They key to getting more listings is becoming a “Local Market Expert.” The hard thing about real estate is that no one teaches you how to market yourself. As the numbers of agents available continue to increase, it becomes increasingly important to become an expert.
LOCAL MARKET EXPERTISE
When having a conversation with a friend, a neighbor, a family member or an open house visitor, most realtors will usually start a conversation by making relationships finding a common bond. Even though these old school sales tactics can be extremely successful, I see them losing more and more, while I see local market expertise winning more because everyone wants to list with a local market expert.
How do you get your friends, neighbors, family members and open house visitors to know you are a local market expert? This starts with you understanding several things, the first is knowing how many homes have sold in your area. Your area may be a neighborhood of somewhere between 500-1000 homes, but more importantly you should know the numbers for the area your MLS covers. For example, I live in Scottsdale, AZ, but to be a local market expert I draw all my stats from metropolitan Phoenix.
The three cornerstones of becoming a local market expert are knowing supply, demand and prices. Supply is how many homes are listed for sale in your current MLS. The next is demand, this how many homes actually sold. The third thing is prices. Prices is a result of supply and demand, it’s important to know how much prices have gone up or down in the past quarter or year. The key thing to understand when talking about supply, demand and prices is that an individual statistic is not has strong as it is in comparison to a similar time frame before. For instance, how much did prices rise in a year, or how many homes sold this January compared to last January.
The best way for you to begin to triple your income is to study these statistics. Just knowing the statistics does not make you a complete local expert, but it is one piece of the pie.
WHAT CLIENTS WANT
What do clients want? First, clients want convenience. They want you to show them how you are going to make the process easier and they want to sell their house for most amount of money. Next, clients want their home sold fast, but they don’t want it sold fast for less money, they want it sold fast for Top Dollar. Ideally, they would like their home sold within a couple weeks. Lastly, all clients all want less hassle.(Agent Truth’s Two-Day Listing class discusses this complete strategy in detail.)
SELLING HOUSES FASTER
If you want to sell more houses, you can’t just lower the price of the house to list faster. Instead you need to create more market demand for the house. This is done by knowing who the target buyers are for the listing and finding the appealing features of the house to showcase in the listing photos.
Agent Truth is all about providing the best customer service and the best possible experience for a seller. The better the job you do for a seller in achieving their goals will get you three times the amount of referrals compared to just selling their home.