I want to highlight three key stats that drive our real estate business:
First, about 80% of our business consistently comes from our sphere of influence, no matter what we do.
Second, an impressive 53% of today's industry transactions are from millennials.
Lastly, a Nielsen report reveals that a significant 92% of consumers trust family and friends over advertising. This underscores the importance of reviews and recommendations.
Now, let's dive into these areas and ask ourselves what we've done in the last six months to strengthen our sphere of influence, boost sales, and expand our reach.
Consider this: In a changing market landscape, where factors like interest rates and conditions influence sales ratios, it's crucial to grow our audience.
If your sphere of influence isn't growing, you might already be experiencing a decline in business due to lack of proactivity.
But it's not just about quantity; quality...
Here's something we should all be doing with a seller at the beginning of our relationship:
When we take that listing, we should be resetting expectations on the number of live showings that will occur.
Last year, when we took a listing, we'd have 20, 30, 40, 50 showings in the first week. Today, that number maybe two or three or four or five. It will not be the same as it was last year at the same time.
So how do we reset this expectation?
One thing we need to talk about with the seller is the way the average buyer looks at homes. So last year in 2021, the NAR measured this and they found that buyers, on average, that purchased a home, looked at homes for eight weeks. And during that eight week period of time, they viewed eight homes. But of the eight homes they looked at, they looked at three virtually. And in the buyer's mind, that was a showing.
So we need to educate our sellers about what people consider to be a...
Now is the time to embrace video as a part of your process and help your clients continue on their real estate journey.
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About Jim Remley
Jim Remley is a nationally recognized expert in the...
Jim would like to talk to you about your real estate business with a complimentary 30 minute coaching session.
During the call be prepared to discuss - Your goals for the next twelve months. Your time management and priority management strategies. Your willingness to change and adapt to a changing market landscape, and your biggest choke points - what's really holding you back
The road to transformation starts with small steps. Take your first towards a better real estate business today...