Realtors, Prize Fighters & Hockey Teams
Boxing and hockey fans know that records in those sports are tabulated in three columns, corresponding to wins, losses, and ties.
So, a fighter who has a record of 38-7-4 won 38 fights, lost 7, and had 4 end in ties.
I’m starting to think that a similar scoring system should apply to real estate listing agents (representing Sellers).
In that vein . . . here’s my proposed score keeping short hand:
A “win” is a listing that leads to a consummated transaction in relatively quick order, at a good price.
A “loss” is a listing that fails to sell, either because it cancelled or expired.
A “tie” is a listing that finally sells, but only after serial price reductions and (too) lengthy market time.
Similar to boxing, listing agents can also be grouped into “divisions.”
So, “Heavyweight,” “Middleweight,” and “Lightweight” would roughly correspond to Realtors whose average deal is over $600k; between $200k and $600k; and under $200k, respectively.
Typically, the higher the average price, the fewer transactions a Realtor closes.
Of course, Sellers themselves have a huge influence on how their homes fare on the market.
Their price expectations, their cooperation prepping the home for sale, their willingness to reduce the price if/when the showing feedback (or lack thereof) indicates that that’s necessary — all those factors affect the sale price, or even whether the home sells at all.
Which is why more Realtors are passing up listings where they don’t like the odds (it’s the losses and ties that eat up all your time and money).
Picking your battles, indeed.