Nathan Gesner, Broker / Property Manager (American West Realty and Management)

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Rainmaker
538,614
Eve Alexander
Buyers Broker of Florida - Orlando, FL
Exclusively Representing ONLY Orlando Home Buyers

You must be talking to only those that farm an area...

I want agents to understand what the contract says and means...

Eve

Jun 12, 2017 07:14 AM
Ambassador
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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

I must say, I don't memorize any stats.  I have found that when someone asks me how the market is, their eyes glaze over when I spout off stats.  What we need to do is learn to not answer questions with stats, but with the ever present "How's the market?" question--

"That's an interesting question.  Why do you ask? "

What we know about the market will be obvious when someone is at the point of action.  We need to find out their needs in order to get them there.

Jun 12, 2017 12:17 PM
Rainmaker
3,134,777
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Your local market statistics that can be explained quickly and easily in "english" to a member of the public. 

Jun 12, 2017 06:05 AM
Rainmaker
2,800,276
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

Know thy contract ... know it ... understand it ... and know how to use it when leveraging negotiations ... this is key because so many agents don't have a clue about the contract.  

Jun 12, 2017 08:25 AM
Rainmaker
773,882
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

I like Chris Ann Cleland answer.  I personally don't quote any stats off the top of my head because they change and because they are area specific and because I like accuracy.  Most buyers don't care about those stats anyway, it's the general market knowledge that is important and if someone does want that information I will provide it in writing with up to date info.  I think REALTORS need to know the contracts inside and out, the code of ethics inside and out and state & national real estate laws inside and out.  Stats change and can be looked up easily based upon need. -Kasey

Jun 12, 2017 12:52 PM
Rainmaker
1,247,507
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I'd say a general idea of how the market is going.  No one is going to understand absorbption rates, levels, etc.  Number of homes sold in a month isn't relevant.  I'm looking at buying a car right now, what do I care how many cars were sold in the city last month?  What does the guy I'm buying the car from care?  ZERO, that's what!

 

Talk and build rapport.  Answer in simple english.  If they want stats, go to my website blog for that.

Jun 12, 2017 04:08 PM
Rainmaker
722,494
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

I think 'top of head' has to be qualified with "typically/generally, but let me check the stats in real time." 

Our residential market is VERY diverse - a 300k site built home can be next door to a 25k singlewide mobilehome in some areas, and median home prices can vary dramatically.

In CRE, vacancy and cap rates for various property types are important to know - but even then, there are sub-types and different areas. A property on a main highway might fetch 50% more PSF than a property a quarter mile away with no frontage - what side of the street is it on? Is rush-hour access going to be problematic? This is what makes us experts - we know that there are subtle differences that change value--those won't show up in an auto-generated CMA necessarily.

I can't tell you how many times I've heard a consumer quote 'facts' they got from another agent that once I looked, were painfully off.

And don't even get me started on the Zildabeast.

Jun 12, 2017 07:44 AM
Ambassador
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Fred Griffin, on leave of absence from ActiveRain
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

 What Nina Hollander said.

Jun 12, 2017 06:56 AM
Rainmaker
5,425,599
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Agents need to know everything about their local market.

Jun 12, 2017 06:49 AM
Rainmaker
3,304,515
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Knowledge of inventory in various price ranges and a couple of go to favorites requires daily updates!

Jun 12, 2017 06:48 AM
Rainmaker
5,039,500
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

absortion rate changes a zillion times every week, but it's within the same range for awhile.... that's an important factor...

Jun 12, 2017 06:38 AM
Rainmaker
1,379,217
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Nathan Gesner Nina Hollander summed it up nicely.

Jun 12, 2017 06:21 AM
Rainmaker
3,021,913
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I think one should know number of homes on market, know how many pending sales are averaged each month along with how many sales. Completing market reports teaches you all this. At worst one should know average price of sales, what percentage homes sell for and what is the average DOM

Jun 12, 2017 06:02 AM
Rainmaker
3,053,541
Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Kathleen Daniels nailed this one!

Jun 13, 2017 05:09 AM
Rainmaker
3,363,142
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

I like the answers provided by Chris Ann Cleland - Mike & Eve Alexander . Your general understanding of the market is important in my opinion but statistics are always in flux.  Knowing the contract and the ability to communicate with people brings the best results long term.  

Jun 13, 2017 04:11 AM
Rainmaker
3,831,646
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

All of the above! Just like Nina Hollander commented..easy peezy!

Jun 12, 2017 07:07 PM
Rainmaker
1,082,272
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

current sales in the area you work on

Jun 12, 2017 05:19 PM
Rainmaker
1,549,515
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Geneva Financial, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

SP:LP ratios for your market area and DOM for homes priced right.

Jun 12, 2017 08:57 AM
Rainmaker
1,329,198
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Bryant Tutas posted a wonderful article about that very thing recently.  

Jun 12, 2017 08:46 AM
Rainmaker
852,021
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

Depends - we have several market segments and each has different stats

Commercial

Residential non-income producing

Residential income producing

Condo non-income producing

Condo income producing

Jun 12, 2017 07:23 AM
Ambassador
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

You pretty much nailed it, Nathan Gesner. Know your inventory, average DOM, average (or median) sales prices, absorption rate and it's always good to know what the average list-to-sales price ratio is as well. 

Jun 12, 2017 06:44 AM
Rainmaker
768,268
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Where's my keys?

I find knowing the numbers is not the secret. It is the coherent story the agent tells based on those numbers that becomes the game changer.

That story should NEVER contain real estate gobbly gook like absorption rate or any terminology that sounds the transgression alarm.

Data that is helpful is:

1. Past historic sales volume

2. Where in the annual sales pattern is this community right now.

3. What are the precursors indicating

4. What are the trajectories indicating.

5. Evidence of pent up opportunity.

I find it a bad practice to repeat what the darkside presents.

To tell the story the agent does need to know ASP, ADOM, SPSF, SOLD, in transition, FSBO and long view historic patterns.

It is the story the citizen remembers, not the data.

Jun 12, 2017 06:29 AM
Rainmaker
2,464,614
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

You covered it...

Jun 12, 2017 06:26 AM
Rainmaker
4,108,544
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

If I am with a Seller, I should know the stats for their neighborhood.

Jun 15, 2017 09:28 AM
Rainmaker
4,797,473
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Absorption rate,

Inventory,

Sales prices (average, high, low),

Local demographics,

Jun 13, 2017 06:09 AM
Ambassador
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Harry F. D'Elia
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

mortgage rate and current inventory level

Jun 13, 2017 05:59 AM
Rainmaker
4,432,267
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Know the market

Jun 13, 2017 02:31 AM
Ambassador
4,300,592
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

There are 10 key points Nathan Gesner - median price, average list price, number of homes sold are just first few...

Jun 12, 2017 11:37 PM
Rainmaker
1,495,772
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

Average day on the market, median sales price, month of inventory ~ would be my priority. 

Jun 12, 2017 09:22 PM
Rainer
352,618
Jim Cheney
Saint Francis Property Santa Rosa, CA - Santa Rosa, CA
Rincon Valley Realtor 707.494.1055

Interest rates

 

Jun 12, 2017 09:00 PM
Rainmaker
933,116
Thomas J. Nelson, Realtor, ePRO, CRS, RCS-D
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

All you mentioned if relevant to the clientele in that particular market.

The data to know would be the top 5-10 FAQ's for their market-which may vary from market to market. I know the top 5 questions I get asked, I know the answers too. Here in America's Finest City, I deal with University questions, Military Base Questions, Surf, School and Commute questions more than Median Home price questions.

Jun 12, 2017 08:20 PM
Rainmaker
142,536
Diana White-Pettis
Bennett Realty Solutions - Upper Marlboro, MD
GRI, CDPE, CNE, WHC Upper Marlboro Homes for Sale

Great question and great answers!

Jun 12, 2017 08:12 PM
Rainer
86,414
Mike Kelly,CRS,CIPS
The MJKelly Team - Santa Rosa, CA
"One of Sonoma County's Natural Resources"

S/he had better know size of inventory (how many "Active" or "Showable" listings are now on the market. There specific market or city neighborhood they can go deeper into data. But median home price, Days on the Market, Month's supply of inventory, how many new homes hit the market, and UC or Under Contracts. Then analyze the data to let them know if it is a Buyer's or Seller's market. I can quote all of the above for Sonoma County as I check data weekly with a market update monthly. Also, what loans are being used. IN our area cash is 25% of the market with Conventional 70%. VA and FHA meager at best.

Jun 12, 2017 07:24 PM
Ambassador
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

You have to know the contract. The stats change all the time so while I know them from month to month I don't attempt to memorize and quote them

Jun 12, 2017 06:15 PM
Rainmaker
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William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

What is the inventory like.

Jun 12, 2017 04:43 PM
Ambassador
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Every agent should know their market, where are the hot neighborhoods, where are the price ranges of homes in each neighborhood, average days on market, which lenders to turn to and how to qualify a buyer or seller. The list goes on and on.

Jun 12, 2017 03:54 PM
Rainmaker
705,051
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

How to answer your phone? Because, some days, I think some people forgot how to use it....

Jun 12, 2017 03:18 PM
Rainmaker
738,140
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

I don't think anything needs to be "memorized" as those numbers change all the time. It's good to be familiar with trends and be awarre of the ballpark figures for the stuff you mentioned.

Jun 12, 2017 02:13 PM
Rainmaker
408,897
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

What is the market doing? What are the inventory levels? How quickly are homes selling? And knowing unique things about specific neighborhoods if you are representisng people in these neighborhoods is essential.

Jun 12, 2017 01:40 PM
Rainmaker
3,055,731
Richard Weeks
Dallas, TX
REALTOR®, Broker

I think you covered all the items one should know.

Jun 12, 2017 12:38 PM
Rainmaker
3,205,085
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

DOM is a big one and inventory of homes on the market.

 

Jun 12, 2017 11:05 AM
Ambassador
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Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Site index, Wildlife Habitat type, Timber Quality, MBF/Acre, Cords/Acre, Timber prices, Proximity to Markets, and Access.

Jun 12, 2017 08:18 AM
Rainmaker
1,219,337
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Thanks for reminder, Nathan Gesner . Several excellent answers.

Jun 12, 2017 07:18 AM