Market News


Where We Are Now: May 8, 2020

May 8, 2020 | Source: Compass California Real Estate Blog

Work From Home — Day 53

Information is Powerful

4:30AM PST

Team –

I need a favor. We need your listing and new escrow information on a hyper-timely basis. It’s a simple ask. It’s a course of business, and it’s a vital component of our information management.

At the onset of SIP, we all scrambled to acclimate to new health and market conditions. Our actions were highly leveraged to your health and safety.

One decision your Manager and our Leadership made on day one of SIP was unique and something I had not experienced in my career. Your managers and our leadership team decided to be 100 percent transparent with our reports on pending transactions, new escrows, and cancellations. Never have I seen this transparency in our industry.

We now publish this information freely, twice a week, and on our blog, Where We Are Now.

We need to seriously tighten up the flow of our information from you, our real estate professionals, to our operations and finance team. We can make 1,000 decisions a day based on facts and zero decisions on anecdotal data. We need your timely information.

Here is the time lag of executed listing agreements and ratified contracts vs, when we receive copies of the same in California. This information is over a twelve-month period of April 1, 2019 – March 31, 2020. We can 100 percent improve this data and fast for sure:

  • Northern CA has an average of 8 days lag.
  • Southern CA has an average of 13 days lag.
  • Commercial Brokerage has the longest lag of 24 days.

Let’s tighten up the flow of information ASAP. The output is 1,000 percent to your benefit. You and your clients need accurate and timely information. Please get these contracts to our operations team within 24 hours of execution. Our business thrives on timely and accurate information.

For years we have been honored to be clients of 1000Watt consulting. 100Watt’s insight, experience and recommendations have been an important part of our success. If you would enjoy their weekly perspective, please sign-up here 1000Watt.

This is Where We Are Now.

Thanks!

Mark

Mark A McLaughlin

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