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Choosing the Right Deals

June 2, 2010 by · 1 Comment 

Q&A: Which Deals Are Worth My Time?
Use data to drive decisions

Q: How do I know which sorts of deals are worth my time?

A: In order to make informed decisions, you have to start tracking information.

If you’ve been “going by your gut” on which transactions have been the “best” for you, you’re probably working too hard for too little money. (What is “best”, anyway?) The only way you can objectively begin determining which deals have been your most profitable is to begin tracking data about your transactions in a central location, (such as Excel spreadsheet) where you can evaluate the pros and cons of particular segments.

Many agents have found out that in their market, certain types of buyers or price points have seemed lucrative, but over time have not been worth the effort. By tracking the type and number of deals which have gone through versus ones which have fallen apart, you may begin to notice trends that help you understand which deals are better for your business.

Data you may consider include:

  • Days to close
  • Marketing expenses
  • Cash buyers vs. non-cash
  • Buyer budgets (if you’re working the buyer side)
  • First time vs. repeat buyer
  • Net income on the deal
  • Neighborhoods / zip codes
  • “Perceived difficulty” working the deal

Set up a column for each criteria in an Excel spreadsheet and begin keeping track of what’s going on in your business. If you can, go back and see if you can gather data for past deals you’ve worked. You don’t have to be an MIT statistician to start spotting trends and testing your “gut feeling” against hard numbers.

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How Do Agents Pick a Company?

March 20, 2010 by · 20 Comments 

Q&A: How Do You Pick a Real Estate Company to Work With?

Small office?  Large office?  Local or national franchise?  How did/do you make the call?
Q&A
Recently an agent asked us the following:

“What sort of advice do you have for new agents regarding which agency to align with?”

A lot of agents– either new or changing companies– have the same question.  What are the pros and cons?  How did you make the decision the last time you had to choose?  Is a big office better?  A small office?  National franchise?  Local or regional?  Or is it better to be out on your own?

Share your perspective and lend a hand to others in the real estate community!  Add your thoughts in the comments below.

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Free Help for Real Estate Agents