Analyzing listing traffic is critical to a successful sale. What to do if you are not getting enough showings? Our statistics show that is takes, on average, 7 showings the week prior to receiving a contract.
Average showings week prior to contract: 14
Average Number of contracts: 2
Average showings to produce a contract: 7
Sophisticated tracking of showings allow us to predict when a contract is due, or if a home is not getting enough traffic to generate a contract. We analyzed 30 of our most recent sales and found the listings received an average of 14 showings the week before a contract was procured, with the average 2 contracts.
Analyzing showing traffic is critical to seller advice decision making:
- If a home is getting 13 viewings with no contract we need to find out if a contract is imminent or why has the home has not received contracts.
- If a home is getting 3 or less showings, we are definitely not in a price level that can generate enough showings to produce a contract.
- If a home is getting 6-9 showings, look for the second showings which dictate buyers doing a final walk through before the write an offer.
- There are exceptions to the rule. We had a beautiful home, but it was unique. We knew it was priced right so we had to be patient. It received it’s contract after 4 showings, but it took 2 1/2 weeks.
- After a price change, we may not see 7 showings because buyers have already seen the property and are just waiting for the price reduction.
Why is this important:
- If we see more than 14 showings, we know there may be multiple contracts which gives a seller more leverage during the contract and inspection negotiations.
- If a home is not selling, this is a major contributor.
- If a home is getting a massive amount of showings and no contract, we may a problem so serious investigation is necessary by Casey.
- The longer it takes to sell a home, the less money the seller will receive, so timely information and advise is their best asset (see The Big Risk).
©Copyright Casey Samson 2017