BOB Dylan sung that the times were changing, and it’s an adage that rings true in today’s real estate world. That’s not to say that everything old is now worthless, but it’s equally true that everything old is not new again.
Instead there are new, modern ways to approach age-old processes to ensure you, as an agent, are performing at your peak.
From your marketing to your database to your inspections, there are now better, more effective ways to get things done to make sure you’re as productive, consistent, effective and efficient as possible.
Here are just a few old techniques and the new and improved methods that have superseded them.
Old – Once upon a time, letterbox drops regarding ‘just listed’ and ‘just sold’ properties were the bees’ knees.
New – Now prospecting takes a more refined, more detailed approach. The new way to ‘canvas’ for new listings is to call everyone you know in the area every time your agency lists or sells a property of a similar type first. Phoning means you know exactly how many times you connect with a potential buyer or seller, whereas before it was impossible to know whether your brochures just quickly ended up in the rubbish. It’s also a much more personal approach and helps keep your name top of mind.
Old – Previously agents would leave a long, detailed voicemail for their potential clients, including the reason for their call. The problem with this is it immediately tells your client what you want and gives them the chance to ‘opt out’ before you’ve even spoken to them. If they’re not interested they simply won’t call you back.
New – The fresh approach is to call leaving your name and number only. This intrigues the client and prompts them to call back to find out what you are after. The agents I coach find they have far greater success with this approach. Once you have the client on the phone you’re also able to address any concerns they may have and, most importantly, work towards booking an appointment.
Old – In times past it was common to wait until Monday to enter all your open-home attendees into your database.
New – Now agents employee a Saturday assistant to enter all their open-home attendees into the database immediately. It’s even a good idea to photograph the written log and email it to your assistant after each open home. This keeps your database as ‘real time’ as possible; that way when you’re doing your call-backs you already know who has been to previous opens, who’s a past client or a landlord.
Old – Previously agents would only have one potential buyer at a private appointment time. This is inefficient in two main ways: it’s not the most productive use of your time and it does little to engage multiple buyers simultaneously.
New – Now compression selling is used far more often and is incredibly effective. Having multiple buyers at the one private inspection really helps in creating competition. Agents I coach have reported receiving more offers prior to auction, more bidders at auction and quicker private treaty sales.
Old – In the old days you spent a little time now and again, whenever you had a few minutes, putting out your newsletter. The trouble with this approach is consistency. More often than not the ‘monthly’ newsletter would stretch out to five or six weeks.
New – Work from a template where all you have to do is update the numbers each month and refresh the text with current market conditions. This helps get your newsletter out at the same time each month. Consistent marketing is key.
There are also a number of other areas where change is creeping in.
Databases are moving online to allow more automated marketing, and marketing based on each category in the database, rather than just chasing individuals.
Agents are also starting to market more consistently and strategically rather than just when they are in trouble. A marketing calendar allows you to know what you’ve sent, when you sent it and what it looks like.
Another emerging trend is for agents to focus their marketing on current market conditions, rather than only covering transactional marketing. This way they can become the trusted advisor for the customer.
