Leveraging Your Stats

I've come to find that stats can really help you position yourself as an expert in the market. Being able to back up what you're saying with hard data can help you gain credibility and really be the one who people look to in the community. 

As a part of the GLVAR (Great Las Vegas Association of REALTORS), we have access to a great tool that shows historical data in various ways. In our dashboard, it is called Market Trends Premium. I'm not sure if other associations have the same tool or something similar, but if they do, I strongly encourage you to check it out. 

Below is a graph I pulled from the tool to show the listings for Single Family Homes in the Las Vegas valley. Tell me our market hasn't heated up!

As you can see, the last few months have really tightened our inventory. Right now, we are hovering around 2 months of inventory.  While REALTORS know what this means, client don't always understand. Tools like this can help you show them in an easier to understand graph. The data is out there, you just have to leverage it. 

Right now, in our market, some houses are selling in a matter of hours so this is great information to share with a client before we even start looking at homes. It helps set the expectation of what it will be like and how quickly they will need to decide if they want to submit an offer. 

With that said, do you use any other tools that help you gather stats or do you track stats on your own? I'd love to hear how other markets are able to utilize stats. 

Originally published on ActiveRain, June 22, 2017.