Salescoach - With 25 years in the real estate industry, provides a range of specialist services to help you make more sales.
in a Sellers Market
and Demand are certainly on display in most New Zealand market
Nearly every office I visit or talk with has fewer properties
listed for sale than this time last year and numbers in many
are still falling. Demand for good properties has created
a shortage of properties for sale, a rise in values in many
markets and competition between agencies for new listings
is fiercer than ever.
In some instances I have come across offices with only 10%
of the stock level they had a year ago. The months
Likewise I come across offices and sales people, whose stock
levels are up marginally and when you examine their marketing
and prospecting programmes you can see why.
In almost every case where the stock levels are up, the prospecting
programmes have not been left to the sales people - they have
been managed and produced by the office. These offices recognised
the threats of this market and established their prospecting
programmes last year or earlier. Then there are some extremely
organised and market-savvy sales people who have always worked
their networks and now their professional reputation and competence
is making a huge pay-back in this market.
When markets change as the focus moves from finding buyers
to finding sellers, your tactics have to change as well.
There are at least three tactics that need amending:
1 Prospecting Focus and intensity
2 Slow the property release to the market
3 Avoid Buyers controlling your day
Lets examine these 3 tactics
1 Prospecting Focus
This is a time to recognise the value of the personal network
and database you have developed over the years. Now is the
time to get face to face with al those contacts.
Anybody can - drop photocopies in letterboxes put promotional
advertisement in newspapers knock on doors drop
business cards but nobody else can work your network.
The first place to start is with your network of professional
affiliates. You need to make sure that as large a pool as
possible of allies professional s are recommending you as
the best person to deal with. Too often we assume that because
we deal with these people some times that they will always
refer business to us. You need to continually meet and remind
this network that you are in the business and looking for
So create your personal professional network and include these
Solicitors hand deliver your Agreements
Bank Managers and Mobile managers
Architects and draughtsmen
Neighbourhood Watch Co-ordinators
The list can go on but this is enough to get the idea. The
next two steps are to create something you can give them that
they can give to people, they come across who might need your
help. So produce a DLE brochure, postcard or C.V. that you
Then set up a schedule in your diary to make a DAILY FACE-TO-FACE
contact with one of these people.
2 Slow the Property release to the market
The Buyers market belief that the first offer is the best
offer does not apply in this market. So change your listing
presentation and take a position where you aim is not just
to sell the property, but to sell it for the best price in
this rising market. Organise with your vendor that you are
going to co-ordinate the marketing so there will be no inspections
by any buyers until the marketing has started and all the
buyers can come at once. This gives the vendor time to prepare
the product to look its best, and you and your team time to
prepare the buyers you have on hand already, to compete with
all the possible buyers by holding the property inspections
until the marketing does its work. In a rising market the
early buyer sis making an offer to avoid the competition from
the other buyers. Our job is to achieve the beat price we
can for our vendors so make sure you check the total
market pool of buyers before allowing your vendor to sign
an agreement. When the marketing does its job in this market
you will get to meet more prospects and many of these
to still have to sell so its a win-win. The vendor
gets exposure to buyers who may have to compete to own their
home, and you get to met more prospects. Dont sell to
the first buyer who turns up that way you can never
be sure if there is a better buyer for your vendor and if
you are not careful you will become an invisible agent as
your marketing presence falls.
3 Avoid Buyers Controlling your day
There is real temptation in some sales people who have few
listings to focus on running buyers around. In some cases
you may be better to take a stand such as I dont
do buyers on Tuesdays and Thursdays
I recently worked with a sales person who came to see me because
he had no Exclusive or Auction listings. Our remedy was to
take his long list of active buyers and put it in the drawer
for 10 days. He decided to make no buyer call for 10 days,
but would receive calls only. In 10 days he was able to list
3 exclusives and 2 auctions to get his business back on track
and him back in control of his days.
Buyers need servicing too but the danger is to let them control
your day. Check you diary and make sure you have enough time
to work with your vendors or time to find new ones
the buyers will quickly divert your focus and in this market
you need to maintain a clear focus on managing the basis of
your business listings you manage and control
listings you market and seek the buyers who will pay the most
and then control the negotiations in your vendors interest.
Avoid the trap of being the sales person who advertises they
sold a new listing in 2 or 3 days. In this market that is
not testing the market fully in your vendors interest.
Create a listing difference in this market by offering your
vendor more than a quick sale offer the best sale.