The Silent Killer in Real Estate

What is the silent killer in real estate? If there is such a thing, would you want to know? If you knew, would you do something about it?

Astronauts flying into space in a  rocket ship are basically in a bomb with a few people inside waiting to explode as a result of the smallest error.  Astronauts ask themselves the question during every step, “What is the next thing that can kill me?”.   Astronauts need to be excellent at what they do to stay alive and what they do is complicated.  It takes decades of high-level training to be prepared to go to space.   I am continually surprised by the mediocrity of people we encounter in work and in life.

“There is a North American sub-culture of pretense, where watching Top Chef is the same as knowing how to cook”.    -Chris Hatfield

The Silent Killer in Real Estate

When flying rocket ships, good enough isn’t good enough.  Pretending you are good doesn’t work either. Pretense, or pretending to be good at something is rampant in our society and this is nowhere truer than in Real Estate. Licensing courses don’t even scratch the surface of teaching and evaluating the skills needed to represent a buyer or seller during these important and complicated transactions.  Most of the learning after getting a real estate license is focused on lead generation with very little attention paid to the actual skills needed to represent our clients.

While this is a sad state for our industry, it creates an enormous opportunity for people who are excellent, or want to become excellent, at what they do.  When you are excellent at something, it’s obvious and people will flock to you, recommend you, and refer you.  You will have more clients than you know what to do with.  Have you ever hiked around the rim of the Grand Canyon?  You would definitely be reminded there is a “Grand Canyon” between wanting to be good at something and being good at it.

silent killer in real estate

There are two ways to approach this canyon.  You can try to convince everyone you are good – this is like snapping a few photos from the strategic viewpoints or buying a souvenir at the gift shop, or you can understand and do the hard work of becoming excellent – this is like hiking down into the canyon, exploring its many remarkable characteristics, and climbing back out.

Excellence is the new currency.  As Tech tools take over the easy mundane jobs,  we are freed up to do the important work of emotional labour, negotiation, strategic planning, problem solving, building relationships, developing networks, understanding the psychology of decision making, communicating and having the courage, persistence and confidence to protect our clients during this important process of buying and selling Real Estate. Don’t let the silent killer in real estate keep you from your deserved excellence.

I leave you with these questions to ask yourself today. “Am I delivering excellence in real estate? Could I be doing so much more as an agent?”

10 Tips to Get Listings In A Low Inventory Market!

The majority of markets in North America are experiencing unprecedented low inventory levels and the supply is just not meeting the demands of buyers. The spring is quickly coming upon us and the key to our success as agents is the inventory game and having that listing inventory going into the spring and summer season. So if there are little or no listings how can I buck the trend and create listings vs. wait for listings? Here are our top ideas for you to implement now and begin winning the inventory game!

1. Unsolicited market evaluations for all past clients. Put together a snapshot market evaluation package for each and every one of your past clients (Don’t give them your estimated selling price). We want to deliver or mail the package of comparable’s so the client can physically see and touch the information you are providing and see the “value add” you deliver. Let them know many of your clients are curious what their current property value is and you took the liberty of preparing a snapshot for them to see where their property currently sits. This is a great tool for them to see their current property value for sufficient home insurance coverage. For income tax purposes regarding capital losses and gains and just where they stand financially. Three days after you have delivered the information call them and follow the package up. Ask if they got the package? Did they have any questions? They noticed for legal and insurance purposes you need to physically view their home to give them a specific value of their property. Would there be a good time for your to come over and view the property and give them a number? Ask them if they have other real estate holdings you could evaluate for them? Ask them if they know other friends, family or coworkers that would appreciate the same service?

2. Direct Mail. There are many reasons you could send out unaddressed ad mail to get new listings but remember direct mail is not as effective without follow up by a door knock or phone call. The top direct mail reasons that seem to get the best results are “We Just Sold” and implying there are more buyers still looking. The other is “We Have A Buyer” and looking for a home for them. Please don’t use either of these methods if you don’t have a bona fide buyer. Get in the door honestly. Other options are “Open House Invite” or “Just Listed” or the most over used option “Free Home Evaluation”.

3. Door Knock. The follow up to your direct mail is imperative to your conversion and success. The door knock is a warm approach now and not a cold door knock. Again the most successful conversion is coming from a “We Have A Buyer” and “We Just Sold”. Many of my coaching clients say a 90 minute door knock set between 3pm and 6 pm is always a great time and something comes from it every time.

4. Open House. Floor Time. Kiosk. – These are the only options agents have where the customer will come to you and the agent does not have to go to the customer. For those that are prospecting reluctant then these options are the only hope you have to generate the listings.

5. Geographic Farm. – Two options here for the geo farm. Option one is to mail the farm area every second week, door knock, Facebook page, you tube channel, etc. The second option is to find a specific area, building or complex with a 6% or higher annual turnover rate and pull title on every home owner and personally mail them 4 times a year specifically about their area and the general market conditions and have a website specific to their property which creates the perception you are the resident expert and the only agent personally mailing to the homeowners.

6. Facebook, Google Ad Campaigns. – Creating strategic ad campaigns specifically for home sellers and directing them to a landing page that allows them to get an evaluation of their property over the internet. Landing pages like Bold Leads or Prime Seller Leads are a great option.

7. Expired Listings. – If your market area allows this you have a great resource of clients who already own a home, want to sell, worked with an agent and were willing to pay the commissions! How can you not love them.

8. FSBO. – Again you have a seller who owns a home, wants to sell but doesn’t want to pay. We help them sell for 7-10 weeks in exchange for them to buy with you or if they don’t sell we hope they

list with you!

9. Agent To Agent Referrals – Working the agents from other offices and communities that the buyers are relocating to your area from. Offering a referral fee for any listing or buyer referrals to the network of agents and be their point of contact in your area.

10. B2B. – Network with all the business owners and service providers in your community. Find ways to co brand and co market each other’s businesses and services. They in turn feel they need to refer you listings and business for your help and support with what they do!

So there you have it. Ten powerful ways to generate listing inventory and really make a huge impact on your first quarter of 2018 and make the rest of the year that much easier. Please feel free to share any other listing activities you have found effective in the comments below!