I’ll be completely honest with all my fellow real estate agents and brokers, I have not had much focus lately on targeting listings. It’s just has not been what I’ve been focusing on lately. Plain and simple. I’ve been spending much of my time with buyers, most of those being cash buyers. I actually had a closing today (non-cash buyer, but a relatively pain free transaction).
However, if you are working with listings I’m going to throw a few tips your way that I take into consideration the times I decide to target and get listings. I find myself more and more, as I gain experience (make mistakes), that I’ve gotten more picky over time. What I mean is, I am much more selective as to what I list and my reasons for why I pick up a specific listing are not extensive.
Let’s face it, if you really wanted listings and wanted to be that real estate agent that can say “I’ve got more listings than anyone in my area”, it’s not that difficult to get it done. If you work this way and it’s going well for you, great! I don’t recommend changing a thing if you’re making more than average and closing transactions.
I just like to know I’m going to be as effective as possible and make money, which is a big reason why we all chose this career, no? To make money? I’m going to take a risk and answer for the majority by saying YES!
Ever considered the idea of having a house ‘qualify’ for you to list it? Meaning it should meet a specific criteria for you to feel comfortable spending all your time and effort marketing and promoting that listing. It’s really not about having the most listings anymore. When deciding on whether you should list of not, try to keep at least the next 6 factors in mind…the crazy part is, you only have real control over 1 of them.
1) Price: Ultimately, you can hope to influence as much as possible based on your research and expertise that the SELLER, who has control over this one, can be realistic about pricing. A big factor I like to think about here is how quick the seller wants to sell. Does he need to move? Does he need to move fast? If so, price it right dear Seller!
2) Terms: There will specifics that will dictate certain terms for the listing. Seller has most control over this part as well…This will bring up pricing, what he or she still owes on the home, what seller will and will not pay for, repairs, what seller will include with the sale, etc.
3) Conditions: Another one controlled by the seller. What condition is the home in? What condition is the seller willing to put the home in to sell? How will it show? How many problems exist currently and how many new problems will exist throughout the listing period? You can see I can go on and on and on here.
4) Timing: Again, we’ve got no control. A seller decides he wants his house on the market and it could be any time of the year. It could be in any market condition, there could be lots of homes for sale in the area, or no homes for sale. There is just no telling when a homeowner will be compelled to be a seller.
5) Economy: Oh economy! You guessed it, we have no control over this one either. We can clearly see what a difference just a couple of years can make in the economy. It can sit still for a while or take huge dives and gigantic leaps all in the blink of an eye. It seems the media has some control. People believe the news and everything that’s said in the news. Believe it or not, that does crazy things for the fluctuations in the economy.
6) Marketing & Promotion: Do we have control? Abso-freakin’-lutely! The real estate agent or broker has (better have) FULL control over this one. It’s what we do! It is where you should make the right moves and adjust for everything else you have little or no control of. You gotta take a listing that you can sell though.
Simply put, qualify a house before it becomes your listing. I know you’re going to be all in when you take that listing so make sure your seller and you see eye to eye. Make sure he or she will be all in as well. Give ground rules and remind them how you’re compensated. “I’m all in, all I’m asking from you is the same.” Learn to say no. About 90% of all real estate agents can do the same thing, the same job. What’s your 10%? What is making you different?
Post your comments below and let me know what you think and what you’ve been doing different. Don’t forget to follow my blog by clicking on the “follow” on the right hand side. I don’t spam, not now, not ever!