Listing Strategies: Best Practices to Consider
Without a listing strategy, we have no business. All your networking, your marketing, your cold-calling, and prospecting is directed toward this goal, for getting a listing is the first step to closing a deal. And, once you nail down a listing, the way you provide service will set the standard for futures ones.
With so many items to keep in mind as we hone our professional practice, it’s imperative we take time to consider best practices with regard to listing strategies, as well as revisiting what you should steer clear of.
- Not knowing or following real estate scripts. Top-notch agents swear by scripts and if that’s good enough them, it should be for you. Why? Scripts work. Repetitive practice gives you confidence when you are making your pitch to prospects because no matter what questions get lobbed at you, you’ll have the right responses ready to roll off your tongue. Scripts for a variety of situations should become second nature.
- View internet leads with skepticism. Don’t be fooled into buying leads from internet sources thinking they will lead to fortune. Remember: If it seems too good to be true, it usually is. Focus instead on working your referrals. We will remind you that if you are new to the business, this means calling everyone in your professional and civic circles and becoming involved in civic groups if you aren’t already. If you’re an old hand, contact past satisfied clients for their referrals and endorsements.
STEPS TO SUCCESS
- Set your services early. Early in your real estate career, decide how you plan to service your listings and create a plan you can stick to. As a novice with few listings, you can provide an extensive, hands-on level of service, but as your progress and gain many listings, you may not be able to service clients the same way. So, draft a plan that gives high-quality customer service but one that you can continue to manage with growth.
- Know how to manage your database. At the same time you are building your database – adding referrals, for example – you should also be working through it in an effort to make conversions to listings. The industry rule of thumb is to expect a 10 percent return on your database, so if you have 100 names in your database, you should be able to get 10 deals. Again, continuing to build your list is crucial for getting new listings, so always look for new contacts.
- Communication is key.The downfall of many an agent is not prioritizing communication with listings. Often, we are eager to gain a listing, but we must remember that’s not the end of the deal! There’s no such thing as over-communicating with our clients, so plan on making a live call once a week to keep each client informed of market conditions and sales leads. E-mails and social media are helpful tools, but don’t replace the value of in-person meetings or calls.
Much of the sales success can be reduced to simple processes. But simple doesn’t necessarily mean easy. You must intentionally create systems that you can – and will – follow. By sticking to routines that have already proven successful for many agents, you, too, can develop strong listing strategies to guide your business.
For additional tips of improving your sales performance check out this earlier post