Why you're losing money and missing out on listings.

Realestate in some respects is a very simple equation. The more listings you have, the more sales you generate and the more commission you make. We are all aware of the pipeline concept, that you need to continuously keep things flowing through the pipeline in order to establish a successful business. That hasn't changed. What has changed is that agents have got smarter, and the smart agents are adding to their pipeline and ensuring their listings stock is astronomically high to ensure that their conversion levels remain up. Today we present 7 smart activities to get more listings and the things you most likely AREN'T DOING:

1. Prospecting withdrawn and failed listings: There is a reason the vendor went to market, however for another reason, the home didn't sell. This generally comes down to the sales price not being right or circumstances changing. Get a list of all homes withdrawn in the last 12 months and start prospecting.

2. Prospecting at open homes: Chances are that for every prospect coming in to buy, they need to give something up and sell. Your time to captivate them and win their listings is early in their search, if they can see how you are helping them they are inclined to give you their listings. Keep going back to the topic of how you suggest they should sell and offer a free appraisal. If you can get in you can effectively double your commission. 

3. Upgrading rentals to sales: There can be more money for a real estate office in generating sales rather than on going property management. Encourage your team to share their listings and potentially hear a pitch from your team about why they should sell.  Also explain the value add in selling that you can provide.

4. Looking for tell tale signs of upcoming sales: A standard search process for a vendor is to decide they are selling, they will go through these steps, but instead of being contacted second, after they have established their motivation to sell, what if you knew beforehand? Look for homes that have garage sales coming up. Another great person to get in touch with is your local remover. Maybe you can structure an agreement that they let you know when a vendor calls in a truck to move. If they are renting, then the current vendor will need a new tenant and if they are moving then you are their agent! 

5. Connecting without being pushy: Smart agents remember dates... and names. The moment they settle a property, you should be entering the date in to your calendar and sending an anniversary card and flowers one year on. This is a great gesture as it is not expected and will differentiate you. 

6. Selling a solution they don't know they need: People generally don't move, because, well... moving is hard. However, they do stay in homes that aren't appropriate for their lifestyle and can't be bothered. Get in contact with these people and demonstrate how you can make the process easy. Target homes that are old, and family homes, as the family ages, and kids move out, their needs will change. Prospect and show them alternatives as to how they could live. If you show them the upside, you'll hopefully get their listing. 

7. Taking over from other agents: When an agent works inside your business, there is plenty to keep them busy. When they leave, it can provide an opportunity for you to take over their workload. That doesn't mean try to do everything. But go through their prospective buyers list, ask if they have found anything and find out what they are looking for. Also prospect them if to bring their house on the market. 

Lessons learned:

  • Failed sales are a great source of listings you need to chase down.
  • Open homes are a great time to prospect for new listings.
  • Have your property management team promote you to generate you a listing
  • Connect with affiliate companies that help people move for a heads up
  • Connect with the vendor continuously, to get an instant call when they decide to sell and for referrals. 
  • Remind people of their needs, and help them break habits. 
  • Look at another agents work as an assisted source of leads for you. 

About the Authors:

Todd Schulberg

Todd Schulberg handles all things marketing for Homely.com.au - Living and breathing property, Todd has a keen interest in the movements in the market and how agents can utilise new tools and technology in order to be more connected. Using all things social, Todd suggests different ways that agents can engage and think outside the square with their marketing approach. 

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Rocky Bartolotto

Rocky Bartolotto is the National Sales Director for Homely.com.au - Rocky's extensive experience in introducing new product offerings to the market and client management abilities makes him one of the most knowledgeable property specialists in the country. 

In addition to his time working in the online space, Bartolotto is also one of Sydney’s top auctioneers, with over 4000 auctions performed through his business Auction Services.

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