New listings are the lifeblood of a real estate agent and when they start to dry up, it can make for a tough time.
Fortunately, there are a number of things agents can do to make sure their pipeline is always full and there are always new listings on the horizon.
Here are three things you may need to improve on if you find you aren’t winning listings on a regular basis.
Lack of prospecting
Most agents understand that closing a transaction is the very end result after a long process, which begins from the first time you come in contact with a would-be vendor.
If you aren’t winning listings at the moment, it’s most likely that if you look back six weeks ago, your prospecting wasn’t at the level that it needed to be. A lack of prospecting back then will mean fewer listing presentations, fewer listings and ultimately fewer sales.
To ensure your pipeline remains full, you need to be consistent in your prospecting every single week to make sure you don’t run into dry spells down the line.
Whatever marketing strategy you are currently pursuing, consistency is the key, while always looking to do more of what is working and less of what’s not.
Real estate agents tend to be in either boom or bust mode where they either have too much work to handle or a lack of listings. The top performers always ensure they have a steady stream of new business as they focus on prospecting every single day and put systems in place to manage their pipeline. Consistent prospecting is key.
Not building relationships
It is well known that real estate is a relationship business, however, it’s important to understand that in order to win a listing, you will need to work very hard to build a relationship with a vendor well before a listing presentation.
This ultimately comes down to your marketing process and what you are doing to increase the number of touchpoints with potential sellers.
Top agents work hard to get their name out there as much as possible and then continually follow up with both buyers and sellers. This continuous contact helps build relationships well in advance of a vendor ever wanting to list their home. So when the time comes to list, the agent that has put in all that groundwork is likely to have a good chance to win the listing.
Focus more on giving value to people and building relationships and less on trying to win new business.
Short term thinking
In some ways, the agents who need the business the least are likely to be the ones that ultimately win the listing.
While success does breed success, it’s important to have a mindset that is focused on helping vendors and doing the best you can for them.
While it might be tempting to make promises of a high sales price to a vendor, this will often not serve you as an agent or the client. It’s far more important to have a longer-term perspective and try to help the vendor solve their problem and do what’s right for them.
If you’re thinking longer term this will help you win business down the track. Imagine if you told a vendor that their property was worth a certain figure, only for it to sell at a significant discount with little interest. That vendor is highly unlikely to recommend you to their friends or family and that will mean your listings and sales will suffer in the long run.
By thinking long term and doing what’s best for the vendor, you’ll be far better off and so will your clients.