Market News


Where We Are Now: May 11, 2020

May 11, 2020 | Source: Compass California Real Estate Blog

Work From Home — Day 56

Private Exclusive — Play Some Offense

5:10AM PST

Team –

Welcome back to the chase! 

We had an amazing weekend of activity. Details at the Closing Bell.

We are 11 days into the new Clear Cooperation guidelines issued by NAR and adopted by many local Boards and MLSs. Consumers have not yet adjusted to the top down policy of how NAR wants properties to be sold. I suspect challenges to be forthcoming.

Compass Private Exclusive is an exceptionally powerful tool for sellers that are not interested in the MLS. These clients may be discrete, of a high-risk health category, or simply may want to test the market without the DOM ticker tracking their home.

Especially in SIP, Private Exclusive is an exceptional marketing tool. The market share Compass has in California is an amazing advantage to you as a real estate professional and to your clients as a soft launch to an upcoming Academy Award-winning listing.

Here is the process:

  • Sign a listing agreement plus SELM form. Prepare property for marketing.
  • Enter listing in Compass Private Exclusive which is effectively a non-consumer searchable Coming Soon.
  • Clients see the screen capture above and contact their preferred Compass professional.
  • You actively market your listing to ALL Compass professionals in your region. In most cases we have 20 percent or greater market share.
  • Compass brings you the buyer. Deal closes, completely compliant.

This is a huge competitive advantage over a small firm with a limited number of professionals. The power of the Compass community!

I did a few searches Sunday evening and found the following.

Pasadena, CA –

  • 11 Private Exclusives – Timeless with no DOM ticker.
  • 5 Coming Soon – Move to MLS in 24 business hours.

Mill Valley, CA –

  • 3 Private Exclusives – Timeless with no DOM ticker.
  • 13 Coming Soon – Move to MLS in 24 business hours.

Remember to please complete our second SIP Market Dynamics Survey by the end of business day, Wednesday, May 13. We will aggregate feedback and publish results on Friday morning, May 15, 2020.

This is Where We Are Now.

Thanks!

Mark

Mark A McLaughlin

Work From Home — Day 56 — Closing Bell

Market Research

Team – 

350 of you have completed our second SIP Market Dynamics Survey.

We need another 500 to complete the survey. It will take four minutes of your time. We have several news outlets interested in our results. Your clients will want our survey results. 

Just received a copy of the Top Agent Network [TAN] lawsuit vs NAR on the Clear Cooperation Policy. Details as they unfold.

You likely noticed we postponed The Path Forward until May 19th at 2PM. Our lives have become Zoom consumed – two verbs?

We reschedule out of respect for your time. We did not feel we had high-impact content to deliver. Next week we will report as the follows:

  • 2nd SIP Market Dynamics Survey
  • CA Employee Survey
  • Office Reopening Protocol – not to be confused with timing!
  • Reforecast of our Curves, the outlook for May to December 2020 vs budget and 2019 actual.

Business continues to recover and in fact gain momentum. May 2020 will certainly outperform April throughout our California operations.

Our Average Sales Price (ASP) remains $1.5+ million and surprisingly the high-end is active.

Still need your help on getting ratified listings and escrows to our Operations Team. While the reports below illustrate 25+ new escrows from the weekend and 40+ new refinances at Chartwell Escrow, my listening posts say the business is more vibrant than our information flow suggests.

Thanks!

Mark

Mark A McLaughlin

External Link »