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There are many tragedies associated with the recent mortgage meltdown triggered from the sub prime mortgages. For far too many homebuyers, there was the lack of understanding on how the loan was structured, how the escalating payments work and so on. The trickle down consequences as the industries collide will also demand a high level of transparency from the Realtor as is being asked of the mortgage industry going forward. The difference is that the lender can clearly lay out the future; reset dates at this interest rate equals this amount per month etc. The Realtor however cannot predict the future…that said, he or she can and should provide a state of the union – where we are today!

The Market Snapshot is absolutely the best product to deal with this and help cure the past customer retention crisis that has plagued the real estate industry for years. In case you were not aware, in recent surveys provided by N.A.R., approximately 30% of buyers use the same agent again despite 80% saying they were happy with and would in fact use the same Realtor again! The primary reason for such a disconnect is ineffective and or infrequent follow up. In order to feed off the theory of obligation, you must send something monthly and it must be personalized and I don’t mean just the salutation!

In the matter of transparency, the Market Snapshot View Sample Analysis.

• Surrounding the recipients home, a display of up to the most recent 100 homes, either listed or sold!
• A bird’s eye view of the surrounding neighborhood along with hybrid and Arial views.
• Property details directly from your MLS Click to View Details
• A choice by the recipient to view data from the last 90 days, 30 days or last 7 days
• Amongst the consolidated data, recipients will have access to valuable charts showing;
• Pricing stats for high’s and low’s,average asking price and recent saleprices,
• For the homes that sold, what percentage achieved the asking price?
• For the homes that sold, how many sold at, over or under the asking price?
• Time on market for both actives and solds; average days on market but also shortest and longest days on market.
• Community and School reports, especially valuable for Buyer Market Snapshots.

Earlier this year, a Realtor in California was sued by the purchaser they were working with because they felt after closing, they were not provided with information showing similar homes selling for less. The Realtor won, however the stress involved was crippling I’m sure! Providing the Market Snapshot to both buyers and sellers you work with allows those folks to see for themselves exactly what the local market conditions are at any given moment. Removing the threat of being sued, who knows what decisions are being made with our contacts and past customers. For a variety of reasons, moves are being considered you are not aware of. How valuable is the information above – extremely! In a non intrusive manor, you are providing information that will allow them to know in advance of you telling them the same; if we want to be there – then, we need to put our home on the market at this point in time (based on days on market data). Additionally, the spread between asking and selling price seems to be ‘X’. Information such as this, reduces your kitchen table CMA/Listing Presentation meeting by an hour, where typically that amount of time was used to explain the market conditions in advance of dealing with price!