In our most recent two videos, we’ve covered:
- Checklists for the pre-listing process and for bringing a listing to market
- How we can measure the current state of the market by looking at the ratio of pending listings to new listings
Today’s post will look at one additional ratio that answers the following question:
Now, I know some markets are really hot. You may sell everything immediately after you post your listings. That would give you a 1:1 ratio — enviable to say the least. That is not the case everywhere, however, and it’s certainly not the case all of the time.
In other markets, the ratio might be 2:1 or 3:1. It is important to know what the ratio is because once you know what it is, you can go back to the time estimate that you made on your previously discussed checklists. Ask yourself, “How much time am I losing on bringing homes to the market that just don’t sell?”
Once you quantify this “pain,” the importance of increasing your success rate on listing presentations will become even more apparent.
Watch today’s video to learn why this critical luxury real estate business metric is so valuable:
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