Top Producer of Days On Market Posted on March 27th
Yesterday I posted about my disagreement with articles stating that the mere fact that someone is a “top producer,” or in the top 10% of agents/brokers in production, means that the consumer is getting a higher quality of service. Saying that the glut of overpriced homes languishing on the market are the fault of the lower strata of real estate producers simply isn’t accurate overall.
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To check this, and before I wrote about it in my personal local real estate blog, I went to my MLS and did a search for all currently active residential listings, then compared three of the largest brokerages with the most “top producers” to the average days on market for all brokerages. I did a second check, as some of the results were really scary!
- We’re a vacation/resort market, with very diverse construction and terrain. So, our days on market are always longer than you might experience in your area. However, the relationships are what are important.
- Average days on market for all listings was 368, and median 283.
- One of the largest brokerages, actually the smallest of the three discussed here, was just below these numbers, by about 3%.
- The company with the most listings was showing average DOM of 392, and median DOM of 323. That’s worse than the overall average.
- What’s scary is the other company, one of the largest and doing a great deal of marketing. Their numbers were 672 Avg DOM, and 730 Median DOM!
So, before you take to heart anyone’s musings about quality and ability to serve clients as being related to being a “top producer,” read those numbers again. The top producers in my area seem to be listing at too high prices and letting their clients wait for the market to come to meet them. It’s going to be a long wait for many of them.