I’ve worked with thousands of real estate agents at all levels over the past 30 years.
Two of the most common problems I see with coaching clients, and for that matter the biggest reasons for failure in this industry, are…The notion that somehow working harder will make up for working smarter. Fear of asking for what one is worth and deserves.
Here’s a few of my favorite strategies to overcome both of these obstacles, set you apart from the average agent, and lead you to greater profitability…
1. Raise it.
Before the listing appointment, fill out all paperwork with your new rate (7% maybe?) and make it business as usual. Scared? Well, make a great listing presentation, don’t leave until you get the objection, and learn how to overcome the objection. If you have to, drop it back down to your old retail rate but only after much hesitation.
2. Email new listings.
Send new listings to your database immediately, hours before it hits the MLS. This is a two-fer:
#1 – It keeps your database informed with “secret” pre-listing information, but with your “permission” they can forward this hot info on to their sphere.
#2 – You make more double ends with new people.
3. Institute a cancellation fee.
Many agents allow sellers to cancel listings with a [...]
by Denise Lones
Many real estate agents get stuck and stop making progress when they don’t see immediate results.
The key to mastering any business is to keep taking the action you need to improve.
However, if you focus on the action rather than the results, the results will come.Here are 10 ideas to jump start your business with action:
1. Send every one of your past clients something about the current real estate market. A mail piece or report that is well thought out and that educates your clients on what is going on in their local market is a great way to connect. Past clients are a wonderful source of referrals and past business, however, a small percentage of clients use their agents again due to a lack of “connection” (which is another way of saying that you forgot to keep in touch with them). This data base of clients is your “gold mine” and you need to take care of them. When you need to increase your business, put together a mailer which includes quality, relevant information. Follow up with them to make sure they received it and to see if they have any questions.
2. Focus on connecting with people and being present in public. Real estate is a people business where success depends greatly on your ability to make connections with people. As an agent you need to stay in the forefront so potential clients can see you and get to know you before they hire you. Make a plan for the year [...]
Even the most social of the social butterflies among us can’t deny there are more people we don’t know than we do. This makes the math fairly simple: the number of potential transactions is greater with strangers than with those we do.
So how do you market to the people that don’t already know, like, and trust you? And what, specifically, is the purpose behind your marketing to this demographic?
The answer to both of these questions can be summed up this way: A powerful call to action is fundamental to getting in front of people outside your sphere of influence.
You’ve no doubt seen the JoS A. Banks commercial that says, “Buy one suit and get two more new suits… this Saturday only!” Why would they make such a seemingly excessive offer? Easy, it gets people to respond. The perceived value is immense because it is “this Saturday only” and the resulting perceived scarcity provokes immediate action.
Here’s the hook… when you walk through the doors on Saturday you already know in your heart of hearts you aren’t going to buy a $500 suit and get two more $500 suits for free. There are always restrictions and as discerning consumers we have come to expect them.In the real estate industry savvy agents are using this same type of ‘call to action’ to get in front of new prospects.
There are several that have [...]
Recently I had a discussion with Heather, our project coordinator, regarding the importance of agents keeping things organized in their business. Whether that is organizing your files, systems, or even your time, each is critical to an agent’s success.
As Heather puts it “good organization is key to a successful transaction and being organized saves you time, money and potential transaction mishaps.” I couldn’t agree with her more. Here are some of the great ideas that came from our discussion.
It is no surprise to anyone that has been following the real estate industry over the past five years that we have arrived at a time of historically low inventory levels.
On the positive side real estate agents are experiencing multiple offers for sellers, but more buyers than not aren’t getting their offers accepted which lends to frustration.
So just what do you do when you are working in this type of low inventory market? The first thing you have to do is accept the fact that you are going to have to “move your boat” to find the fish! That means that you are going to have to find listings and present a compelling reason for sellers to want to list their homes. In this type of market the agents with the inventory are the agents who control their financial destiny (and their frustration levels).
A letter campaign can be very effective. So here are some ideas for finding listings for your business via a letter campaign:MLS Research & Shortage Letter Go into the MLS and look for neighborhoods that have had very low days on market numbers (fast sales). Then look at the recent sales and what the list price to sale price ratio has been. If the sales prices exceed the list prices you have found a “hot spot”. You can do a letter campaign to the neighborhood letting them know that their area has had some high sales history and inform them of their opportunity to sell. Zoning Changes Letter Zoning [...]