How do you make a market update for your clients? I just finished recording one, so I thought I’ll share my steps on the process.
When people ask me what’s happening to real estate, I respond by telling them I just received the latest data, and I’ll send them a video on my next market update. When it comes to the statistics, I like to focus on the number of listings and how it fits historically. For example, how does the latest number of listings compare to six months, a year, or five years ago? I follow it up by talking about closed sales; then I show a quick math to get the absorption rate. I make sure to define what absorption rate means and put it in a historical perspective. Lastly, I share the median price and compare it with the past month’s numbers.
“Do your market update consistently so you can become a valuable resource for your clients.”
After giving the cold facts, it’s crucial that you interpret what it means for your clients. I’m a math nerd, but not everyone is, so I translate the information that I’ve shared into terms that buyers and sellers can understand. Explaining how it affects their real estate plans should be the key part of your market update.
If you do updates consistently, you can become a valuable real estate resource for your clients. The next time someone asks you what’s happening to the local market, you can get their contact information and tell them you’ll send them your market update videos.
For any questions on how you can be more productive in real estate or anything else related to this topic, call or email me. I’d love to help!
