Real estate market data when making a listing presentation can help influence a seller in a number of ways including one BIG factor that could be the tipping point.
That factor? Your ability to negotiate for the top price for their home.
Sure there are lots of variables that go into a home sale – location, condition of the property, size, the market, available inventory, age, amenities, size, kitchen, bathrooms, etc. etc. etc.
But as we all know, at the end of the day, one of the biggest factors that will dominate the conversation will be price.
What’s my listing price?
What’s my home really worth?
How much should I be willing to compromise?
Lots of unknowns.
As CP Scott once said, “Comments are free, but facts are sacred.”
When making a presentation to potential listing clients, real estate market data, the hard facts, removes many of those unknowns.
By providing several pieces of hyper-local real estate research in addition to a CMA, an agent can start to paint a clearer picture of where any property stands.
And just as importantly, they can demonstrate how they will defend that pricing strategy.
This will impress homeowners.
Real estate market data from one source
Now, an agent can go out and try to find all those hyper-local statistics. And they can attempt to keep them updated every month.
But why do all that when there is a better solution?
Use a real estate market data API (Application Programming Interface) for a data feed from a seasoned data aggregator and technology company such as Home Junction Inc.
We’re not talking about bits and pieces of hyper-local real estate market data. We’re talking about hundreds of different datasets. All custom-tailored to each individual agent’s local market coverage.
For example, when presenting to a potential sellers show them:
- Charts on Recent Homes Sales in their market
- Charts on Trends in Home Prices in their area.
- Charts on Comparable Markets nearby.
- Home Valuation Estimates
- Market Position – where does that property rank for Square Footage, Sales Price, Price per Square Foot and Age. (For example, the homeowner’s property might be in the top 20% of their neighborhood for square footage. Certainly an asset to promote).
- Available of Inventory in their neighborhood and surrounding neighborhoods (Home Junction doesn’t just provide real estate market data by zip code, but down to the neighborhood and subdivision level as well).
All that data will be important in responding to the inevitable lowball offers. Or even offers below the homeowners target price.
School and neighborhood data
Home Junction can provide other data as well that could influence pricing in the mind of buyers.
That information includes School Data. Schools are super important to families and even non-families. People know a good school district is golden when it comes to the value of properties in that area.
School Attendance Zones are another important factor. These zones show which school a child will attend based on their address. Attendance zones are different for different grade levels – elementary, middle and high school.
They frequently change, due to enrollment, etc.
Then there are Municipal Boundaries. Showing a property located within city limits will mean higher taxes.
Who lives where? Home Junction also provides Neighborhood Demographics to give buyers a sense of the people who live in a neighborhood. Are they older? Younger? Highly educated?
Crime Ratings naturally are also an important consideration.
How about the cost of living? One town might be more desirable than another, but geez, it sure is more expensive to live there. Home Junction has that Cost of Living data.
All of these facts and statistics can be used to support and justify a pricing target.
A homeowner is going to want to know their agent will fight the good fight for them. As we all know, there many issues that will pound away at a pricing target.
Home inspections for one.
But an agent prepared with local market research can help counter any pushback on price or other conditions.
In addition, that agent can point out how real estate market data will help take the emotion out of negotiations.
This not only works when dealing with buyers, but as we all know, when calming down sellers who feel hurt or insulted during the negotiation process.
Having that hard, real estate market data can keep logic in the conversation and prove the fair market value of any property.
That’s how you get parties to settle down and get to an offer letter quicker.
It’s a harsh, cruel world out there sometimes. Your listing clients want to have the perception that you are going to be a tough and savvy negotiator on their behalf.
Showing them you have an in-depth reservoir of real estate market data assures them you have the cold, hard, “sacred” facts to wage that battle effectively.