Numbers, statistics and rates mean different things to different people. In the residential real estate realm, those three markers change constantly. How many houses will be sold in 2023? What percentage of agents will leave the business? What will mortgage rates be this spring and summer?
Nobody knows the answer to those questions, but one thing is fairly certain. The agents with mental toughness, a strong work ethic and confidence will succeed, regardless of market fluctuations. That said, there are strategies to gain the advantage when it comes to winning the listings and clients for houses being bought and sold.
After 18 months of easy, multi-offer sales that ended late last year, have you honed your value proposition and script? Are you fully exploring the opportunities available in your area? And what is your plan to set expectations with sellers, who may still expect a 2021 price or sale timeline for their property?
“There are ways to recession-proof, pandemic-proof and financial crisis-proof your business by going after inventory and getting listings through lots of different lead-generation sources,” asserts Sherri Johnson, CEO of Sherri Johnson Coaching & Consulting in Chagrin Falls, Ohio. “This is an opportunity to generate 90%-plus referrals, and to prospect from offline sources, as well as gain more online reviews and clients.”
Listing-Generation Strategies
There may be subtle and unique ways to find business, but nothing can beat working hard, putting in the hours and staying alert to potential new clients.
“Real estate is pretty simple, even if it’s not easy,” says Art Obleton, Jr., a REALTOR® with Keller Williams Realty Greater Metropolitan in Cleveland, Ohio. “It’s doing the day-in and day-out tasks on a regular basis and being committed to the discipline. Staying in touch with your database, your sphere of influence, communicating with them on a regular basis, talking, calling, texting.
“And answer the phone,” he adds. “If you want to do business, answer the phone and respond to the people who are reaching out to you. Don’t let everything go to voicemail.”
Megan Owens, a REALTOR® with Berkshire Hathaway HomeServices Ambassador Real Estate in Omaha, Nebraska, depends almost solely on referrals and past clients for future business, so she makes sure to provide her absolute best service.
“I have to prove myself so that they keep using me time and time again, so I really focus on my concierge services,” she notes. “Before we get a property on the market, I have a ton of services I provide to make sure it’s a seamless process and all the stress is taken away so they can focus on the showings and the packing. I’ll pretty much take care of everything else.”
With the shifting market, Anthony Friedman, a team leader at Northrop Realty in Ellicott City, Maryland, also makes it his business to be hyper-vigilant when it comes to working with people.
“This is really a relationship business, and our goal is to build a strong clientele base, a strong brand where they’re going to come to us rather than the other way around,” he says. “It’s marketing, branding, relationship activities and taking care of your people. And that’s consistent for every client.
“We do a lot of events and sponsorships in the community. We’re doing a lot of video, too, whether that’s for a property, video tours or in the community. People see us doing it for one of the neighbors and they think, hey, we want that for our house when it’s time to sell.”
Fine-Tuning Cards, Emails and Social Media
Touching base with former clients, current clients and potential clients in a variety of ways is another must for agents as they seek to win new listings. Friedman points out that everyone in his brokerage’s database gets hot new listings of the week, and social media posts are made daily.
“We’re doing fun videos and getting involved with the community and other local businesses and really trying to engage with our sphere of influence as well as our clients,” he says. “We’re doing client parties twice a year. We did one last summer at a local farm. It was great for the families with kids. They would hang out with us for a little bit and then go see the animals, which was really cool.
“More recently we did one at a brewery, and had 170 people. It gives you a reason to pick up the phone, call your clients and invite them. Another winner is giving gifts to people who refer business to you, and not just when the deal closes, but at the time of the referral. You want to reward the act of the referral.”
Obleton seconds the gift-giving, adding that the element of surprise can be very effective.
“People are excited about gifts when they’re unexpected,” he says. “One thing that helps me a lot is being able to give unexpected gifts to clients, past clients and referrals. Just to knock on the door and present a gift with a thank you card. It’s not enough to just send a card. Call them before the card, and call them after the card and talk. Stop by and see how they’re doing.”
Staying hyperlocal is recommended by most agents, as the more people you know in an area, the more listings they can help you obtain.
“It’s important to have a specific area you consistently mail to, but also that you have boots on the ground in that community, whether you live, work or play there,” says Friedman. “Could be Little League sponsorship, or local school or community events. Our team does a lot of open houses and door-knocking, inviting the neighbors before the public open house and saying, ‘Come see the house, and if you have friends or family you’d love to live here and be your neighbor, certainly keep it in mind for them.’ But it’s also staying top of mind for that neighbor down the road.”
Owens hosts two yearly events for all her clients, friends and family, with the biggest one being bowling. She reports that last year, nearly 175 people attended, resulting in 10 referrals. “It’s a great way to connect with people, and I usually get quite a bit of business from it,” she says. “Then I do one smaller event for anybody that sends me a referral that year. I do a door sign-making event around the holidays. It’s always a fun time, too, to thank those who have sent me referrals for the year.”
Getting Online Reviews for Credibility
In a world where everyone’s online constantly, and reviews are posted for everything, having superior opinions of your residential real estate services is vital. And just like other businesses ask satisfied customers to leave good reviews, so should you. Once you get them, posting them to your social media sites can pay dividends.
“At closing, when I’m handing clients the keys, I’ll ask them if they’re satisfied with our service,” says Obleton. “If they say yes, I’ll request that they give us a five-star review. My virtual assistant will send the link for the review, and we’ll follow up for its completion. I believe that if we provided five-star service, then we earned a five-star review.”
Friedman believes it should be a two-way street with agents and clients. That if he goes all-out and helps a buyer or seller accomplish their goals, then the relationship should continue past the closing.
“I let them know that my goal is for them to be an advocate for my business, and I want to be their REALTOR® for life,” he maintains. “Not only for them, but their family and friends. And I want them to be my advocate. At the end of the sale I’m going to ask for a five-star review, and I’ll repurpose it on social media.”
“For an agent who has more reviews with less experience, it’s about getting business because people are seeing the reviews,” explains Johnson. “They want to see what your clients have to say about your service. And by the time they meet you, they can say that they hired you before they met you. You can ask clients at every point along the sales process for referrals and reviews. Bringing it to the beginning of the process is a great way to build a relationship for life.”
