THREE KEYS TO GROWING YOUR MARKET SHARE
When it comes to maximising your success as a real estate agent, the greater your market share, the better.
This means that the biggest portion of the property market has to be controlled by you or your agency.
So how do you use strategy over volume in order to steer your business growth in this direction and ensure you get more than your fair share of the market?
Here are three basic steps!
- Be there
By ‘there’, we mean at the kitchen table — sitting face to face with a client who is looking to buy or sell a property.
If you have a seat at the table, you have a chance of winning the business.
So, take a look online or in the newspaper at all the current listings for your market. For each of your competitors’ properties, which listing appointments were you not there for?
If you did not get a listing appointment with this client, the problem is not that you were not invited. The issue is with the quality of your generating activities and pipeline management.
You see, it’s these activities that will raise your profile in the market, get your name on the client’s shopping list and your foot in the door.
It may also be that you had already interacted with the owner out in the marketplace — at an open house, in buyer activity or community involvement — but did not identify them as someone who should be in your listing pipeline.
Do not let a lack of pipeline management and follow through let you down when it comes to listing opportunities!
- Be the best choice
If you were there at the kitchen table but didn’t win the business, it means you weren’t the best choice for the client.
How do you become the best choice?
Quite simply, make it easy for the client to choose you.
You see, if there is no real difference between you and your competitor, the client is forced to make their decision based on the recommended asking price of the property; the fees; or the dollars invested in the marketing program.
This means that at the listing appointment you need to:
Establish rapport with the client.
Step into their shoes and understand their needs.
Present an effective strategy and recommendations
Ask the client to list their property with you as their agent.
If you can tell the best story in terms of covering off these points in the most exceptional way, you will be the client’s best choice and win the business.
On a side note, if you do not win, use this opportunity to have a third party contact the seller and ask them for feedback — on your behalf — as to why you were not the most preferred agent. This will allow you to hone and improve your listing appointment skills in the future.
- Have exceptional sell through
When your numbers are good in terms of days on the market, sale price and your list-to-win ratio, you will build great momentum towards increasing your market share.
So, what are the secrets to exceptional sell-through?
Strategy and marketing communication
Buyer engagement and the buyer management process
Providing owners with quality information
Negotiating the highest possible price the market is willing to pay for that property.
Which of the three keys to growing your market share do you need to hone or improve? Discuss it with your team!