The First Week on the Market: Key Metrics to Monitor
Once your property is live, we closely track two very important metrics to gauge its initial performance:
1. Number of Showings
- Goal: We aim for 3 – 7 showings in the first week, depending on the time of year. If we don’t hit at least 4, it’s a red flag. This could indicate that either the marketing/photography isn’t up to par, or the property is priced incorrectly.
- After the first week: Our goal shifts to 3 – 4 showings per week. Based on the feedback we receive from these showings, we may need to discuss adjusting the price if we haven’t received an offer within the first two weeks.
2. MLS Stats
The MLS stats are another important metric. We’ll send you these stats every few days during the first week your home is listed. Here’s what we’re looking for:
- Goal: At least 350 views of your listing in the MLS. This indicates that your home is reaching a broad pool of potential buyers who meet your property’s search criteria (location, price, amenities, etc.). Anything less than 350 views suggests your home might not be matching the key search criteria buyers are looking for, and we may need to make adjustments.
- If your home isn’t receiving the desired number of views, we’ll explore potential improvements in the listing description, photos, or even in the physical property itself. For example:
- Parking: If your home doesn’t come with parking, but there’s a nearby parking space for rent, we can mention that in the listing.
- Laundry: If your unit doesn’t have in-unit laundry, would it be possible to add it?
- Bedrooms: Can we convert an unused room into a bedroom to increase appeal?
In addition to the number of views, we also pay attention to how many people are marking your home as Interested or Maybe. Our target is for 20 Interested and 20 Maybe by the end of the first week. This generally indicates that your property has a good chance of selling within the first 30 days.
What If My Metrics Aren’t Meeting Expectations?
First off, don’t get discouraged. Remember our earlier conversation about average days on market in your area. Real estate is a process that takes time, but we’ll find the right buyer.
Here’s what we can do next:
1. Keep Your Home Show-Ready
- Make sure the property stays clean and tidy for every showing.
- Approve as many showing requests as possible. The more buyers who see your home, the higher the chance of an offer.
2. Analyze the Four Key Factors
There are four major elements that affect a home sale: location, condition, marketing, and price.
- Location: This is something we can’t change.
- Condition of the Property:
- Ask yourself: Is there anything else we can do to improve the staging or make the property more attractive to potential buyers?
- If your home is already in great condition, it’s time to evaluate marketing and photography.
- Marketing & Photography:
- Are the photos the best they can be? Do they highlight the home’s best features?
- Is the MLS description compelling? Are we showcasing your home on all the right platforms (Zillow, Trulia, StreetEasy, etc.)?
- Price: If everything else is in good shape, price adjustments may be necessary.
- Buyers often search in $25K increments, so it can be helpful to lower the price to the next buyer bracket.
- For example, if your home is listed at $485,000, a price drop to $475,000 can increase your exposure to a new set of buyers.
- Substantial price reductions (at least $5K – $10K) are more effective than small changes.
3. Offering Incentives
Sometimes, adding a monetary incentive can motivate potential buyers to make an offer:
- A closing cost credit can be offered if the property goes under contract by a certain date.
- Offering a bonus to the buyer’s agent can also spur activity, especially if it’s tied to a quick closing.
Final Thoughts
While it’s normal for real estate transactions to take time, if we’re not seeing the desired results, we will make adjustments based on the data and feedback. Our goal is to work together to create the best possible scenario for selling your home in the quickest timeframe possible.
If you have any questions or concerns along the way, please don’t hesitate to reach out!