Broker claims “A” listing results. Actually more like a “D.”
I won’t call this brokerage out by name (even though they would like the Google Juice.)
I just read a blog post from another firm that rants and raves about how they are able to get Thousands More (versus the average agent*) for their customer and in fewer average days…
Sounds great right? Maybe I should even list my Mom’s house with them!
So I thought, let me see how many failed listings they have. Because if a home doesn’t sell, it wouldn’t count toward their stats, right?
This is what I found from the first data range I reviewed
Sold= 15
Withdrawn =
Out of 24 total concluded deals, 15 were sold and 9 did not sell with this firm.
A 62.5% “success” rate!! ie. a 37.5% failure rate
In most schools that is a “D”
How does that compare to FranklyRealty.com stats?
Same timeframe:
Sold= 15
Withdrawn= 1
93.75% Success rate!
An “A” in most schools.
Conclusion: You are 9 times more likely (1 vs 9) to have your home listed and withdrawn if you use this other company.
Amazing how data can be twisted. You are smarter than a 5th grader and smarter than the headlines.
And the * above refers to how their data was comparing to the “average” agent. If you read this blog enough, I hope you will start to see the value that a good/great agent can bring to the deal. And no… I’m not too busy for you (video).
Frank B. LLosa, Attorney at Law (but NOT YOUR lawyer)
Broker FranklyRealty.com DC, MD, VA
Licensed to practice law only in NJ.
Photo Credit of “F” image.
- 7
- June
- 2012
Frank, are you really surprised? Manipulation of figures occurs in all different arenas. Hell, I nearly set the world record in the 100m once. We didn’t time the first 20m because um….there were leaves on the track.
Wow… Aren’t stats wonderful. So I decided to check MRIS for Frankly Realtors stats… Hey they are all there for you to see Check out FRA1….. Running a search for listings closed from 1/1/2011 through 12/31/2011 here is what I found from the author who claims other companies lie ….Active Listings 8, Contract (no kickout) 9 Listings Rented 3, Listings sold 45, listings expired 15, listings withdrawn 58….. so 73 properties either withdrawn or expired and 45 sold with another 9 under contract which totals 54…THATS A 93+ PERCENT SUCCESS RATE? Add in the 3 listings rented, subtract the 8 active listings and whats the REAL TRUTH…. 57 successes out of 130 tries … while that gets you in the Hall of Fame if you play baseball a 43.8 percent success rate in real estate is a resounding failure…..like I said WOW!!!
Unfortunately claims like this by agents and brokers are rampant. And there are no “fact police” to point it out. We as agents should be a self policing industry but if you say anything to the contrary it looks like sour grapes.
I see ads every day for agents stating they are #1 in the County, State, World with no clarification that it is for their tiny 50 agent office within the county. Unfortunately egos can run unchecked in this industry. We can only hope the consumer is smart enough to check their stats.
I just ran across an agent who let me know his client couldn’t afford to “over pay” for my listing because there home had sold so low. Out of curiousity I checked it out and the home was SO overpriced it was ridiculous. Further research showed that this particular agent had a list price to sale price ratio of 88%. Bravo…you are mediocre at best!
Seller clients need to check the sales statistics for every agent they interview.
Hello Samuel from Avery Hess. Welcome.
Did you verify the stats I used? Jan 1 2012+ for sale listings that sold vs expired or withdrawn. Do you get the same 15 vs 1? I am confident you will.
As for your stats, I appreciate the effort. Flattered. I will double check to confirm. Either way though, you prove my point exactly. While not my intent (I just used the first set of numbers), it is so easy to have data that looks better than reality. But what is “reality” with numbers all over the place?
Thanks!
Frank via cell
From what I’ve seen, the Frankly Realty team does a stellar job of representing its clients listings. From pricing, staging, photos and marketing to negotiation. You may not win them all, but you guys seem to consistently put your clients homes in the best position to sell.
In contrast, many of the listings I see out there are an embarrassment to the professionals who are working hard for their clients. This includes from representatives of firms across the board, big & small.
Hello “Samuel” from Avery Hess. Bet you didn’t know your IP was tracked in our comments. Doh!!
Anyhow, I gave you the benefit of the doubt and thought you were probably right, but then I got to the computer. Please verify if my stats are incorrect or manipulated. As I find completely different results.
I used the same timeframe. Jan 1 2011 to Dec 31 2011 . I only used for Virginia** sale listings.
For FranklyRealty.com:
Sold or Under Contract= 44
Withdrawn/Exp= 7* (asterisk below just states I didn’t look to see if any were relisted, successfully rented etc.)
Total= 51. 7 failed out of 51= 86.38% That would be a B, or B+ in some school systems. Wish it were better!!
Here are the stats for the same company mentioned in the blog post:
Sold or UC= 43
Withdrawn/Exp= 18
Total=61 18 mls#s did not sell out of 61= 70.5%
And while we are at it, lets look at your company… (I had no idea what I would find, even willing to say congrats!!)
Sold/UC = 349
Withdrawn/Exp= 178
Total=536 187 mls#s did not sell out of 536= 65.12%
Doh!! The brokerage firm I was referring to… did over 8% “better” than your firm. Ouch. Didn’t see that coming.
Let me know if any of my math is wrong.
* Disclaimer, I did not look into our 7 withdrawns to make individual excuses, like to see if some might have been relisted due to remodeling or agent fudging, which I hate. Why didn’t I dig deeper? Because then I would need to look into each of the 187 of theirs and I don’t have time for that.
** Second disclaimer, I just realized I did this only for Virginia, my default saved settings in MRIS. I could redo it, but don’t feel like spending another hour on it. Maybe Samuel can fact check for all states.
These statistics, especially withdrawn/expired, are great. Where do I, the prospective customer of these fine firms, get them? I sure can’t readily retrieve them on FranklyMLS.
Before I listed my property for sale, I asked every agent I interviewed to provide such data. Boy, was that an eye opener! The withdrawn and expired numbers for a few of the big name, high flying agents would give you a nosebleed. Some even asked why I wanted to know (duh…) or refused to provide data. Amazing.
I’d strongly recommend getting statistics for any agent you’re contemplating hiring. The agent’s statistics are the important ones because the agent, not the company, is the prime determinant of success or failure in a real estate transaction.
Hello Phil,
So glad that you were able to put to use information from the blog post. If you are local, I hope a Frankly agent was on your short list!
FranklyMLS is not allowed to show expired and withdrawn data. So it is only available to a Realtor with MRIS (back end MLS) access.
Also when looking at withdrawn and expires, ask whether they were relisted. Some agents will fudge their average days on the market by taking a home off the market and putting it back on.
Haha, you busted Samuel. I was recently on the buyer side of a deal and the LA lowered the price of her listing to slightly over the contract price to keep her numbers in line. Very lame. I always check closing % on short sale listing agents as well, especially when I see, “I close all of my short sales” in the remarks. If an agent had 20 SS listed in the last year and only 6 closed,(for example) I always let the buyer client know that the chances of a successful close may not be very high.
Don’t forget to double check the Expireds/Withdrawns to see if they eventually sold (by the same agent). The agent would get credit for that.
Also don’t for get “Temporarily Off The Market” … It’s not common that this is used, but it’s usually another way to say “withdrawn” :)