Monday, March 28, 2011

Agent Past Performance Details

Exclusive: No other site posts this data publicly!

I have spoken before about how important it is to have background sales data on EVERY local agent.

Whether it be to check out their current listings to see how well (or poorly) they market the property, or to see their PAST performance.

Now we made it easier to see this data.

WHERE: The data is shown in the middle of every listing where we show the agent's name and number.

The first link will show you the agent's current listings that are both ACTIVE and Under Contract (the UC have a line through them).

Then we show the past performance. You can look at "All Sold Deals" which will show every deal they have done since 2005 regardless of whether they were a Listing Agent or a Buyer's Agent. Here you can see how many deals they have done, and how many are short sales or foreclosures. This high level view can also tell you if that "short sale expert" really is an expert.

Then you can see the agent's track record in their capacity exclusively as a Listing Agent. Both since 2005 or since 2009. I broke this up because the market has changed so much and I prefer only seeing the most recent data.

When you see the sold data don't miss how the bottom of the spreadsheet will show you an AVERAGE of the agent's performance. Average days on the market, average sold price and my favorite is the Average %OL, which is Percentage of Original List (which is more important than %L, which is the % drop from the last list price after previous price drops).

I also like to sort by %OL to see how many times an agent has gone over list (crucial data for predicting if a current new listing might sell for over list or to call the agent's bluff when they say "this will sell fast and probably over list," and your buyer's agent can respond "Not likely, FranklyMLS says you did 100 listings and only 2 went over list, so that is just a 2% chance")

Disclaimer: I don't really believe in averages. Instead I believe in looking at data and getting a feel for trends. Averages are so easy to be sqewed, for example if you have a 1,000 days on the market $5M mansion, your stats will bomb.

Then you can see the agent's track record in their capacity exclusively as a Buyer Agent.
Again be skeptical of averages!! An agent might win a client an amazing $100,000 underpriced bank listing that happens to go over $5,000 list price, or "101% of %OL." That doesn't mean they are worse than an agent that helped a client get a "deal" or "95% of %OL" on a home that is 15% overpriced. Just look for trends.


Shameless plug for Buyer Agents in general: Hum, ok so now there is more data! Great! So some of you will feel MORE empowered to go solo. Others will smartly think "Hum, maybe there actually is some value to a good Realtor. One that knows how to digest this data and work for the seller's best interest."

At the bottom is a linkable example.

Thoughts?

Frank
Creator FranklyMLS.com



Listing Agent: Michael Rosen 703-880-6770 from FranklyRealty.com
Agent's Current Listings: Actives & Under Contracts

Agent's Past Performance: All Sold Deals (why?)
As a Listing Agent: Last 5yrs or 2009+
As a Buyer's Agent: Last 5yrs or 2009+


7 comments:

  1. This is AWESOME! Only at Franklymls can you find EVERYTHING you could possibly want to know about a property AND the listing agent! OMG - this is the BEST site ever! I smell many awards coming their way!

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  2. Ha, thanks Mom.

    Just kidding.

    Nah, the awards were in 2010. Now we are has beens.

    Thanks Vicki

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  3. This comment has been removed by a blog administrator.

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  4. [Agent Name Deleted]March 28, 2011 at 5:44 PM

    This posting was changed to hide the Realtor's name at their request, because she admitted to being an overpricer

    Nice, but I do not always post my new homes sales data in MLS. So my performance won't be accurate :).

    I know they always talk about list price to sold price data as well. Unlike some agents, I do not list the home at a low price and see how high we can go. I try to get the max for my seller clients, so I tend to list little bit on high side, market it well and then drop accordingly. List price to sold may not always look that good but I can prove that my sellers have gotten more than comps at any given time.

    Hope it makes sense. :)
    [Name Deleted]

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  5. Agreed, nothing is perfect and I don't believe in averages. That is exactly why an experienced Realtor should look at the data and not a web user that might see the data and not know how to parse it (and no, a 20 minute tutorial will not teach a client everything. I would do that if I could).

    And if a Realtor doesn't think looking at this data, and knowing how to use it, has any value (which I think is MORE valuable than home comps and is my #1 tool)... then great!

    Then it helps differentiate Realtors. If a client thinks it is useful, they will use a Realtor that knows how to use the data. Those that think it is wasteful, will use the other type of Realtor. ;-)

    And yes, some agents will underprice and it will sell near list price, but isn't it crucial to know "this agent is an underpricer, so be prepared to go over list" Or when I look up [Agent listed above] I can tell my client "look at her data, she tends to overprice and drops by X%, no need to rush and offer on the opening weekend" That is useful data. At least to me (and my type of client).

    Thank you for your response!

    Frank

    (If I have a client that wants to overprice, and I refuse to sell it, I will send them to you! ;-)

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  6. Hi Frank,

    I recorded a How To Use FranklyMLS Video with my FlipShare Video camera. It is in my own voice and I forward this to sellers I am scheduled to meet with and with prospective buyers. This way, I am empowering them with your easy to use website and how to tips! Consumers love your site.

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