We’ve often said in recent years if we had more inventory we’d have more sales. We don’t have a sales problem, we have an available amount of appropriately priced homes problem. Well, here comes the listings here comes the sales.
We need look no further than this month’s data that was just released. New listings in October were up almost 400 over September and were up 2.8% over new listings last year. New pending sales were up 13.4% over last year which says that inventory is selling at a faster rate this year.
You’ll notice 1,827 listings entered the market and 1,265 went pending. Not all homes are selling. Even though we have a low inventory market, there are still sellers who overprice their home for the market.
Selling a home is not a guaranteed thing, and it’s not easy. It takes a seasoned expert to price it correctly and navigate all the obstacles thrown our way via new regulations and lending policies.
From inspections, insurance, appraisals, flood insurance, lending regulations, estoppels, to title, real estate has never been more complicated.
It’s one thing to find a buyer for your home; it’s quite another to actually close it. Finding buyers has gotten trickier as well. Last week we wrote about the changing landscape of online advertising. Early this decade the likes of Zillow and Trulia fought hard for advertising dollars from agents, and they still are. Agents are shifting advertising dollars as we speak. What worked last year may not be what’s best this year.
Winning the advertising game is complex. Not only must your website be highly ranked, the algorithms for pay per click advertising have become a science as well. Today’s Realtor must be an expert in dealing with people, navigating regulations and obstacles, and an expert in online social behavior.
It’s an exciting time to be a Realtor, but it’s become increasingly hard for a new person to enter the market and compete without joining a team that handles all the details.
Presidential elections are another example of this. It’s not enough just to buy the most TV ads. Mathematicians calculate turnout, demographics, and target undecided voters online in ways never seen before.
We’re now able to target people on Facebook who visit SW Florida who make over $200,000 per year and enjoy boating or golf, and their kids are now entering college. That’s a lot to keep track of, but the data is there. You’ll be hearing the term “Big Data” more and more and how it can be used to predict consumer behavior and modeling.
The Ellis Team uses it now and it is working. Large companies are using it, and one day most real estate companies will be using it.
4 weeks ago we listed a home in Moody River Estates in North Fort Myers. Within 3 days a buyer specialist on our team sold that home and we closed it last week. Buyers are finding us from all over the world in new and exciting ways.
This doesn’t replace sign calls, newspaper advertising, or personal referrals, but it does change how people will find you who don’t know you already. The agents, brokers, and media companies that best figure this out will be the winners going forward. It won’t matter what expert on TV or radio says you’re the best because the public realizes they’ve never used your service. They want to read reviews from people who’ve actually used your service.
Endorsements didn’t work in the mid-term elections and they’re not as effective in business today because the Internet has changed the way people receive information. Sure, traditional marketing still works, but not all traditional marketing is the bang for the buck it used to be.
If you’re thinking of buying or selling, don’t go it alone. Feel free to search the MLS at Topagent.com and let an expert help you navigate the regulations and obstacles, or call us at 239-489-4042 and we’ll be happy to help.
Good luck and Happy House Hunting!
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RE/MAX Realty Group – Ellis Team
Fort Myers Real Estate Agent
7910 Summerlin Lakes Dr
Fort Myers, FL 33907