After some discussions this week on the average amount of time and effort it takes to have a property close on the market, we decided to engage in our favorite pastime: mining data. Specifically, we wanted to dive into our database of users and find out just how many showings on average it takes agents before the listing closes, compared with how many average showings an agent has before their seller cancels. What we found is in line with our previous beliefs, but goes a step further in proving that diligence and communication are key to holding listings and eventually getting that sale.
As you can see, over the past 5 years, the average showing-til-cancel rates vary between 11 and 14 appointments. Dependending on your personal standards or work ethic, this may seem low. Next take into account the following graph, illustrating the past 5 years average on showings-til-close.
Every number in every year is significantly higher. Typically, the longer an agent holds a client’s listing, the more appointments they accrue, until they finally hit the point where the deal turns gold. It seems somewhere around the dozen showing mark can be the breaking point for sellers. Surpassing that point takes more than simply scheduling more showings- it takes knowledge of the market, communication, and care.
Had the closing numbers for any year been lower than cancellations, then one might be tempted to think the market was booming, the agents were really in the zone, or buyer’s were extra perky. Any fluke like this could be assumed, yet that is not the case. The more care and dialogue one has with their seller the longer they are likely to keep that client, and therefore, sell that home. Power in communication!