Would you like to know the odds of your home selling?
The First Key Customer Question
When Tim Deleon got into real estate after a 27 year career at HP, he would confronted with a number of new situation and questions he hadn't experienced or expected. What stunned him to action was the questions that clients were asking that were both incredibly intuitive and showed understanding of the market yet had now way of answering. These key customer questions he was asked by homeowners illuminated fears, concerns and motivations that he knew he needed to answer better.
One of these key questions was asked time and time again by clients partially because of the market Tim had join real estate during. It was 2008 in the middle of the crash. That meant a lot of homes were going unsold and a lot of potential listings were nervous about the situation they found themselves in, understandably. Not every home that went on the market sold. Potential sellers were very aware of this and wanted to know, without speculation, what their chances to sell were. Well Tim created the Odds of Selling graph to be able to answer this question.
In today's market we find ourselves in another tumultuous time for home sales and market factors that have pushed the need to be able to answer such customer questions with real information back to the forefront. The Odds of Selling graph is the perfect way to answer this question, address the concern of sales and set the stage for a better pricing conversation based on real market desirability for your subject area. Like most graphs however how you present it matters, because only if your clients truly grasp the meaning of the numbers and takeaways can they act accordingly.
Explaining the Odds of Selling
This is the Odds of Selling graph created by the Focus1st Visual Home Values Software. It is created automatically based on your MLS search upload.
We recommend first explaining the general idea and organization of the graph before talking specific numbers or takeaways.
My mission is to get you where you want to go on time. As you know in today's market not everything that is listed is selling. Would you like to see the odds of your property selling?
To show you the odds, I've gathered all the properties that have been listed in your area on this chart. I've plotted all the activity for the most recent periods. In blue, I'm showing all the properties that have sold, in red, I'm showing all the properties that were withdrawn or expired — they were taken off the market because they did not sell for where they were priced. And the green shows all the properties that were still for sale at the end of the period.
After this explanation of how the graph was made and what each color tells us we can move into more specific takeaways the graph shows. This can be as general as:
As you can see, the odds of properties selling in this area are strong. This means if you walked down the street in your area right now and saw signs, most of those would result in a sale in the upcoming year.
Or you could be more detailed, like:
As you can see, 95% of the properties that are currently listed are selling. This means if you walked down the street in your area right now, and saw 10 signs, 10 of those would result in a sale in the upcoming year.
English Ranch is a *highly desirable* neighborhood — a 95% odds of selling means almost every home that lists here finds a buyer, which is exceptional and gives you real leverage when positioning your home. The inventory is also razor-thin at less than a month's supply, which combined with that high selling rate tells you buyers are actively competing for homes here, not the other way around. This neighborhood is one where homes sell reliably and quickly, so our job is to price competitively enough to capture that demand on day one, not to hope for it later.
Either way you choose to explain the graph the key takeaway here is to answer that key question of the Odds of Selling and you'll be able to connect and move forward with your pricing.
Use the CMACoWorker
Reading the scripts above you can really master how to present the structure of the Odds of Selling Graph and understand how it answers the key question, but every graph is a little different. That's why we built the CMACoWorker AI assisting tool into Visual Home Values Software. Click the button on top bar with the graph or report open and it will generate the script, both introduction and detailed, automatically for you. This makes it really easy to master the main steps you'll want to accomplish with every presentation of this graph.
- Ask Your Clients if They'd Like to See Their Odds of Selling
- Explain How the Graph is Made and Introduce the Idea
- Give a Specific Explanation of What the Numbers Mean for Their Area
Learn more about the Odds of Selling Graph and the competitive market analysis process in The New CMA: Competitive not Comparative available on Amazon or for FREE eBook Download.
What is Focus 1st?
Check out their website to learn how the Visual Home Values Software,
and the integrated AI tool can help you today!
In this blog you've seen examples of graphs and reports from the Visual Home Values Software made by Focus 1st. If you've never heard of it, it's specifically built for agents to use their MLS searches to create pricing and reviews reports that answer key questions and help agents better than any other CMA software. It was created by a former HP engineer almost 20 years ago and has been changing the industry's understanding of how to competitively price listings.
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