If every one of the 15,000 real estate agents in New Zealand got an even slice of market share (and we all know they don’t), there would only be 5 or 6 sales available each year for every agent.*
That’s barely enough commissions to earn the average New Zealand salary for someone who only works 40 hours a week!
Recently I was chatting about the drop in sales volume to the owner of several Auckland real estate offices. He commented that the 90/10 rule is now in play—10% of his agents now have 90% of the listings. The one thing this 10% all have in common is that they invest in building and maintaining a network of homeowners who know, like and trust them, then call them when it’s time to sell (which is exactly what we here at Downright Brilliant are all about).
Here’s how you too can get a bigger slice of the pie.
How to Get a Bigger Slice of the Pie
To be in the top 10% of agents you need a real estate marketing system designed to build a large community of people who know, like and trust you then call you when it’s time to sell. Your system needs to focus on three areas:
1. Maintaining Your Reputation
Consistently deliver exceptional, added value, professional service to the buyers and sellers with whom you are currently working. Maintain your reputation as a highly professional agent who always works with the best interests of the vendor in mind. This is the first step to becoming a top performer.
2. Maintaining a Relationship with People You Already Know
Maintain a database of past buyers, sellers, appraisals, friends, family and anyone else who may refer you. Stay in touch with these people regularly in a way that adds value even if they are not currently thinking of buying or selling. The best way to do this is with a monthly print or email newsletter that has a 50/50 split: one half about real estate, the other half with interesting and entertaining content that appeals to almost anyone. Combined with added value phone calls 2-3 times per year you’ll already be top of mind and they’ll automatically call you when it does come time to sell.
A Personal Story
Last year an agent contacted me about an investment property my husband and I own which is adjacent to a large, well-known shopping mall. He was marketing the property next door and wanted to know if we had any interest in selling. He quoted some recent, impressive figures he’d achieved in the street and my interest was piqued, but not enough to sell. I asked him to keep in touch.
A year later I haven’t heard from him and I’ve forgotten his name. He went to considerable effort to track me down but if I now change my mind he won’t get the sale. He wasted his time and effort; a lost opportunity. If he had a system to stay in touch with people he had already spoken to it may have been a different story.
3. Attracting Potential New Vendors
To fish out new vendors you need to establish your personal brand in a geographic area as the local, go-to real estate expert. This is done with a mix of online and offline marketing, regular and static campaigns.
Online, website and social media profiles establish your credibility. Shopfront, street and vehicle signage do the same offline.
Regular letterbox flyer drops—newsletters, DLE cards, appraisal letters, market reports—show you are active in the market, build your brand profile and keep your name top of mind for people you haven’t even met.
Door knocking, phone calls and attending community events give you an opportunity to get face to face with these people to build personal connection and trust.
Who Else Wants Results Like This?
Focusing on these three areas will help you build a large community of people who know, like and trust you then call you when it’s time to sell. You’ll create a continuous flow of new listings, dominate your area and increase your income. (It’s downright brilliant!)
Need Help to Get a Bigger Slice of the Pie?
Book your free 15 minute marketing review to find out if the Personal Promotion Powerhouse is a good fit to help you get a bigger slice of the pie, no matter what the market is doing,
*Based on 1) REINZ statistics 91,212 residential sales in the 12 months ended November 2016 2) REAA statistics show 15,494 active licenses as at 30 November 2016.