Once you know what works, then you can cut the wastage. Edit - remove the things that no longer serve you well. The knowledge of what you do to generate your leads, win at listing, and sell your listings is what makes a great agent phenomenal.
Leverage your team with specific skill growth. What five skills, if mastered, would rapidly change the value of every member of your team? There’s a sign that they shine the light on in the Army at 4am every morning; it says, ’Remember - You joined us, we didn’t join you.' It’s the same in business; each team member has a specific role to play. What problem does that role solve? And how good is the player in the role-playing? Specific skills for a new agent could include exchanging a contract, extracting an offer, conducting an open house, calling buyers back, and questioning skills. Master those and you shift the quality and quality of output. Productivity improvements are often where the greatest performance gains are made.
"If you don’t like change, you’re going to like irrelevance even less", says retired US army chief Eric Shinseki. If you entered the residential real estate industry in the last two years you’ve only experienced a market where prices go up. The truth is, markets fluctuate. Here’s what to do to ride out wild, choppy market conditions.
Don’t jump at shadows. The arguments that escalated building costs around steel and plate glass combined with labour shortages, the 700,000 people who didn’t migrate to Australia over the last two years, and a return to the cities for a more exciting life outside of the region, will fuel property prices for a sustained period.
You’ll see market changes first with enquires, inspections, second inspections, contract reviews, pest and building report purchases, offers, and bidders on auction day followed by auction clearance rates. A-grade stock always sells well. B and C grade listings, with structural defects, floor plan issues and on-location challenges suffer first.
The secret is to have a plan to manage owner expectations. Speak to them about their perception of the conditions before listing. Ensure you commit to quality marketing and the right sale method, and gain access to bring buyers through first.
Great buyer work doesn’t rely just on marketing. Instead, work buyers from other campaigns. Find properties your office has sold over the last 12 months that a similar buyer had inspected. Call each buyer and find out if they’ve found anything; if they haven’t, find out if they have an appetite to purchase, then book them in for a private inspection. Shift the game by listing the private inspection times you have already booked online as an open for inspection, on the off chance an additional few buyers may turn up unannounced.
Stay alert. Search every business day for new listings in the market; they now compete with the home you’re selling. Review every sale that’s happened in the sold gallery overnight; they just stole a buyer from your campaign. Keep your sellers up to date on both; it’s the greatest alignment tool you’ve got.
When it’s time to make a change, offer the clients a choice: A change in marketing, sale method, and/or price. People love choice; they hate being backed into a corner. If you make a price change, make sure you get a buyer through in the following 24 hours so they link price changes = buyer activity.
Present offers in context. If you have an owner at $1m and a buyer at $950k, most agents will present that without context and the owner won’t even begin the negotiation. If you take forward two offers, one at $900k and the other at the $950k, they’ll start to negotiate as the $900k offer clearly shows just how much in front the other buyer is