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#457752 - 05/11/17 05:25 PM Why You SHOULDN’T Accept Every New Listing...
ClaudiusJules Offline
Junior Member

Registered: 05/11/17
Posts: 3
Loc: Los Angeles, CA
Sounds crazy right? I can hear you already...

Here we are, smack in the middle of one of the hottest property markets ever, with sky high prices, not enough housing stock and houses being sold in a matter of days and you’re telling me I SHOULDN’T accept every listing I can lay my hands on??

Yep, that’s what I’m telling you.

Listen, I get that being a real estate agent seems to be the “in” thing right now because damn near everyone (including your old Uncle ‘Al and his dog for that matter) figures, heck, how hard can it be? Houses sell themselves right!

And so with competition everywhere you turn, grabbing every listing that even remotely comes your way is the obvious thing to do – after all, this is a matter of survival right?

And there you have the problem right there....SURVIVAL. Survival thinking to be precise.

One of the MOST COMMON MISTAKES I see agents making all the time is accepting and running with unqualified or ‘low-value’ buyer and seller leads. This usually leads to a whole bunch of expended energy and frustration with little to show for it at the end of the day.

By the time you factor in your time and miles driven, you’re lucky if you’ve broken even...

That’s the ol’ throw a tonne of mud against the wall and pray some of sticks game....not cool.

You see, being more selective, most times, actually HELPS YOU EARN HIGHER COMMISSIONS.

People are naturally drawn to and far more willing to engage with SPECIALISTS in their particular markets.

Ones who don’t just deal with everybody but are who are more exclusive.....isn’t exclusiveness almost always synonymous with high value wherever you see it? Are you getting the idea now? We’re programmed that way and so are YOUR clients...

Now I get that this is almost diametrically opposite to what you’ve been taught (consciously or subconsciously) – and that’s why 80%+ of agents out there are struggling.

And the truth is, being more selective is just the beginning.....and if you’re not doing this yet, it means there are other underlying issues you need to address.

Here are 3 areas, in my opinion, that you must have locked down BEFORE being in a position to selectively choose higher quality clients:-

- TIME

If you spend all your time “working” and never any time planning WHAT to work ON and precisely with WHO, you’re in real trouble.

No question it’s scary to say “No” to a client whose commission will pay your next bills, to invest that time planning and strategizing out your future – after all, that baseball game you promised your son, or vacation you promised your family isn’t going to pay for itself....

...BUT here’s the bottom line, unless you can get your time to work for you, you’ll always be working for it.

- SYSTEMS

If you don’t take the time to build a system that will (predictably) do marketing for you, you’ll never be in control – of your business or how it grows.

You’ll find yourself in a constant state of ‘guessing’ what works and what doesn’t – hitting and missing and worse of all, having to cancel and reschedule family times because at the end of the day, YOU are the only one that’s managed to make things work to a certain extent so far.

- VALUE

The current trend seems to be one of competing based upon who can charge the least for their services, well I don’t have to tell you, that strategy doesn’t have a good ending and isn’t one you want to get down with...

Here’s the thing – you MUST charge based on the value you provide.

So let me ask you, are you just looking for the quick deal and quick commission? Or are you a full-on relocation specialist that also helps your clients on the path to financial independence through their home and property acquisitions and disposals??

When, as a specialist, you charge based on value, you can exponentially increase the amount of your time and can charge what you’re worth.

Look, there are a MILLION different ways to do all these things, but the key is knowing WHAT to do first and then what to do after that and then after that etc etc.

This is sequential and to make it happen will require the right foot in front of the other.

Keep it trucking and let me know if this resonated with you!

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#459399 - 10/16/17 02:42 PM Re: Why You SHOULDN’T Accept Every New Listing... [Re: ClaudiusJules]
IPAMAN Offline
Junior Member

Registered: 08/26/17
Posts: 5
Loc: Tennessee
Good Stuff! I am new and this is some great advice. I appreciate the post.

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#459405 - 10/17/17 05:59 AM Re: Why You SHOULDN’T Accept Every New Listing... [Re: ClaudiusJules]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2255
Loc: Outer Banks
Sounds like advice from someone who does not sell real estate. If you don't take the listing then someone else will. If u don't take it because it is overpriced then it will be some other agent who gets the price reduction and sale. Learn to hold onto listings and u will be the listing agent when the seller finally comes to their senses and lowers the price.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#459432 - 10/19/17 01:58 PM Re: Why You SHOULDN’T Accept Every New Listing... [Re: Bigtoe]
Long Walk Offline
Member

Registered: 06/27/08
Posts: 306
Loc: New Hampshire
The OP likely doesn't sell real estate, but the advice is worth listening to, in my opinion.

Good systems and clearly defined goals will do much to help with marketing. Skilled agents can handle over-priced listings by working with the seller and those agents already have good systems and goals. Newer or less-skilled agents should not take over-priced listings until they have the experience and skill to handle that situation.

My opinion is worth exactly what you pay to get it. laugh

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#459441 - 10/20/17 06:42 AM Re: Why You SHOULDN’T Accept Every New Listing... [Re: ClaudiusJules]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2255
Loc: Outer Banks
One advantage to a new agent taking whatever listing they can get is that is is easier to get listings once you have an inventory of listings. Sellers are more trusting of an agent who has listings vs an agent with no listings.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#459442 - 10/20/17 07:54 AM Re: Why You SHOULDN’T Accept Every New Listing... [Re: Bigtoe]
Long Walk Offline
Member

Registered: 06/27/08
Posts: 306
Loc: New Hampshire
Originally Posted By: Bigtoe
One advantage to a new agent taking whatever listing they can get is that is is easier to get listings once you have an inventory of listings. Sellers are more trusting of an agent who has listings vs an agent with no listings.

You are right in this!

Do you see it almost as a 'chicken and egg' thing? I need experience so I take all listings, but my lack of experience causes me (usually) to do a poor job with them?

That was how I started and my manager taught me client relationship management so that I could be there for the price reduction. In my office then, most of the agents avoided their non-selling listing clients, but this manager taught me to engage with them and tell the truth from the beginning about the list price. I didn't sell all of them...or even most of them...in the 1st year, but I did get enough skills to survive.

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#459789 - 11/15/17 09:15 PM Re: Why You SHOULDN’T Accept Every New Listing... [Re: ClaudiusJules]
estatereal Offline
Major Contributor

Registered: 01/27/07
Posts: 3161
Loc: LAND OF THE FREE!
if you dont take the listing you have 0 chance at a price reductiong and a 100% probability of not being paid

if you take the listing even if its not at your price then you can use your second set of skills to work the reductions to sell said listing.

if you want to sell alot of homes you have to take alot of listings

the more listings you take the more listings you have that will not be "the easy deal"

its like someone saying, my market avg sales price is 250k, but i only want to sell homes that are 500k an above....sure you can do it, i wont say you cant cause some do, but my thoughts are that i'll focus on selling all of the homes that i can and only when i get to the point of being so busy that i cant do anymore, then and only then would i be more selective...but instead i did the opposite...i just brought on more people so that i could bring on more clients.....

as much as people dont like to say it is....well, it is a numbers game

if you want every client to be a 10 on a scale of 1-10, 1 being sh!t clients and 10 being the dream client....if you want every client to be a 10, then you probably wont do many deals.

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