So many times I hear that agents are listing properties and doing their fair share of the deals but their income is still down and they are working really hard. It’s a common problem and it needs to be fixed. There are reasons for the issue.
The problem comes from the fact that the agent is not focusing on quality in their listings. Poor quality listings will create lots of hard work and slower deals. You can work twice as hard on a difficult property for little or no reward. Let some other local agent take the bad listings.
So what can you do? You can focus on quality listings in your local area. Quality will always bring you more enquiry and easier transactions. The buyers or tenants working on these quality properties also find it much easier to get finance or close on conditions of the agreement. It is not hard to make a decision on a top quality property.
So what do those quality listings look like? How can you attract them to your agency? Let’s do the first question here and define it.
- Quality listings are usually located in a place where businesses and property investors want to buy or lease. It will be in a precinct where other businesses are trading successfully and conveniently now. Look around your local region; you will soon see the good streets and precincts that are obviously successful. These streets should be high on your list for prospecting, and canvassing. Door knocking and cold calling the businesses and property owners in those streets will be important to getting the stock. Don’t wait for the enquiry and listings to come to you; go out and find it.
- Types of listings will produce different levels of enquiry. What can buyers and tenants afford at the moment and where can you get those properties? What are those buyers and tenants looking for? Have you got a good share of those desirable listings? When you know the answers to these questions you can target the right property owners and business owners to win the stock and the enquiry
- Price or rent ranges will be commonly set by the local market, however some ranges will be more affordable. You need properties listed in this range.
- Time on market will vary from time to time and seasonally each year. The time on market factor for your listings should be better (shorter) than the other listings in the local market area. This shortened time factor takes real effort when it comes to conversions. You have to get the message of the property out to the people that can buy and rent that property. The process is personal and direct. Take your ‘exclusive’ listings to the people that need them.
All of your listings should be ‘exclusive’. You can control those listings and the clients so that results are easier to achieve. You will also have vendor or client paid marketing funds to use in most cases with the listing marketing campaign. Yes, I know that many agents will take on ‘open listings’ for the sake of having that property on their books. It is worth remembering that ‘top agents’ have a good share of ‘exclusive’ listings; that is how they build market share. You have a choice.