Here are some strategies to help you not only survive but thrive in today’s market as shared by RISMedia panel members.
Provide a newsletter that has helpful tips whether you do it or you pay for a service, get a monthly, informative newsletter or market update to send to your sphere of influence. Don’t let someone else be the buzz in your client’s ear.
Explain the numbers, your knowledge of the market and get the business – you have to educate yourself on market trends so you know what to say so you can differentiate yourself from other Realtors.
How do you answer the question, “how is the market?” – What’s your answer? Think about this, become an access point for relevant up-to-date information to everyone you encounter. Don’t just respond – it’s unbelievable or I’ve never been busier or it’s great and I’m never too busy for your referrals. Provide them with information.
For sellers
Ask questions and listen when you are on listing presentations:
- What is it you want to do?
- Why is this move happening?
- How soon do you want to act?
- Who is responsible for making decisions?
- What has to happen to make this happen?
- What is plan B if the house doesn’t sell?
- What is the worst case scenario?
- What is the best case scenario?
- Tell them, we want to get you the highest, most realistic price.
The market is not reacting to your price so we are now getting closer to your plan b – is this ok with you?
Take professional pictures and use full screen photos on the internet. Buyers go to the internet first so you have to make the best first impression on line.
Position yourself differently in the market place. When listing the house you will be merchandising, staging, and pricing the property to sell.
For buyers
When working with buyers, use the housing affordability index to motivate buyers to buy. Housing affordability is at its highest point since 1979. If you are working with Millennia’s state, there has never been a better time to buy a home since your parents bought their first home.
Only work with committed people
Don’t do it for the money…Educate the buyer or seller and focus on their goals and the money will follow…
Commit to make a difference in someone else’s life.
Excellent tips to build urgency in buyers:
Remember, it is always about the consumer:
- Convert wants to needs
- Lifestyle marketing – appeal to the lifestyle of the buyer you are looking to sell to.
- Ask “right” questions to learn more about them, their needs and to better serve them. Schedule a buyer interview to set yourself apart.
- Younger Consumers want Community – build urgency through the ability to be in their community – bike to work, coffee shops, environmentally friendly buildings, free Wi-Fi, etc.
Know why your people buy. In a recent survey of home buyers and their Realtors – look how they answered these question of why they bought. 85% of Buyers bought for appreciation. 89% of Agents who sold them their houses said appreciation wasn’t a reason why they bought. Get to know your buyers and their reasons for buying and the referrals will follow. Don’t and they won’t.
For you to think about
You set the temperature for your future – don’t be a thermometer and respond to the temperature.
If you are not already on Linkedin – here are some reasons why should be:
Seven Reasons for utilizing Linkedin:
- Highest household income of any social site
- 45% are household decision makers
- Can import/export contacts
- Professionals involved in this site, not kids, college students, etc.
- Social way of contacting professionals
- Target “groups”
- It can be automated
Continually ask yourself and assess yourself by asking:
On a scale of 1 – 5, 1 being the lowest and 5 being the highest, how would you rate yourself on the…
- Use of technology
- Prospecting
- Sales skills
- Negotiations
- Average sales price
Get with a coach or mentor and work on the areas you need the most improvement.
Important things to keep in mind to grow your business
- Build Your Skills
- Shift your mindset
- Agents cause their own market
- Show up and use what we provide
- Hold up a mirror and ask – are you doing all you can?
- Become intentional about leads
Now that you are armed with a few additional pieces of information, take the time to implement one or two at a time to make yourself a better listing agent, buyer agent or business person. Get it? Got it? Good!
Now, go sell something!
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Scott's Motivation and Real Estate Market Updates 