Fall is typically the second busiest market in Toronto. In spite of fewer listings in the marketplace, there remains an opportunity for real estate professionals who are keen on marketing to prospective sellers.
But some find it difficult to get listings. What can you do if you’re struggling to get listings in today’s marketplace, and what plans of action can you initiate, starting right now, to get more listings?
Become an expert
Sellers feel more comfortable placing the sale of their property into the hands of someone who is knowledgeable about their neighbourhood. You might consider this someone who is an expert. How well do you know the area you are marketing to and seeking listings in? Are you aware of anything that will affect prices? Do you know how to maximize the selling price of your seller’s home?
When you work to become an expert in your neighbourhood, your heightened knowledge and experience becomes apparent in everything you do. From the marketing materials you send out, to the way you communicate with prospective sellers, your interactions will position you as someone who is confident, smart and knowledgeable. This instills a higher level of confidence in prospective sellers who may eventually list their home with you.
Be consistent with your communication
You need to build a consistent communications system to keep in touch with prospective sellers, and with homeowners in your neighbourhood. The best way to start is by building a client list. In every form of marketing you do, your ultimate goal after delivering your prospective clients something of value (something that will help them) is to obtain their permission to keep in touch with them.
How do you do this?
By asking for their contact information: name, email, address and phone number. Some may be less inclined to provide their address and phone number, but a name and email address is a great way to start.
Once you have at least the name and email address of a prospective client, use a client relationship manager (CRM) to keep in touch with them on a regular basis. You’ll need to come up with a plan to contact prospective clients regularly throughout the year and deliver something of value to them in every instance. Don’t just keep asking them when they’re planning on selling. Give them useful information (such as market conditions — read below) and ask them what, if anything, they need help with right now.
Know local market conditions
It goes without saying that knowing local market conditions will help you become a better listing agent. There’s certainly a difference between a real estate agent who knows what they’re talking about and someone who doesn’t. This is also the reason why you should focus on a neighbourhood that you can keep up with. It’s becoming more and more competitive in the marketplace and trying to be a generalist isn’t the best strategy to pursue.
Invest your time studying the neighbourhood market statistics. Speak with homeowners in the area when you’re out meeting with them or holding open houses. Be proactive and learn about upcoming developments from the city that may affect the neighbourhood you work in. Knowing this information will give you the benefit of being able to market yourself effectively, and show homeowners and prospective clients that you know what you’re talking about.
Be transparent and service-oriented
Gone are the days of questionable sales practices… well, sort of. In today’s sales environment, there may be some old school tactics that still linger on. But ultimately, being transparent and service-oriented will win the heart of your prospective clients. More so than trying to be a sleazy salesperson just to close the sale.
Be genuine in your approach. Manage your client’s expectations. One way to do this when presenting your services to your clients is by showing them a detailed menu of your services. This creates a mutual understanding between you and your client about what level of service they should expect and at what price.
Above all else, be confident about what you know and what you have to offer. This not only benefits you, but it benefits your clients. Sellers want to know that they’ve placed one of the biggest transactions in their entire lives into the hands of someone who is knowledgable, capable and confident. If you’re second guessing everything you’re doing, and if you seem to not know how to properly take care of your client, they won’t have confidence in you just as you don’t have confidence in yourself.
Part of the process of becoming confident is gaining experience. As you sell more homes in the neighbourhood, and as you build up your track record of success, you’ll gain more confidence which will be useful with every new listing you take and every seller you help.
What could be your source of confidence when you’re starting out, perhaps if you don’t have that much experience yet or you’re worried about making a mistake? Build up your confidence by instilling in your mindset that you have a genuine interest in helping your seller achieve the results they want. Then make it happen. When you approach every new listing like this, especially when you’re starting out, you’ll build a higher level of confidence which will result in stellar performance and an abundance of referrals waiting for you when you satisfy your sellers and give them what they want.