Absorption Rate

By
Real Estate Agent with Keller Williams

Philadelphia, PA is our local market.  We are not facing the doom and gloom most markets are....make no mistake it is challenging here, but its not hang up your license time yet.  Not for me.  I just got my license 16 months ago......I am learning how to build a business in what some old time Realtors are saying is the roughest market in a long long time.  I have been doing things that I was afraid to do, door knocking, sending letters, calling people, yes cold calling prospective clients.  Now when I say cold calling, I mean expireds or withdrawns, and FSBOs.  They are not really COLD, I mean thay have already stuck their toe in the water saying they want to sell, they just need a great real estate professional like to me help them along.  At Keller Williams, there is an agent in Canada, Sylvie Begin.  She treats FSBO and expireds as if she was a doctor and they were heart patients in need of treatment...I know it sounds way crazy.  But it really is simply a perspective......if you look at the client as needing help as opposed to just another deal, I guarantee that you will amass more business.

In order to help your clients you must know your market, "know your numbers" is the saying at KW.  Every week I research and then compile the weekly numbers for the farm that I like to work in.  The most important number to me is the absorption rate  This number is the snapshot of my market; it tells me what my market is doing...how many properties are being absorbed by the market.  A little more research will tell me how many expireds, what the average list and sold prices are..I NEED this information to help my clients.  I can't tell you how many expired listings appointments I go on that the owner says "why didn't my old Realtor tell me this?" after I start talking about the numbers.  I try not to tell my sellers how much the property is going to list for, I simply show the numbers and let them decide.

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Topic:
Real Estate Sales and Marketing
Location:
Pennsylvania
Groups:
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Jack Barry

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