Listing Strategies For Agents
In a hot market like we are in right now, listings are the name of the game. Basically right now, if you can secure a listing in a hot market, more than likely you’re going to get paid. To have success as an agent, you have to “list to last” and that is something that has been told to me ever since I got into real estate 14 years ago, list to last.
Here are two benefits of working with sellers as a listing agent, instead of a buyer agent:
Benefit #1: Schedule management.
You can work with buyers for hours, days and even months, and never get a sale. Never get paid for your time. When you’re working with buyers you’re working for all the other agents in your marketplace trying to sell their listings. When you work with sellers, all of the other agents in your marketplace are working for you, which one seems more productive to you.
Benefit #2: Marketing Your Personal Brand.
When you work with buyers, and you sell a home in the neighborhood, no one in that neighbourhood would know the buying agent. However, if you’re the listing agent, and you put up that big sold sign on the property, everyone in that area will know who sold the home. So it’s really great to market yourself around listings. You can build your business around listings. A listing will generate you buyer calls. You can also mail out “just listed” and “just sold” postcards, as well as hold open houses to attract buyers, and make connections with people on other potential listings. Pretty simple, a sign in the yard, is one of the best forms of advertising, you can do.
At the end of the day, a seller just wants to sell their house, for the highest price possible. Their wants are pretty simple and straightforward, however, sometimes achieving that for a seller is not so simple, and may even come with some hassle.
So how should we communicate this to a seller, especially when you’re competing to have their listing?
Strategy #1: Know Your Value Proposition
Now, I talk a lot about finding your own why – why are you in this business, why you do what you do, and what makes you different from your competitors, but you have to be able to clearly communicate that (your value proposition) to your potential client so that they choose to list with you over your competition. The number one reason agents fail, is that they can’t clearly communicate their value proposition. So, how are you different, and what are you doing that no other agent is doing?
Look at these three areas when thinking of your value proposition:
- Your negotiating skills,
- your marketing skills,
- and your market knowledge.
Let your seller know your skillset and experience, in marketing and negotiation, as well as any certifications or courses you’ve done to position yourself as an expert in those areas. Make sure you can communicate your in-depth knowledge of your market, what’s happening, what the trends are, and be able to provide your client with the best advice. That is the key to a solid value proposition.
Strategy #2: Outwork your competition
Getting listings can be hard to do, especially for inexperienced agents. So you have to always outwork your competition to set yourself apart from the crowd.
- Always be prospecting and networking with everyone you meet. Someone you meet might turn into a client one day, or might refer you to a friend. Always follow up with current and past clients. Make sure you’re always top of mind when someone thinks of real estate. Business is not going to come to you, you have to go out and get it. You have to be hungry for business.
- You have to be able to handle objections and put your ego aside. You have to practice, practice, practice, and then practice some more. You have to be a lifelong learner, getting educated in areas of marketing and negotiation. Read books, take courses. You can’t just put a sign up on a lawn and hope it sells.
- You have to be prepared and know the market, so when your listing gets a phone call from an interested buyer, but they’re not the right fit for that listing, instead of leaving it at that, instead you can turn them on to another property.
Strategy #3: Old school tactics are still relevant.
Before social media and the internet came around, real estate agents did certain things to get listings, those are still very very relevant today.
Things like:
- Cultivating your contacts in your database, connecting with past clients to get referral business. You should contact these people, every quarter.
- Open houses are still very very relevant, it is a great way for you to meet buyers with sustainable neighborhood turnover rates.
- Looking for expired listings is a great source of business. This is a tactic that I used when I was just getting started. Looking for those overpriced or poorly photographed and poorly marketed listings that have expired and offer the seller a solution, aka: tell them why you can list their house better, and get them results.
- “For sale by owners” is a great way to turn out some business. There are people out there looking to sell themselves, so contact them. Have a listen to my previous podcasts on “for sale by owners” and you’ll get a really, really good education from Jeff Lyons, all about working with for sale by owners.
- Real estate investors are also a great way to get listings. Get to know the investors in your area and see if they have any excess inventory that they want to offload.
- New Home Builders is a great way to get listings, go out and meet the people in the companies that are building homes in your city, new home construction. Get out there and talk to the builders, show them why, using your skills, why they should list with you and what you’re going to bring. With builders, it’s all about the bottom line, so be really sharp in your pricing.
Strategy #4: Playing the long game.
I always say that the effort that you put in today will pay off in about three months.
Every month, I send my email contacts and post on my social media a monthly market report, and my interpretation of what’s going on. This helps to showcase my market knowledge and gives people a clear understanding of the numbers. Also use this opportunity to share your success stories, testimonials, and sold listings. This is a great way to generate social proof, as well as position yourself as the expert.
This type of communication will help to earn people’s trust, over time, and it will start to pay off in the long run, to create a sustainable business for you, as long as you’re consistent about it.
Strategy #5: Balance
Real estate can take over your life, especially when you become a top producer, you’re putting in long days, and it never stops. When your phone is on, you’re on.
So, it’s important to take a break once in a while, and to have some balance in your life. Get involved in your community, connect, do some charity work. Add some meaning to your life, and some new experiences.
All the listings and all the money in the world will not replace family and friendship, and the time that you spend together.
That’s all for today! If you want to learn more, check out the free facebook group: real estate mastery (facebook.com/groups/realestateagentmastery).
All the best, and all the success in the world to you.
Until next time,
Colin