The Value of a Market Report

By
Real Estate Agent with Beringer Realty

Market DataThe Value of a Market Report

It’s been a few months now since I began writing real estate market reports for my local area. Now I do them on a weekly and monthly basis, keeping the weekly reports brief and expanding on the monthly ones.

I realized as I was doing last week’s report, that I now have an entire collection of market reports for Champaign-Urbana, Illinois. Since I’ve been including the link to the previous week’s report at the bottom of each of these blogs, it is easy to pull up months-worth of these statistics side by side in tabs on a web page. And why is this significant (in my opinion)? Because you can then compare them and see TRENDS. Anyone, not just a real estate agent, can pull up these reports side by side and very quickly learn about the real estate market in this area. Even my Dad who lives in North Carolina can have intelligent conversations with me on the phone discussing my market area because he reads these reports that I've written. (p.s. Dad, thanks for reading!)

The first few reports I’ll admit took quite a bit of time. And even though it takes far less time now that I’ve created my own template, I’ve considered how it might be nice to have a partner who would take on this responsibility occasionally when things are busier. But having someone else write these reports would take away their value to me. The simple act of researching these numbers, then writing the report—and realizing the TRENDS—is all too important an act to hand off to someone else.

By doing these reports myself on a weekly and monthly basis, I have truly become the expert on my local market data. I know exactly what’s going on in real estate in my area because I’ve committed to learning.

Many of you here on Active Rain already do market reports for your areas on a regular basis. So this blog is to encourage those of you who aren’t doing them yet to give them a try! In my opinion, it’s time well-invested for both you and your clients.

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Shannon Lewis is a Realtor® and broker at Beringer Realty located in Urbana, Illinois. She and her partner, Debbie Hensleigh, help home buyers and sellers in Urbana, Champaign, Savoy, and many other surrounding communities.

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To contact Shannon with a question, for real estate assistance, or just to say "hey!":

call 217-552-8059, or email Shannon@HomeplaceAdvisors.com

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Rainer
230,789
Shannon Lewis
Beringer Realty - Champaign, IL
Realtor, Broker - Champaign-Urbana, IL

Jackie- I'm going to have to check out your reports for more ideas. Clearly you're doing a great job with them :-)

Sep 02, 2010 08:36 AM #25
Rainmaker
1,394,813
Maureen McCabe
HER Realtors - Columbus, OH
Columbus Ohio Real Estate

I wrote my first AR market report in August or September 2006... there was a place for them on ActiveRain, a category for consumers, they were easier to do on ActiveRain than they were on my first born blog, where I had started doing them before there was an ActiveRain. 

I started doing them in earnest in November 2006. I stopped when another member started harassing me.  Moved them back to my other blog.  At some point I started doing market reports on ActiveRain again.

I don't particularly like comments on my market reports... from other members.

I am in love with René Fabre's market reports.  I am going to try to do mapping with mine!

Sep 02, 2010 08:48 AM #26
Rainmaker
894,712
Michael Setunsky
Michael's Commercial LLC - Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Shannon, I've been doing Absorption Reports on a monthly basis for my market. I've seen as many as 5,000 views on these reports. I like that you use a pie chart for a graphic summary.

Sep 02, 2010 09:23 AM #27
Rainer
230,789
Shannon Lewis
Beringer Realty - Champaign, IL
Realtor, Broker - Champaign-Urbana, IL

Maureen- It's exciting when you realize you have a whole collection of these market reports...I'm looking forward to having years worth, as you do. It's a shame someone would have been critical on your market report here on AR--I'm glad you've started up again and I hope no one else bothers you. If so, I'd be very quick to use that delete button!

Michael- I love looking at absorption rate statistics, though I try to make consumers aware that those stats don't have anything to do with how quickly an individual property can or will sell. Thank you!

Sep 02, 2010 09:38 AM #28
Rainmaker
612,941
Margaret Goss
Baird & Warner Real Estate - Winnetka, IL
Chicago's North Shore & Winnetka Real Estate

I do all sorts of different market reports:  monthly, weekly, various percentages, etc.  I don't like doing them and they are time consuming - but I couldn't agree more with you.  The value of all the information at my fingertips is priceless.  I always have an answer when someone asks some specific thing about my marketplace.

Sep 02, 2010 10:32 AM #29
Rainer
21,070
Vincent Medina
ArtfulMind.Biz - Santa Monica, CA

Simply stated...Nice Work~

Sep 02, 2010 10:41 AM #30
Rainmaker
101,564
Robert T. Boyer
FHA Loan, VA Loan, Jumbo Loan,FHA Loans,VA Loans,Jumbo Loans - La Jolla, CA
San Diego Real Estate & Mortgage Loans, Ph.D. | VA Home Loan

> You can always change things and add graphs as you go.

Yes, but, I discovered that my MLS does not have a good way to find out what properties (or even a count of properties) that were pending this time last year.  Nor can I find out how many were active - except presently.  So I am now trying to record those numbers so that I can retrieve them later.

Sep 02, 2010 11:09 AM #31
Rainmaker
911,872
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Market reports do take quite a bit of time to put together but they are worth it both from an educational standpoint as well as bringing hyper local visitors to your blog.

Sep 02, 2010 11:28 AM #32
Rainmaker
115,880
Pam Simpson
Bob Leigh & Assoc., LLC - Senatobia, MS
GRI, Broker-Assoc.

Keep doing them!  I love market reports and I think doing them every month has made me a much better agent.  Even though they usually don't garner many comments, they seem to get the most views.  I have a link on my website to the market reports I do each month.

Sep 02, 2010 12:05 PM #33
Rainer
230,789
Shannon Lewis
Beringer Realty - Champaign, IL
Realtor, Broker - Champaign-Urbana, IL

Margaret- I couldn't agree more. Having an in-depth answer to a consumer's question about the market is a beautiful thing.

Vincent- thanks.

Hi again, Robert- Excellent point. The MLS can be limiting. Our MLS-produced reports go back 5 years, and I wanted to see numbers from before that time but was told it was impossible to get. So now I'm doing the same thing...printing or saving reports and numbers so that I have a record and am not reliant on someone or something else in the future. It is what it is, I suppose.

Bill- Yes, it is entirely worth the effort!

Pam- I've noticed the same..that the market reports don't get comments but they do get views (lots of them). And I definitely will keep doing them!

Sep 02, 2010 12:20 PM #34
Rainmaker
1,394,813
Maureen McCabe
HER Realtors - Columbus, OH
Columbus Ohio Real Estate

"It's a shame someone would have been critical on your market report here on AR"

It was not just criticism.  He got kicked off AR and  had to write an apology when he was let back on.  His apology was not much of an apology, it says I was doing it for points and that the market reports are just cut and pasted.

Sep 02, 2010 12:23 PM #35
Rainer
230,789
Shannon Lewis
Beringer Realty - Champaign, IL
Realtor, Broker - Champaign-Urbana, IL

Maureen- That's awful. Sounds like a very mean-spirited person. If we were all doing market reports just for points then it wouldn't take so much time and energy to produce them. I hope you're able to write your market reports in peace now :-)

Sep 02, 2010 12:34 PM #36
Rainer
8,524
Reyna Benitez
Re/Max Top Producers - Diamond Bar, CA
Bilingual Spanish & English

Hi Shannon,

 

just by reading this blog you have encouraged me I truly believe that we as agents have to get involved to become knowlegable.  I will start do this if I need help can I count on you?

Sep 02, 2010 12:49 PM #37
Ambassador
1,262,156
Tammie White
Benchmark Realty, LLC (615) 495-0752 or www.TWRealtyGroup.net - Franklin, TN
Franklin TN, South of Nashville

Shannon, I also post quite a few market reports.  But I haven't been putting the previous reports at the bottom of my blog.  That is something I should do.  Thanks for the tip.

Sep 02, 2010 12:53 PM #38
Rainer
230,789
Shannon Lewis
Beringer Realty - Champaign, IL
Realtor, Broker - Champaign-Urbana, IL

Reyna- You bet. If you need help, you know where to find me!

Sep 02, 2010 12:54 PM #39
Rainer
230,789
Shannon Lewis
Beringer Realty - Champaign, IL
Realtor, Broker - Champaign-Urbana, IL

Tammie- Awesome, wish I could take credit for coming up with that idea, but I'm certain I learned it from someone else here on AR! The link makes it easy for readers to compare past reports, and I'd imagine it helps with your Google juice, too.

Sep 02, 2010 12:58 PM #40
Ambassador
1,104,096
Bryan Robertson
Catarra Real Estate, Inc - Los Altos, CA
Broker, Author, Speaker

You've hit on something I find both offline and online, people love statistics and trends.  If I can tell a prospect exactly what has been happening in the market the last year or two, they'll skip Trulia or Zillow stats and call me. 

Sep 02, 2010 01:03 PM #41
Rainer
230,789
Shannon Lewis
Beringer Realty - Champaign, IL
Realtor, Broker - Champaign-Urbana, IL

Bryan- now THAT'S cool. The ability to be the go-to source of information over Trulia or Zillow. This should be a goal for each of us producing market reports for our local areas.

Sep 02, 2010 02:40 PM #42
Rainmaker
393,650
Russell & Tracy Lee Parker
RE/MAX Dallas Suburbs/PLATINUM PROPERTIES & MANAGEMENT - Wylie, TX
Experienced Broker & Property Managers Since 2006

Shannon, every since Donna Harris started the Market Report Challenge I have been researching here on AR , trying to get an idea of how to do them and I found yours. I love the pie chart on what looks like a local picture of your area. Can you tell me how to do that ? (I am a very busy person and I need quick and easy but good reports, like yours) Anything you can share I will appreciate SO MUCH!

Sep 26, 2011 10:03 PM #43
Rainer
230,789
Shannon Lewis
Beringer Realty - Champaign, IL
Realtor, Broker - Champaign-Urbana, IL

Hi Tracy, glad you found my post! I'm going to send you a private email with some basic instructions, but feel free to contact me if you need more help!

Sep 27, 2011 04:14 PM #44
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