9 Most Efficient Ways To Market Your Listings
The Market You Don’t Think About
Did you know that most transactions in this country (better than 65% in most MLSs) are co-broked? That’s right! Almost two thirds of your business comes from other agents. So while everyone else is focused on combing the internet for the next lead they will have to chase down, the smart listing agents of the world will be courting not the buyers themselves, but the busiest buyers agents instead.
Higher Return on Investment
Think about it. Getting into relationship with a single buyer’s agent takes significantly less time than it takes to get into relationship with all of their clients. And giving that agent an incentive to show your properties first – especially in a slow-moving market – is easy.
Think About What They Want
Unlike listing agents, buyer’s agents are strapped mostly for time. If you can offer them services as a professional courtesy, they will preferentially choose your listings to show when all other factors are equal.
- Make Showings Easy – They don’t want to have to wait for you to show your listing on an accompanied showing. They don’t want to have to fight with your staff to get a key or figure out when the office will be open to pick one up. They want a lockbox and an easy-in, easy-out process.
- Be Honest In Your Listing Writeup – Nothing is worse than taking a picky client to a house that says “for the discerning buyer – in great shape!” and finding a pit that desperately needs a coat of paint. It loses face for the agent who brought the client there and it doesn’t sell the house. It will also put your actually nice listings at the bottom of the pile for future showings.
- Be Complete In Your Listing Writeup – Don’t be lazy. Put the measurements of the room into the listing. If measurements aren’t there, then a good buyer’s agent will assume that the rooms are too small and/or the agent is lame and they’ll take their clients elsewhere first. Take good pictures and include them in the listing.
- List Any Terms in Your Writeup: Be clear up front if there’s a timing issue or a short sale or the requirment to get probate court approval. Agents who have buyers with time constraints need to know this and while it may mean that they won’t buy this listing (which they wouldn’t have anyway), it will definitely get you points with the agent to bring you buyers for the next one.
- Offer Good Co-Broke Commissions – If your market generally runs at a particular percentage for buyer agency commissions, you’d better make sure that your co-broke commission offered is at least that much. The last buyers agents want is to have to have a conversation with their client about making up the difference between the commission you offered and the one they agreed to with the client. They will put your listing on the bottom of a VERY large pile if you don’t keep this in mind.
- Offer Buyer Agent Bonuses – If there is a lot of competition in the marketplace, then offer a buyer agent bonus. This serves two purposes. It will motivate those agents who are money-motivated and it will tell everyone else that your seller is serious.
- Do Your Job And Part of Theirs If You Can – Nothing is more frustrating to an agent who is doing a lot of business than not being able to count on the person on the other end of the deal to do their job. Make sure you cover all your bases and meet all your deadlines. And if you can do something to help out the other agent – do it. Agents are like elephants – they remember every favor and every slight. Little things go a long way.
- Make Sure Your Team Is Friendly – I can’t tell you how much business that one of the agents in my area got from me because of his assistant. I hated the man personally – he was an arrogant ego maniac. But his assistant was a total sweetheart. And, because he was arrogant, he almost never interacted with us peon buyers agents. Good news for me since I preferred his assistant. She was kind and caring and even threw me a referral on a listing that was out of their area but not out of mine – without taking a referral fee on it. (I had sold 5 of their listings that year.) A good assistant is worth an extra transaction or two a year to you. And a bad one can lose that much business for you as well. Choose wisely.
- Make Friends – Agents are inherently social people. If we like you, we’ll want to work with you again. Make a habit of taking the agents who co-broke your deals out to lunch to celebrate the sale. It’s a small gesture that will cost you only about $15-$25 but it will almost certainly result in a second sale with that agent in the next couple of years if they do any amount of business.
We all think that we want to double-dip our listings and that’s great, but it’s not day-to-day reality. The fact is that you’re going to cobroke most of your listings. Wouldn’t you like to be able to hand-pick the agents you end up working with more often than not?
So the next time you’re looking at how to advertise that new listing of yours, think about sending a full color brochure (or ebrochure) to the top buyers agents in the area.