Tip of the Week – Florida REALTORS Absorption Rate Calculator (coming soon)

One of the things we heard at the recent Florida Realtors Convention was the importance of pricing your listings right. A new tool coming soon from Florida Realtors is an Absorption Rate Calculator (ARC) that can be used in conjunction with the MLS to help determine the right price. It should be available within a short time. In order to use this tool, you need to be able to export listing information from the MLS.

The export function in the MLS is a two-part process. First you need to create a custom report, one for each category. The custom report will contain a list of the fields (sold price, area, dates, etc.) needed for the calculator. The good news is that once you create the report, you can use it for as many searches as you need.

Second, you run the search and use the custom report. The MLS exports listing data as a tab delimited text file that can easily be opened and converted into an Excel spreadsheet. Copy the data columns into the calculator and use the tabs to customize the report for each need.

The information that I have at this point is that the calculator is in Microsoft Excel format, so you may have to that specific program to make it work. I don’t know yet if it will work in other spreadsheet programs. But I’ll be doing some checking once the tool is available.

As more information becomes available, such as the exact field list, etc. I’ll put out a detailed Tip about how to export listings, convert them to Excel, and use the calculator. If you’re already familiar with exporting listings from the MLS, you’re all set. If not, we’re here to help you with it.

Coming up inside the next month or so will be an advanced MLS training class called Tools. This class includes setting up custom reports and exporting listing information. Assuming the ARC will be available by then, we’ll feature the calculator in this class. Watch the ECAR Class Schedule to see when the class will be held.

If you have any questions, please call us at 850-244-2411, or email susan@ecaor.com.

Susan Beck, MLS Director
Emerald Coast Association of REALTORS
Fort Walton Beach, FL

Potpourri

Show of hands, how many of you watched Jeopardy back in the day?  My biggest memories of that show are the summers I spent with my grandmother and great-grandmother.  Dinner at 4:30 p.m.; dessert and Jeopardy at 6:00 p.m.  My favorite category was always Potpourri – a little bit of everything, and even I, at the age of eight or nine, had a shot of being able to answer the question (or figure out the question).

This is my final post from Florida Realtors® Convention, and it’s a little bit like Potpourri in Jeopardy.  I’ve got little bits and pieces that run the gamut.  So here goes:

Have you seen the Take 5 videos on the Florida Realtors® website?  Your peers, from around the state, share tidbits about short sales, marketing, you name it!  Here, go take a look…I’ll wait.  Pretty impressive, huh?  A lot of video was shot during Florida Realtors® Convention, so check back often to see what gets added.  If you see something good for others in your office, share the videos with them!

What is RPAC (Realtor® Political Action Committee) and why should you care?  Florida Realtors® has a microsite devoted to RPAC.  There’s even a handy little calculator that can show you how RPAC has helped YOUR profession.  If you’re skeptical about RPAC, I suggest you take a look at this calculator.  You might be surprised.

Want to become more involved in Tallahassee and help protect private property rights and your profession?  Great American Realtor® Days will be April 9 and 10 next year.  The big plan for this event will be a Rally in Tally – similar to the Realtor® Rally in Washington, DC this week.  If you couldn’t make it to DC, this will be your chance to make your voice heard loud and clear!

Zan Monroe – speaker, Realtor®, hilarious guy – spoke about absorption rate.  How quickly will something sell at a given price, in a given market and what are the odds of a given property selling in a specific market.  Fascinating stuff!  The best part?  He gives the information away free on his website!  Go there – NOW!

The thing that Zan said that shocked the audience? “You are wasting your time marketing your listings.  No one ever bought your listing because of how well you marketed it.  At the right price, a listing will sell.  Nothing else matters.”  So yeah, check him out.

This was a whirlwind week, as always.  Plenty to learn, plenty to share.  I am grateful for the privilege to attend and bring back the information to you.  If you have the ability, please consider attending the NAR Convention this year – it’s in November, in Orlando.  You will be amazed at what you learn there.

~Michaela Mitchell, ECAR Communications Director