Finding Listings
Most successful real estate agents have a strong listing base. It is well documented that controlling the “supply side” will not only enhance your sales, but also leverage your business, given that on average every properly managed listing produces two additional buyer clients.
Many successful real estate teams are built around a successful listing agent (the “rainmaker”) plus support staff and additional buyer agents to whom the team feeds the buyer leads generated by the team’s listings.
So, if you’re convinced that you need more listings, where do you start? Here are some ways that you can “stand in opportunity’s path” to maximize your likelihood of bringing in more listings:
1. Sphere of Influence (SOI). People do business with other people they KNOW, they TRUST and they LIKE. Letting friends, colleagues and relatives know what you do for a living is the first step. Then, like learning a script for a play, you must repeat this message over and over (without becoming a pain) so that they know you not just as a pal but also as the professional that you are.
If you’re a seasoned agent, you’ve probably experienced the disappointment of discovering that a friend or neighbor has listed a home with someone else, despite your assumption that you would be their “go-to” agent by virtue of a good friend or neighbor. In most cases like this, where we fail as agents is in not establishing ourselves in the minds of others that we are exceptional at what we do. As you’ve probably discovered, you can’t “ride your own coattails” and assume that being a good friend means being thought of as a great agent.
Keeping in front of your SOI requires an easily manageable strategy and a versatile Customer Relationship Management (CRM) System. While the most effective system out there is the one that you’ll use consistently, we happen to be quite fond of our solution, BluePrint*. We believe it’s the perfect system for those who want fast and easy access to their data and who value tools that are incredibly easy-to-set-up and use.
2. Networking – Networking is a great way to meet new people increase the size of your SOI. After you meet someone, don’t forget to follow up regularly and add them to your SOI contact management followup system.
3. Expired Listings – These folks have raised their hand, saying “hey, over here…I want to sell my home and need some help”. When talking with Expired sellers, it’s important to find out a) why their home didn’t sell in the first place and b) how motivated they are (i.e. how far are they willing to go in terms of presentation, repairs and price adjustments, plus what other circumstances in their lives may be motivating the sale).
4. For Sale By Owners (FSBOs) – As with Expired, FSBO’s have identified themselves to the world as someone wanting to sell a home. However, their choice of selling without an agent is their way of saying loud and clear, “hey…money is a really big factor for me in this process.” If you fail to address that important needs of the FSBO, you won’t be taking many FSBO listings.
5. Homeowners in Distress – These potential sellers may have had a hardship in their lives (like a job loss or divorce), may be hard pressed to keep up with their mortgage obligations, and may wish to sell to “get rid of” the problem…or to simply to save their creditworthiness. Compelling call-to-action ads / letters / signage can be effective with distressed sellers as is checking public records for any “lis pendens” recorded.
As with most aspects of real estate, there are lots of ways to win…but virtually all of them require consistent effort over time. Be clear in your chosen method and strategy and stick to it like white on rice. You’ll be rewarded handsomely.
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