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4 Statistics that Sellers Love and Can Win Listings

November 13 2014

trulia statistics sellers loveWe've all heard it before: Agents who control the listings control the market. The power and value of a great listing means that agents will jump through hoops to woo sellers. Part of the challenge is meeting new seller prospects in a low-inventory market.

We've discussed strategies for earning more seller leads—be it through these tried-and-true seller lead generation methodsthese tried-and-true seller lead generation methods or these strategies for winning more listings onlinethese strategies for winning more listings online. But when it comes to standing out amongst the competition and getting a signature on the dotted line, agents also need to know how to show off why they are the best agent in their market.

So how do you do that? The answer is simple: Data.

As agents, we've heard so much about big data, local data, and market data that our eyes can glaze over at the mere mention of the word. But the truth is that sellers' craving for data continues to grow. To increase our listing business, we have to level-up our ability to deliver the data points that trigger potential clients' trust and confidence that we can, in fact, do what we say we can do.

Here are some data points that have that differentiation power. If you don't have these particular data points available, use them as inspiration. Be creative in how you numerically frame what you do for prospective sellers.

1. Your Listing Price to Sale Price Ratio

Of course it's important to brief sellers on what the average comparable home in their neighborhood is selling for, vis-a-vis average list prices. But it's also important to demonstrate that your listings' LP:SP ratio bests market averages in one of two ways:

  • Your listings sell for more than asking
  • Your listings sell for more above-asking than the average listing in your area.

But take note—sellers are increasingly skeptical that agents are depressing their listing prices to make their job easier. If your listings are selling for dramatically higher than the average asking price for the listings in your area, be prepared to explain why that's not simply a byproduct of under-pricing on your part.

In many situations, initially underpricing a home may be preferable to overpricing it. Should any of your seller clients fail to understand the dangers of overpricing, use these five talking points to vividly and painlessly prove themthese five talking points to vividly and painlessly prove them.

2. Your Average Days on Market

Even sellers without an urgent deadline relish the idea of a speedy sale, so long as they feel like they are still getting the very best price for their home. If your homes fly off the market at strong sale prices, you should trumpet that to every seller prospect you meet. In fact, I've seen a couple agents in my area do a very strong job of marketing to sellers by comparing this single statistic with the local average.

For sellers who hate the idea of buyers tramping through their homes every weekend ad infinitum, or for those whose selling anxieties center around a listing that lags and forces them to cut the asking price, the prospect of working with an agent with a lower-than-average DOM can help you seal the deal with them. Additionally, touting your low DOM is considered to be one of the best strategies for scoring sellers when inventory is lowthe best strategies for scoring sellers when inventory is low.

3. The Average Number of Offers on Recent, Comparable Listings

If your market is hot, almost every agent can walk in and tout that their listings sell fast and for top dollar simply by virtue of the market dynamics. An impressive LP:SP ratio and DOM don't necessarily indicate brilliance on the part of a listing agent when any home in their market that's not on the verge of falling down sells for thousands over the asking price.

So, if you can document for sellers the number of times your listings bring in multiple offers, and how many offers your listings are getting on average, that paints a powerful visual for potential seller clients.

4. Your Close Rate

The power of communicating that you close nearly all of your listings speaks to different things for different sellers. It speaks to your marketing strategy and skill. It speaks to your savvy at setting list prices. It speaks to your ability to recommend buyers and knowledge of buyers brokers who can successfully get deals done. And most powerfully, it speaks to your understanding of what a seller really and truly cares about: closing their home's sale and moving on to the next phase of their lives.

This agent statistic is particularly powerful in areas still riddled with short sales or that are still dealing with slowly ascending markets. Because sellers know than many listings never get sold, or only get sold after being in and out of contract a number of times, the close rate becomes an even more powerful talking point.

If you know that many listings in your market lag or don't close, but you don't think your seller prospects are aware of that, show off your own high close rate and compare it to the lower market average close rate.

This article was originally published on the Trulia Pro blog. You can find the original version of this article and more tips about working with sellers herehere.