DO YOU KNOW HOW MANY BUYERS ARE IN YOUR MARKET ?
BY BRAD DAVIDSON , TRAINING & PROFESSIONAL
DEVELOPMENT DIRECTOR AT RPCRA
O h man , would that be awesome to know . Just think of how effective you ’ d be at selling your listings ! We would all know , within weeks or even days , when to list properties , how many buyers are looking in each price point , what amenities they desire most , etc . These metrics would drive the industry ! This sort of insight is why the National Association of Realtors ® generate the Home Buyers and Sellers survey each year – they want to inform us on demographics , interests , and behaviors of the buyers who will be purchasing our MLS listings .
I ’ m sure you are saying , “ Yes , NAR ’ s stats are great , but we need local data for buyers in Southwest Florida !” Don ’ t worry , folks … I ’ ve got you taken care of .
The beauty of the Florida Gulf Coast MLS is that we utilize Core Logic ’ s platform known as Matrix . They are a pinnacle in the Real Estate technology community and are the most widely utilized MLS platform provider in the country . Within your own profile , you have uninhibited access to some of the same metrics and statistics that are published on a national and international scale . You can be your own resource for the data that only Realtors ® can access .
As a listing agent , you are provided metrics for each one of your listings – a component of these metrics – known as ‘ Hit Counters ’ – is Reverse Prospecting . Reverse Prospecting is a list compiled by Matrix of every Realtor ® that has sent their listing to a customer / client of theirs . You are provided with each Realtor ’ s ® basic contact information as well as a reference number , and this number references the customer / client to whom the Realtor ® sent your listing .
That is the technical aspect of how Reverse Prospecting works . Now , let ’ s discuss how you can leverage Reverse Prospecting .
In Matrix , we have the capability of sending listings to our clients automatically . It is this function , as well as the Direct
Email ( specific listings chosen and sent on a one-time basis ), from which we consider Reverse Prospecting a usable feature . A high volume of members rely on the Auto and Direct Emails through Matrix , thus giving Matrix the ability to record a relevant amount of potential buyer activity . The result gives each listing agent feedback on how big their potential audience of buyers is for that market , price point , property type , etc .
Having to revisit the discussion on price with the intention of reducing it can be daunting , however there are metrics that you can leverage - Reverse Prospecting results ! Here is a great example :
The “ Pricing Conversation ” - You know the price needs to be reduced but you know you ’ ll need some help to convince your homeowner that your work thus far has been sufficient . The amount of exposure your listing has received to heighten the potential that it sells is a key component of your role . Reverse Prospecting results proves that not only are you marketing the listing appropriately , but so are other Realtors ®. RP results are proof that there are buyers out there searching in that specific price point , in that specific location , desiring those specific amenities , etc .
This list also serves as market intelligence , quantifying the buyer activity in that area for that price point . In your grassroots efforts ( door knocking , phone calls , etc .) to market your listings and your business , the ability to answer in the affirmative when a homeowner asks , “ Is it a good time to sell my house ?” while leveraging the true buyer activity from a nearby listing is an awesome outside-the-box idea .
Please reach out to me with any questions you have or assistance you may need .
Brad Davidson Training & Professional Development Director Royal Palm Coast Realtor ® Association
24 RPCRA . ORG | MAY / JUN 2017