Great descriptions clearly drive engagement through favorites and likes. Indeed, the objective of this site is to lay out the words, phrases and concepts that drive favorites.
But what is the value of engagement? We’ve analyzed this as well and the data shows that, all else equal, engagement leads to faster selling cycles.
We also found that descriptions and engagement do not impact the ultimate selling price. This makes sense – at the end of the day, the property is the property. Great descriptions help ensure that agents get as many prospects considering the home as possible, increasing the chances of matching the right buyer with the right property, quickly.
To show the value of engagement, we analyzed hundreds of thousands of recent descriptions and ranked all properties based on their number of favorites per day. The analysis uncovered the following:
- The properties with the most favorites per day (top 10% in favorites) sell in under 30 days 25% of the time.
- All other properties sell in under 30 days only 6% of the time.
This relationship holds across all price points and this is important, because obviously, more desirable homes receive more favorites. However, when we control for price, we still see the same pattern – the more favorites, the faster the homes sell.
For example, take homes that sell between $350k and $360k. These are clearly homes of very similar value and desirability. However, the homes in this group with the most favorites (the top 10%) sold 45% faster than the rest of the group. Pick any price band and the results are similar.
Here is some additional data:
Homes sold for less than $250k:
- Top 10% favorited homes: Sell in under 30 days 21% of the time.
- All other homes: Sell in under 30 days 7% of the time.
Homes sold between $250k and $500k:
- Top 10% favorited homes: Sell in under 30 days 21% of the time.
- All other homes: Sell in under 30 days 5% of the time.
Homes sold for over $500k:
- Top 10% favorited homes: Sell in under 30 days 36% of the time.
- All other homes: Sell in under 30 days 7% of the time.
The conclusion is clear: driving engagement through favorites and likes will reduce your average time on the market. Optimizing your descriptions is a great a way to do this.
Scriptbiz will help you stay ahead of your competition – Generate Engagement. Drive Sales.