With this post, I am introducing the new iRuss. Here is another email from Raymond:
Hi Russell,
I’m trying to get some realistic perspective on the fall out rate of listings as experienced by successful listing specialists. It’s not my intention to invade your privacy so I will understand should you ignore my request. Anyway here is what I’d like to know:
How many listing appointments/presentations did your team make in the past year?
How many listings did your team take in the past year?
Of those how many sold?
And, how many expired or were canceled or withdrawn?
Of those that did cancel or withdrawn, what was the most common reason?
Thanks for your help. And thanks for answering my previous question to you on AG.
It was extremely helpful
Take care and be well.
There are several ways to be able to say, “I take a listing for almost every appointment I go on”. They are pretty much all stupid.
In 2006 we took 612 listings. In 2007 we took 524 listings. This year, Jan – May we’ve taken 187. I don’t have stats for the past twelve months handy but believe I can answer your questions.
In 2006 our percentage of appointments to listings taken was about 56%. We went on just under 1,100 face to face appointments. We closed 405 escrows in 2006, about 60 of them buyer deals. In 2007 my number of escrows dropped to 369. 312 of them were seller deals. The percentage of listings taken to appointments for 2007 was 49.90%. Just under half.
So far this year (through the end of May) we have gone on 406 appointments, Jan – May we’ve closed 106 escrows. Our percentage of listings taken to appointments this year is about 46%. This number has always changed with the market. At the highest (for the year – not a particular month) it was years back nearly 60%. Over the years, it has usually been around 55% listings taken to appointments. Right now we are intentionally going on more appointments (therefore a lower percentage) as our “problem” isn’t the Listers are too busy. Even though some days lately we physically have (with 3 Listers) 9 face to face, in the home interviews – in a single day. Why yes, my new TV ad has caused the phone to ring more.
What is interesting (besides the utterly horrible long term downward trend of my major stats) is how “good and bad” we are doing compared to the market. For the past twelve months my percentage of of listings taken to those listings sold is 60.9% That is just awful, in the past 12 months we aren’t selling almost 40% of the listings taken. It is just awful and at the same time, a hell of lot better than almost everybody else here. Most agents in my market area are selling about 20% in that same time period. Not selling 80% of what was listed. Most of the better agents are running around 41 – 43% sold.
Why did they cancel? Or why did we cancel? Oh, there are lots and lots of “reasons” given. But there is really just one. We didn’t sell the house. With the exception of their transfer fell through or they can’t move to the new city after all, all of other “reasons” are crap. We didn’t sell the house. My advertised average time to sell is 44 days. That is going back one year and compares to a market average for the same time of 121 days. That was true as of May 1st. As of June 1st, my average dropped (going back 365 days) to 42 days and the market average increased to 126 days. Because they are calling me for results, if I don’t perform in the time they expect, they fire me.
So…. anyone going on more than a few appointments (their friends, relatives, etc.) is not listing them all. If they think they are, they are keeping really crappy records. Some agents only count an appointment if they took the listing – which is a great way to bat 1000 all the time. Or they only had 1 or 2 listings in a year and sold them both. Well done. But if going on lots of appointments and taking lots of listings plan on them not all selling. That way, your plans will match the reality of the business.