Last week, we examined the importance of your pending listings to new listings ratio.
This week, I want to discuss one more metric that’s crucial to track in luxury real estate: the ratio of listings taken to listings sold.
Listings Taken to Listings Sold Ratio
Whereas the pending listings to new listings ratio primarily measures market activity, the listings taken to listings sold ratio centrally measures the success of your luxury real estate business. For example, I know of companies that aim for a 5:1 listings taken to listings sold ratio. That means they’re happy to list five properties to sell one. They want a large inventory and they want to be able to control a big part of the market. That is one strategy you could emulate, but it requires a lot of time, effort, and money.
Ultimately, you have to identify the ratio that works best for your business and goals.You have to identify the ratio that works best for your business and goals. Click To Tweet
Watch this video to learn more.
Until next time, make it a great week.