Eight facts about sellers to encourage you to work your database for listings.
If you’ve been discouraged by our low-inventory market and how few listings you seem to be able to find, here are eight facts about sellers in today’s market that will encourage you to work your database to find your next listing:
1. 90% of home sellers worked with a real estate agent, and fewer than 1% of sellers sold their homes via iBuyers.
2. 46% of sellers traded up to a larger home, and 28% purchased the same sized home.
3. 68% of sellers found their agent through a referral.
4. 82% of sellers contacted only one agent before finding the right agent to work with. That shows that you don’t have a lot of competition; if you’re working your database and staying top of mind, you should be fine. Focus on building a trusting relationship with them.
5. 52% of sellers use the same agent to buy and sell their homes. That share rises to 85% for sellers who purchase their new home within 10 miles of their old one.
6. The typical seller has recommended their agent twice since selling their home. Around 27% of sellers recommend their agents four times after their sales. This taps into the value of a client, which isn’t the transaction in front of you, but rather the referrals you get when you provide them with great service over extended periods, engage with them, and add value to their lives.
7. 89% of sellers said they would definitely recommend their agents in the future, and 74% said they probably would.
8. A typical home seller is 56 years old.
BONUS FACT: The amount of time that sellers stayed in their homes dropped from 10 years to eight years—that’s the lowest number since 1985.
If you’re interested in learning more about the systems and processes for working your database, give me a call or send me an email to schedule your free strategy call with me. I’ll be glad to show you more ways you can work with sellers to tap into the relationships you have today to unlock the inventory shortage.
To get a free assessment to discover what’s wrong with your business and to create a plan on how to fix it click here. To download The Ultimate Marketing Handbook for Real Estate Agents click here.
