How do you respond when a seller says they'll wait until spring, especially in the winter?
If you can't handle this objection, you're in a tough spot, right?
Let me share a powerful response because mastering the language of sales is key. It's not just about handling objections, but about providing food for thought to help them make the best decision.
So, if someone tells me, "Jim, we'll wait until spring and summer," here’s what I’ll say:
“I completely understand. I'll be here to assist you then as well. But here's something to consider. Many potential sellers are planning to wait for the same season, leading to a surge in listings. The advantage is better weather and more buyers, but the downside is increased competition.
Instead of one or two listings, you might face 10 or 20. More competition means buyer interest gets divided among many listings, potentially resulting in fewer showings and offers.
Let's consider your office location: If you were to drop a pin on the map around your office, extending 2 to 5 miles, have you connected with local business owners in that area?
Many business owners are facing challenges due to economic changes and other factors. It's an excellent opportunity to reach out to them and establish a connection.
Here's a simple approach: initiate a business card exchange. Walk into a nearby business and introduce yourself. Mention your office's proximity and express your interest in referring people who are new to the area. You can say, "I often meet people relocating here, and I prefer to refer local businesses. Would you mind exchanging business cards?" Allow them to share information about their business.
You can further enhance the connection by saying, "I like to highlight a local business on my social media each week. Would it be okay if I featured your business next week and tagged...
Hey everyone, I've got a question for you:
What are your standout moments when working with buyers?
It's vital to consider the service aspect of our job: Service is what we do for our clients, while hospitality is about how we make them feel.
We are essentially in the hospitality business, aiming to create emotional, “WOW” experiences for our clients that leave them saying, "Wow, I can't believe what you just did for me."
These are the moments that lead to referrals and repeat business.
Let me share three examples of “wow” moments that can enhance your buyer representation business.
First, implement a pre-meeting questionnaire: Just like when you visit a doctor, send your clients a short questionnaire ahead of time. Let them know it will help you serve them better. If they don't complete it, suggest arriving 15 minutes early to the meeting to fill it out. This simple step can improve your...
Before diving into the marketing strategies, it's crucial to establish a marketing budget. Regardless of the size of your business, having a marketing budget is essential to track your expenses, set realistic goals, and allocate resources efficiently.
A new agent or an early stage startup's marketing budget should comprise about 20-30% of the overall budget. As your business grows and referrals increase, you can scale back your marketing budget, but never below 10% of your gross commission income.
With your budget in place, let's...
The real estate market is highly competitive, with countless professionals vying for success. To stay ahead of the game, real estate brokers need to be creative, strategic, and one step ahead of their competition. In this article, we will explore several effective strategies that can propel your brokerage firm to the top. By implementing these tactics, you can attract clients, build your brand, and ultimately boost your sales.
Brokerage marketing is the process of promoting a broker's services to attract clients. It involves advertising a broker's services to generate leads, showcase their value, and build their brand. Unlike traditional real estate marketing, which focuses on promoting individual properties, brokerage marketing emphasizes the brokerage firm and its agents.
In today's digital age, marketing is essential for brokers to succeed. With an increasing number of brokers in the market, it is...
There are some significant changes happening in the real estate industry:
If you've been following the Zillow lawsuit, you might know that recently, two major players, Realogy (which includes Coldwell Banker, Century 21, and Sotheby's) and RE/MAX, settled this lawsuit. While other companies and the National Association of REALTORS are still part of this ongoing lawsuit, these two giants settled for substantial amounts—Realogy for 85 million and RE/MAX for over 55 million.
But what's more crucial is what they agreed to within the settlement itself, not just the financial aspect:
They've agreed to give sellers the option to not pay buyer agent commissions (BAC) when listing their homes. This means that when a property is listed on the MLS, sellers can choose to set the buyer agent commission to zero.
Imagine this scenario:
In your market, a significant portion of sellers start opting not to pay a buyer agent...
Are you actively farming your own neighborhood?
It's a straightforward marketing strategy that many agents overlook. So, why should you consider farming your own neighborhood?
Well, it all comes down to the fact that people prefer doing business with those they know, like, and trust, especially when they share a common bond.
When you live in the same neighborhood, potential clients are more inclined to choose you as their REALTOR. However, this won't happen if you're a "secret agent" – someone they don't even know lives nearby and can serve them.
To get started, you need to establish yourself as a local expert.
Begin by introducing yourself through a letter or postcard. Let them know you're a resident and express your interest in being their preferred REALTOR. Share your credentials and accomplishments to give them confidence in your abilities.
Next, demonstrate that you're an active agent....
What's the top reason someone might sell their house in the next 12 months?
A recent study just unveiled the number one motivator for people moving in 2024…
…and it's all about craving more space—not just square footage but room to breathe.
A whopping 38% of respondents cited this as their primary driver for considering a change.
Another big one is being closer to family and friends, a universal priority. Job changes and the overall cost of living in one community versus another are also high on the list. Then there's the desire to snag a better housing deal or explore different neighborhoods for financial reasons.
Surprisingly, there are a couple of unique motivations emerging: Some folks want to live in areas that align better with their social views, which is a new trend.
So how can you approach this topic sensitively?
Here's one approach: Share a social post stating, "One of the top reasons people are...
Millennials, who were the dominant force in the housing market a year ago, have taken a step back. It's been a significant drop.
Now, why are millennials pulling away from the real estate scene?
The primary reason is interest rates.
The real question is, who has taken their place as the leading group of homebuyers? Who's currently driving the market?
Well, it might surprise you, but it's the baby boomer generation, and they're making a strong comeback in the housing market. In fact, cash buyers account for 27% of the recent transactions, and many of them are likely baby boomers with disposable income, not overly concerned about interest rates.
They see opportunities in the market now that they didn't have a year ago when they were competing with numerous other buyers.
So, as you adapt your marketing strategies to changing market dynamics, consider focusing on baby boomers within your sphere...
I want to help you become the go-to expert in your market.
You should aim to be seen as the trusted authority that people turn to with their real estate questions. To achieve this, you need to consistently share information and content about the real estate market.
Let me share an example of a script I recently created for our agents in our coaching program. This script focuses on national market statistics that you might find valuable:
First, let's talk about inflation. You may have heard that inflation has recently risen to 3.7%. One common question I receive is, "How does this affect the real estate market?"
Well, the most significant impact has been on mortgage rates. Mortgage rates have climbed to the mid-sevens, almost hitting 8%. This has caused some potential buyers to hesitate. However, there is some good news:
Surprisingly, we are still selling approximately 91% of the number of homes we sold...