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5 Reasons why graphing is a vital skill for real estate professionals

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Can you teach an old dog new tricks? That’s questionable. It’s certainly not easy for us humans to learn new things either. But let’s talk about one skill in real estate that is HIGHLY attainable, yet something that most will ignore (which can be good for you). Knowing how to graph neighborhood sales sounds really dull, but it’s truly something that can be an amazing tool to help you stand out from the crowd and look like a rock star to your clients.

Real estate geeks - Image purchased and used with permission by Sacramento Appraisal Blog

5 Reasons why graphing is a vital skill for real estate professionals

  1. We live in a visual world, so graphs help clients see the market.
  2. Neighborhood data can be far more powerful than zip code data.
  3. Why let Zillow or Trulia make all the graphs? Show your skills.
  4. Graphing helps you understand trends first before talking with clients.
  5. Graphs are perfect for sharing on your blog or social media.

A tutorial on how to make trend graphs: I made a tutorial below for you to check out. I recommend watching it and then pulling up your MLS so you can create a graph by following the steps I took. This is good for Sacramento MLS, but it’s also good for any MLS so long as you can export data (which is probably only a matter of clicking one button). Ask your MLS how you can export data to a spreadsheet if you cannot figure it out. I use Gnumeric in the video (a free version of Excel), and you can download that here for free. Or just use Excel, which is similar and what I use all the time for my fancier graphs.

You can watch the video above or directly here on YouTube. If it’s too small here, watch on YouTube for a larger version. Does this image help illustrate the market? What story does it tell? Should this seller in Rancho Cordova list at $230,000?

Rancho Cordova Example - trend graph of sales - by Sacramento Appraisal Blog

Some Quick Advice: The only way to add skills in business is to take a stab at learning something new, but one big reason why that doesn’t happen is because it can feel intimidating to take that first step. When it comes to graphing it’s easy to think it is only for techies, but trust me, you can do it. The more you practice, the better you’ll get. Remember, you are going to impress your clients by showing them the market visually. Don’t just tell them. Show them. I recommend trying out a graph every time you need to comp a neighborhood or maybe whenever you get a new listing. There are so many different types of graphs too. You can look at my market trends category for some examples. Whatever you do, get into a rhythm so you are practicing regularly. If you have some questions too, don’t hesitate to ask.

Questions: Was the tutorial helpful? Anything you need clarity on?

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How to make a graph using new and old MLS data

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I wanted to show you how to make graphs by exporting current and historic MLS data. Sounds exciting, right? I used a screencast below to give a brief tutorial. I show some examples of graphs in the beginning of the video, but you can also click market trends to scroll through more.

Why does this matter? Knowing how to work with numbers is very powerful. Making graphs can help you understand the market more deeply and assist clients to see what you are seeing. Both agents and appraisers can visually show things like a decade of sales in a particular neighborhood, all sales of a certain size or bedroom count, or even compare multiple tiers of data in a neighborhood (as I show you in the second tutorial below). This can be very convincing to quickly illustrate value trends and even help establish a list price (plus it makes you look smart in the eyes of your clients). You may want to check out a beginner’s tutorial I did for making scatter graphs in MLS and download Gnumeric for free here.

Tea or Lunch: If you’re an agent and want to sit down in person, just buy me a tea or lunch and I’m glad to teach you how to do this.

Coventry Neighborhood Elk Grove

Tutorial on how to use new and old data in MLS (watch below or here):

Tutorial on how to use multiple segments of data: (view below or here – examples include REO vs Traditional Sales, 2-bed vs. 3-bed, model match sales vs. entire neighborhood, etc…)

How might making graphs be relevant for your business?

If you have any questions or Sacramento home appraisal or property tax appeal needs, let’s connect by phone 916-595-3735, email, Twitter, subscribe to posts by email (or RSS) or “like” my page on Facebook

Is it a condominium or townhouse? What does the plat map say?

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How do you know if a property is a condominium or townhouse? There is quite a bit of confusion about this question actually, and this uncertainty translates into properties in MLS being frequently labeled as “condos” when they’re really townhouses. The distinction is of course really important because comparable sales really should be the same type of property, right?

What does the plat map say? If you don’t have a preliminary title report at your fingertips, knowing how to view plat maps can actually make a huge and quick difference. Take a few minutes to watch the screencast below (or here) where I show three examples of how looking at a plat map can help identify the type of property. I know, this ranks low on the exciting scale, but trust me, if you’re in real estate, this is really good stuff to know. The video is a bit larger if you watch directly on YouTube. If anything is unclear or you have questions, speak on.

Does the plat map show specific lot dimensions for the individual unit on a parcel? If so, it’s most likely a townhouse PUD and not a condominium. This is an important indicator that’s often missed in listings on MLS. The owner of the condominium does not have ownership of the entire site on which the unit is built, so there is no reason to give specific dimensions on the plat map for the lot shape (the only dimenstions for a condo in the plat map are for the entire parcel where all units are located – NOT each individual unit). Click the thumbnails to view example images.

     

NOTE: This information is good for the Sacramento area and may not be relevant for other areas.

If you have any questions or Sacramento area real estate appraisal or property tax appeal needs, contact me by phone 916-595-3735, email, Twitter, subscribe to posts by email or “like” my page on Facebook