As an agent, part of your measurement of success will be on sales. Purely how many sales you make. However, a smart agent will realise that making sales isn't really enough. If you are selling 10 homes at $350,000 a year and your commission is 2.5% - you'll be making $8750 a sale. Of that, you won't keep it all and you really would be struggling to make decent money.
Today we present 5 tips on how you can ultimately sell bigger ticketed properties, which will lead to more money for you.
1. Sell at the top level: A predominant reason people are reluctant to sell multi-million dollar homes is because they are intimidated. They realise that they will need to work with affluent buyers who may make them feel out of their depth. However, to make bigger sales, you need to sell at the top end. The good thing about selling to high end people, is they are usually the decision maker when it comes to buying. At the lower end, they may be getting help from their parents etc. So you have multiple parties you need to impress to get the sale over the line.
2. Absorb the problem and sell a solution: The reason people are able to sell multi million dollar homes is because they are fixing a prospective buyers problem. At the low end of property, most people have a primal need of having somewhere to live and can't afford to be too picky. It's astounding how agents reel off all the key home features without knowing what someone really wants.
At the top end, a top sales agent knows they are fixing someones problem. The OFI serves as an investigation to find out their key problems. What is their current living arrangement not giving them that they need? Most agents talk about the great features of a home, however you need to think, is the person really moving for the large open living areas? Or whatever you think is the main selling point? - Find out why they are looking, they may already have large open spaces but are downsizing due to kids moving out. Listen to all the pain points to sell them the right solution.
3. Find how much the lead has to spend: It's imperative to know how much your lead is looking to spend. When quoting the lead, it is important to quote a range, it's also important to prime your lead that the market has been hot and things have been selling for over reserve. Explain to your lead that the quote is $550,000 + but with strong demand in the market you expect it to sell for something starting with a 6. This will prime your buyer that they will need to spend a minimum of $600,000+ and before you know it that are expecting that. Your vendor may really just want something $550,000 + but if the interest has been strong, it is essential to condition the lead you put yourself in a position for a bigger sales figure at the end. The last thing you want to do is quote $550,000+ and have it sell for $700,000 with a prospect feeling unwarned.
4. Sell multiple solutions to your consumer: It's astonishing when people are selling homes that they don't go prepared with comparative properties from their office that are available. Every agent going to an inspection should know rentals that you provide in the area, a property in a level above and one a little below. This way, if your consumer isn't interested in this listing due to any of the following reasons: price, location, or not being ready to buy - you can offer another property which is a different price, in a similar but different location if they are ready to buy, or a rental that is some what comparative but not requiring a purchase. Never end your relationship with just that one inspection. Find out what made them look and give them multiple alternatives.
5. Time your sales pitch perfectly: One of an agents biggest mistakes is trying to sell to a consumer who is just not ready to listen. Agents need to do their research and find out when someone will be most perceptive to being sold up. The chances increase for your conversion dramatically when you have an attentive listener, lock in a time where you know they will be tuned in, but never try to sell when your customer has not accepted to listen to you or isn't clearly interested in your solution.
About the Authors:
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.
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.