high.
Many, many years ago I had engineer request that I give him statistics with dates sold, address, average time on the market, and List price versus sales price. It took a lot of time to do that and I was a new agent not selling the number of homes that I do now. It took hours and hours. So I realize that some agent's statistics are just numbers, some of them just made up. No other agent or seller is ever going to take the time to verify those statistics because it takes too much time. So they are numbers given by a real estate agent without being verified.
One number that you will not hear from agents is the number of expired or unsold listings to sold listings. There are many reasons why a home doesn't sell. Many times the fault lies on the seller. The home may be over priced or the condition is not good enough for the buyers. It is overpriced for the condition is in and buyers can and are buying other homes in better condition for a better price.
Lastly you will see that many agents tout themselves as number #1. Is it #1 in their office, in their company? It could be a 10 person office. I was in an office one that had 160 agents. Only about 30 of them made $30,000 a year or sold 9 or more homes. That is nothing. However you will see that agents will say that they are in the top 10% or 20% of agents. Like all sales companies 20% of the sale people do 80% of the business. Real estate is the same way. So the claim of being in the top 10% or 20% of real estate agents nation wide is really not a big deal. Neither is being a multi-million dollar producer.
So bottom line is listen to the numbers but do not base your decision to hire a real estate agent on them. Unfortunately they can be manipulated, and none of us have the time to verify them. It's really about what they are going to do to market your home. What is the agent going to do that other agents are not doing? Are they putting their marketing dollars in the right place.
It's all about what I can do for you and your house
Call me at (248) 310-6239 to find out