Presence and focus are key in today’s competitive real estate market. Making a positive impression is especially critical for listing agents, like me, whose ability to show up can make or break their bottom line.
So what tactics really help make money for listing agents in today’s market? Here are few habits you should create to help you realize more profits:
Focus on a Local Area
Real estate markets are local. Local can be as large as a county or as small as a neighborhood, and listing agents need to know it all. Make sure you know current trends for the neighborhood, zip code, county, and for any competing listings.
For me, local focus also means only servicing listings in my immediate area. It’s virtually impossible to be all knowing about all things real estate in a large geographical area, and MLS data also doesn’t present the entire picture.
A good listing agent needs to be able to prove to a potential client that they are more than just licensed to handle real estate transactions in an area, but also competent about the area. Without first-hand local knowledge, agents set themselves up to waste their client’s time and money.
Use Industry Insight to Sell
Advertising a listing is not enough these days A listing agent’s working knowledge of the industry is a big key to a successful transaction.
The connection between local trends and state and national economics can also affect your listing. It’s also important to keep in mind that potential buyers and sellers are all gathering information from the Internet meaning they are influenced by a broad spectrum of opinions and news on the market.
As a listing agent I have to know what’s being said nationally and be able to communicate and use that knowledge to make my clients money.
For me, this means doing simple things like reading news and industry blogs to keep up with important statistics and trends like job growth and employment.
Leverage Lending Smarts
Knowledge of today’s market and how to list effectively also includes knowledge of the most common mortgage products in your market. FHA, VA, and conventional mortgage products affect your listing. If the property has a HVAC system in need of repairs, several broken windows and is missing the kitchen appliances, it may not be in your seller’s best interest to accept a FHA or VA offer from a buyer if the seller intends on selling the property “as-is.” Mortgage products can also help determine if the seller will have to help the buyer pay the buyer closing costs that affects the seller’s bottom line.
Preparing a seller for today’s lending realities early can help facilitate a smoother transaction later. Available mortgage product specifics and interest rates affect a seller’s ability to sell.
Know Your Job is about Exposure
When it comes to listing marketing, the fact is; more exposure is better. My job is to make sure my client’s property gets the most possible exposure.
When I purchased my first home 8 years ago, I used a brokerage’s website to find my home. This was not the same brokerage that had the property listed, or the same brokerage that my agent was affiliated with. When my clients search for homes today, they are bypassing the brokerage owned websites and opting to use the large national listing syndication sites. As a listing agent, it only makes sense that my listings show up on as many websites as possible. My sellers expect this. Since almost 90 percent of prospective buyers start their home search online, my job as a listing agent is to make sure my client’s listing information is readily available.
Consumers want to find information 27 hours a day, 7 days a week, confidentially, and with as much ease as possible. If a brokerage’s listings are not found on large listing syndication sites, the property is less likely to be found by a potential buyer.
Listing agents need to know so much more than marketing techniques in today’s market. These are strategies I think are critical for listing agents. What do you think? What would you add to the list?