Boom times can be tough. But with the media full of stories about prices reaching record highs, homes selling sight unseen, queues at home opens, and homes selling in days, you’d think real estate agents would be ecstatic. After all, these conditions make it easy to sell, all you need to do is put the home online or contact your database and BOOM – consider it gone, and probably for a great price too.
Boom-time is tough & isn’t all it’s cracked up to be
But, as many in the industry will tell you, a boom isn’t always that great for business. Sure, it is easier to sell and sure your commission per property is probably rising BUT, selling is not the issue, getting listings to sell is.
In these conditions, new listings are hard to come by, especially when sellers are holding back because they’re worried about being able to find a new home. Agents are out there fighting over potential listings like seagulls over a chip. It is a surprisingly tough time, and like a downturn, weeds out the weaker agents.
So how can you help your agents get through this?
Well, now is the time to be telling your agents that they need to prospect, prospect, prospect! They need to be getting their names and faces out there in front of potential clients.
Your office and every individual also need a Multi-Layered Prospecting System, something to ensure you have a constant pipeline of potential clients at all times.
This is something that should have been done months ago, and those who have done so are now reaping the benefits, but it’s not too late to start.
What’s the first thing to do?
Most importantly, everyone in the office needs to be getting out there and starting to doorknock. If you have print advertising, don’t cancel it because your listings sell before the paper comes out, or because you have nothing to sell, use it for branding.
There is so much more you and your office can be doing during this BOOM to ensure that once it has passed, you will still have a successful business. For more strategies and systems, make sure you come along to my FREE upcoming seminar How to KEEP BOOMING in a Disruptive Decade. I look forward to seeing you there.