🏡 Listings in real estate are the same thing as a future check. If 90% of all listings sell, wouldn’t it seem that getting more listings should take the highest of priorities in your daily prospecting? Every week you should have time carved and blocked out of your schedule to prospect for new listing business. You have to have the desire to win to get the listing.
The first thing an agent should ask themselves is this.. how many listings would I need to sell in order to hit my revenue goal for the year? Pretty easy to calculate. Find out your average home price in your community, and then multiply by the average commission rate in your community, this will give you the average commission earned. Then divide the expected revenue by the average commission, that will provide the number of homes that you would need to close, in order to hit your revenue goal. So, how many listings will you need?
1 listing a month? 5 listings a month? 10 listings per month?
I heard a buddy tell me if you are used to driving 55, 75 will feel extremely fast. So, if you focus on a bigger number, you will have to move faster during your time of prospecting. Remember, the action gets results, no action will get you no results. What are your big hairy audacious goals?
What will keep you from hitting your numbers?
- Distractions, what keeps you from focusing?
- Expectations, not knowing your conversion rates and expecting more than you should from the activity you are putting into it.
- Forgetting that results take time.
So, what’s next?
Step 1, schedule one listing appointment per day, NO MATTER WHAT! If you are committed to making this happen every day, will have have a listing appointment every day. Think about that for a second. How would that change your life?
What do I have to do to get the appointment?
- Lead Generation
- Lead Follow Up
- Ask for the appointment
Lead generation will get you to the conversation, it is up to you to learn the dialogue that will get you the appointment. Is it ok to suck at first, you bet it is. Failing is the key to learning. Very few and I mean very few agents will get it right the first time, no matter how hard they try. Focus on making as many calls, even if it takes 10, 20, or 50 calls. DON”T STOP calling. In order to hit your revenue goals, your revenue bucket is depending on you to make these calls. Your WHY am I doing this needs to be more powerful than the HOW.
Step 2, Review this list of ways to get more listings now.
- Touch base with everyone in your sphere of influence list (calls, notes, pop by’s, face to face). Provide relevant content about the market.
- Do 10-10-20 on all current listings. Doorknock 10 homes to the left of listing, 10 homes to the right of the listing and 20 homes across the street!!
- Offer your past clients or sphere an “annual update” (CMA) on their property.
- Go door knocking! You may not “like it” but you’ll probably meet some actual Sellers!
- Send a letter to out-of-town landlord owners who might be tired of managing their rental properties or wanting to sell.
- Pay attention to and interact with people on social media who are experiencing “change” in their lives. Post valuable content about real estate online.
- Farm a neighborhood. You must be consistent in your efforts.
- Send out a market update newsletter to your own neighborhood or one that you’d like to have listings in!
- Call attorneys, CPA’s, investment advisors, and insurance agents to see if you can assist with their client’s listings.
- Introduce yourself and make connections with assisted living or nursing home directors. They could be a good referral source of listings for you!
- Work FSBO’s and expired. Consider working expired listings that aren’t “recently” expired (6 months or longer off the market).
- Present a market update at a networking event or service club and highlight the drastic inventory shortage.
- Coordinate a neighborhood event — garage sale, spring cleanup, safety night, or Easter egg hunt. Getting to know people and mingle with them is a great way to meet potential Sellers!
- Call Sellers you have previously listed (withdrawn or expired) and see if they would want to re-list. Go back as far as a few years with people who may have inquired and may have been upside down at that time.
- When you list a property, market to a “move-up” neighborhood as well as the current subdivision with a Just Listed postcard. Direct mail works!
- Contact your vendors (plumbers, roofers, electricians, etc.) to see if they know of anyone thinking of selling who might be preparing their home for sale.
- Send out a “reverse marketing” postcard… “I have a buyer looking in your area” that targets a particular subdivision.
- Wear your name tag or put your logo on your polo or dress shirt.
- Write a blog for your website about the shortage of listings and why it’s a good time to sell.
- Sign up for some floor duty and then show up for it! Hang out in the office and capture calls that might be missed by fellow floor agents.
- Host an open house (even if the home is under-contract) and do some circle prospecting with the neighbors prior to the open house, (remember the 10-10-20?). Plus, you might meet a potential Seller at the open house!
- Ask your new construction teams if you can “open” their inventory for them during “non-traditional” times to garner potential Sellers (and Buyers).
- Be an expert in the market. Understand the statistics (daily) and preview as many properties as you can to know what’s happening in the marketplace.
- Target “orphan buyers” from agents outside of our area who are now “orphan sellers” just a few years later. Offer them a CMA on their property and establish a relationship with them.
- Run a Facebook ad targeting the zip code of your farm sharing your buyer needs, you may end up with someone who would sell.
- Host an event or class for people in the community or your sphere of influence… “Secrets of Selling Your Home” is one idea.
- Work foreclosure and distressed properties to see if you could help those owners!
- Attend community events or get involved in a committee to meet potential homeowners!
- Contact non-owner occupied to see if they might want to do a 1031 Tax Deferred Exchange.
- Look for people making significant improvements to their home…they may be getting ready to sell!
The Harder I Work the Luckier I GET!
People ask how I was able to grow my business? The best way to grow is to show up. Show up every day, work your systems and good things will happen along the way.
- -75% of all sellers choose the first agent that comes to their house.
- -“A bad script is still better than someone that doesn’t call or show up at all” Leave a note or knock
- -Everyone starts somewhere and nobody starts at the top!
- -If you erase you must replace. Is your desire to do it on the days it is easy or do it every day?
Create a domino effect. Knock one over one at a time and this will create a habit. The habits don’t live in your mind they live in your heart. The longest distance you may travel is the distance from your head to your heart.
Step 3, is all about the follow up. Plan one day every week to follow up with your current listing inventory. Remember, people talk about both good and bad things. Do the good things and referrals will start to pour in. I would suggest follow up Wednesday. It is a great day to talk about the past weekend and what to plan for the following weekend. Let them know what you are thinking. Also, follow up on all old leads that are 3 to 6 months old. Use simple scripts. The best is this, I just wanted to check in to say hello and follow up to see if there is anything that I can do today that will help you in the future. Follow up wins every time. Be that guy that never goes away.
End every call with this script: “I will follow up with you soon.”
Step 4, Get the Listing Presentation Ready. Know your presentation. Practice the presentation with a role play partner, your spouse, your neighbor, the guy at the next table at Starbucks!! Just practice until you know it by heart. When you have the appointment, you are ready to play the game, not continue to practice Every professional athlete gets paid to practice and they are just having fun when they are playing the game. NEVER practice on a potential listing client. Set the expectation that you will win every listing appointment.
Delivering the world-class customer service is knowing your presentation so well that you can actually pay attention to the client and not what you are going to say next!!