Given that Virgent is a technology-driven brokerage (and the fact that we’re all huge data nerds), it should be no surprise that we collect a lot of data about our transactions, on everything from basics about a listing to excruciating details on showing scheduling and offers.
We knew abstractly that all of this data was valuable, but it was only recently that we started playing around with it to see what we could learn. The results were fascinating, educational, and, most importantly, told us a lot about our business. Here are some highlights (all data points are averages):
List Price: $558,911
Days On Market: 29.6
Sale Price To Valuation Ratio: 97.0%
Valuation Price: $321,669
Time between valuation request and delivery: 9.6 Hours
Homeowner response time to showing requests: 333.09 seconds
Showings per sold house: 13.0
Showings that receive buyer feedback: 44.6%
Extra cash sellers walk away with using Virgent: $11,230
Now sure, you could go on the MLS or Zillow and use a calculator to figure out some of these data points, but a lot of this you’d have to mine your proprietary database in order to get.
So how do we look at this data from the business building lens? Some data points are pretty self explanatory – being able to prove that we make home sellers an extra $11,230 on their home sale is pretty powerful.
Some insights are less obvious, but still useful. For example, our average list price is more than $200k above our average valuation price. This implies that while homeowners with lower prices homes are interested in our service, we’re converting better among homeowners with higher-end homes, so we have some work to do to connect with the former group.
We can also improve in securing feedback after showings on our listings when our automated systems don’t capture it. 44.6% is very good compared to industry averages, but our sellers want to hear from 100% of buyers who see their home, so we have some work to do.
Given our culture of transparency, we publish all important stats, like the the ones above, to the relevant part of our platform unedited, so our current and potential clients have unfiltered access to our track record.
That type of transparency isn’t for every company, but whether or not you choose to share the results, you should consider diving into your database to see what you can learn about your results and how you can improve. You never know what you’ll find out.