Archive for April, 2008

How Well Do You Know Your Market?

Apr 30, 2008 Market News & Trends

It always amazes me how you can pick 5 agents out of any market and ask them how the market is doing and how varied the responses will be. Some can rattle out a list of houses in any given price range and some might struggle naming even a few houses for sale anywhere. Then of course there’s the agent who says “It’s a seller’s market” while the person next to them says “It’s a buyers market.”

Here’s a fun little exercise for you to try to test your market knowledge and to make sure you’re right next time someone asks you what kind of market you’re in. Not only will it give you an edge over your competition, but it will also boost your client’s confidence in you.

See how well you can answer the following questions:

1. What is the average Days on Market (DOM) before a house goes under contract in your primary market over the past 6 months? What is the lowest DOM? The longest?

2. What is the average or median sales price of a home in your market?

3. Name 5 houses for sale in the following categories: Under $200,000, Between $200,000-$500,000, and over $500,000.

4. List 4 “must-have’s” buyers are looking for: (Example, finished basement, granite counter tops, etc.)

5. What percentage of your market consists of new construction?

6. What percentage of your market consists of single family homes? What’s the percentage on condominiums?

7. Where do Buyers come from? Are they in-town move-up/scale down buyers or out of state transferees?

8. Where are sellers going? Are they moving up? Scaling down? Transferring?

9. What is the typical commission being charged by agents and brokers?

10. What is the difference between the list price and the actual sale price on homes that have sold? What percentage are selling higher than the listing price? What percentage are selling lower than the listing price?

11. What percentage of homes have had price reductions in the past 6 months?

If any of these questions stumped you, you can look up the information easily through your MLS and tweaking the seach criteria. Many offices are also now offering software that can help you find these answers quickly and easily and even print them out as reports to show on listing appointments.

Rate this:
2.5

Prospecting Without Spending a Dime

Apr 28, 2008 Marketing

Are you using a limited budget as an excuse for not marketing your business or prospecting for new clients? Think you need an expensive billboard or mail campaign to see results? All you really need is this list of six simple yet highly effective, ways to increase your business

  1. Be involved in your community: Join newcomers groups, volunteer at a local organization, search online for groups you can meet with that share similar hobbies or interests. Sites like Yahoo Groups and Meetup.com are great places to start. Don’t forget churches, schools, chambers of commerce, and local clubs. You will soon be meeting many people who can be potential clients or sources of referrals for your business. 
  2. Host a seminar: Contact local schools, libraries, universities or other organizations in your area to see if they would be interested in having you as a free expert speaker for their members on a topic that would be beneficial for them. Many groups are constantly trying to keep their event calendars full on a budget, so even if the first few groups aren’t welcome to the idea, there will always be others grateful for your offer.
  3. Utilize the internet:  From free websites to email, there are several ways to boost your business online without any investment. Begin a blog and start sending out a monthly newsletter via email with useful tips. Share your website address with others by including it on a business card or listing it on the end of all your emails and other correspondence.  If you farm a neighborhood, offer setting up a password protected site for the neighborhood including a directory, events calendar, birthdates and anniversaries, etc. It will not only help you get to know your neighborhood better, but remind them of you as well. 
  4. Emphasize your success: Always speak positively of your business, no matter how insignificant the “success” may seem. Be excited when someone calls you, or you see a beautiful new listing. Hang “Under Contract” and “Just Sold” signs with pride. Don’t forget to call people or send out a quick email with the good news. 
  5. Remember the power of a Thank You:  A handwritten note delivered personally to thank someone can go a long way. Leave one for the owners of every home you show, send them to stores or restaurants where you received excellent customer service, or even to the crosswalk guard at your neighborhood’s school. People always remember appreciation. In addition to generating more business, you’ll feel good about it, too. Don’t be ashamed to send thank you notes to past clients or associates either. It is never too late to say thank you. 
  6. Convert conversations into appointments: This is an important skill that will help you effectively turn leads into sales. Practice what to say to potential clients that will help you land listing appointments or ask for referrals. If need be, listen in on more experienced agents to learn the language of what to say to during floor time or when handling incoming calls. 

These are just a few of the many free ways to build your business. If you continue to follow these suggestions, you’re likely to see better results than paid advertising…and you won’t be able to blame your marketing budget for a lack of business ever again.

Rate this:
2.5

Tags: , , , , ,

Hello World! From Upstart Agent

Apr 28, 2008 Upstart Agent Site News

Welcome to Upstart Agent, a blog specifically created for real estate agents and brokers in mind.

It is our goal within a few months to have a wide variety of articles and resources available for real estate professionals covering subjects such as prospecting, open houses, listing presentations, client management, technology, real estate news and trends, and more.

We hope you enjoy visiting Upstart Agent and find our future articles and resources helpful in your real estate career.

Rate this:
2.5

Tags: