The real estate industry has endless opportunities for agents to succeed. Finish the year on top with these five pipeline-building strategies.
September is Marketing and Branding Month at Inman. Tips for better branding and in-depth features on how to take advantage of marketing tools provided by Zillow, Redfin and other platforms are all in the works in addition to insights from experts. You’ll find it all at Inman, as well as our two-day virtual, flagship event, Your Playbook for the Fall Market, in October.
The real estate industry has endless opportunities for agents to succeed. However, it can be competitive and, at times, challenging to navigate.
Success is easier when you surround yourself with others with similar goals. Josh Grubenksky of the Tom Toole Sales Group attended the Tom Ferry Summit. In a post-event team meeting, Grubenksky sat down with us to share his top takeaways to help agents finish this year and beyond on top.
More conversation leads to more sales
Top salespeople have several traits in common, but one of the most important is how they prioritize consistent communication. This may seem obvious, but with the market we’ve experienced for the last two years, many agents’ phones were ringing off the hook.
High client traffic led agents to neglect setting up intentional conversations. However, waiting to make calls when your pipeline is dried up and empty is a critical mistake to avoid.
Agents who talk to the most people will get more sales than those who don’t. Keep in mind that you shouldn’t get discouraged when someone says no. Usually, potential clients are not saying no to you; they’re only saying no for right now.
Consistent communication is key to increasing sales and giving new clients an opportunity to work with you in the future.
Educate clients with data
A comparative market analysis (CMA) is a valuable tool that agents can offer to potential clients. People appreciate knowing the status of their biggest asset as they develop their future plans.
Rebranding this practice as an annual home equity review reframes an agent’s position from an advertising perspective because it provides an opportunity to discuss longer-term goals. These reviews include information such as changes in the market from 2019 to 2022, recent sales in their neighborhood, and how their home has appreciated.
The data within an annual home equity review positions agents as a guide who can help clients make informed decisions to help them reach their long-term goals.
Not everybody is ready to enter the market right now, and providing them with this information will help them remember you when they are.
Encourage transformation consultations
When sellers ask to sell their property as-is, agents should encourage them to consider low-budget strategies to increase their property’s value dramatically. Transformation consultations are opportunities for agents to identify less expensive upgrades that help sellers put their best foot forward with their listings, ultimately leading to a higher selling price.
When a seller has a home that isn’t in an ideal condition needed to be competitive on the market, they may feel hesitant to spend extra money on the property because they feel like even more would be taken from the final selling price. However, small investments like $10,000 can lead to an additional $100,000 by the end of the transaction.
Basic upgrades such as deep cleaning the home, adding fresh paint and installing better flooring can increase the property’s value. Even bringing in a stager and new furnishings can make a sizable difference in the selling price.
Keep in mind that a bit of work can go a long way, and helping sellers identify what alterations would be most advantageous to the listing price can help them earn more for their home.
Other Realtors are prospecting your clients, so creating urgency in your business is essential. This includes reviewing your business daily or weekly to identify areas for improvement that will help you remain competitive and keep your clients happy and coming back.
In this industry, there are so many factors that are outside of an agent’s control. However, these reflections bring to light issues that are in an agent’s control that will ultimately position them for success.
Whether it’s identifying gaps in your skillset, making community connections, or becoming more consistent, there are always opportunities for improvement that determine whether you earn a client’s business.
List more homes
Listing more homes is one of the biggest takeaways from the event. To be in the top 1 percent to 2 percent of listing agents in the country, it only takes 100 listings sold. Conversely, the bottom 50 percent of agents in the MLS are averaging 2.7 listings sold per year. This means that 785,000 agents are mishandling listings every single year.
In this business, listing homes to last is real; listings generate non-referral-fee-based buyer leads. Think about it. A sign with your name goes up in front of a home, and neighbors see who is maximizing the price of homes in the neighborhood. People want to buy houses right now, and when you control the inventory, you control the market.
The bottom line is that too many agents focus on the buyer funnel instead of listing more homes. This is a massive opportunity to earn more business and work your way into the country’s top 1 percent to 2 percent of agents.
The real estate industry will give agents back the effort they put in. Talking to more people, educating clients, offering transformation consultations, self-reflection and listing more homes will help agents succeed regardless of market conditions.