Working in the real estate industry can be fulfilling, but it can also be difficult. It’s all about aquiring that listing and finding the right buyer for your clients so they walk away happy and with a little more cash in their pockets. The difficulty most agents face is aquiring that listing to begin with. Nothing stings more than when you work super hard to land a listing only to discover that your competitor landed the listing instead.
Even worse, it can hit pretty hard when it’s an agent you know personally. We’re here to show you the top 5 ways you can lose a listing, and how to prevent it from happening to you.
1. Networking Without Payoff
You’re outgoing. You’re sociable. You talk to people everywhere you go about your real estate experience so that everyone knows you’re the one who will help them sell or buy a home.
Example: You volunteer regularly for your local chapter of Habitat for Humanity. One day during a cleanjup you overhear someone you’ve known for many years say that he just listed his home. Que the gut wrench.
Solution: Email Marketing. The people you network with at social gatherings surely see you regularly, but they “see” you on a personal level vs. professional leve. If you can aquire their email addresses, you can stay top of mind on a professional level as well.
You probably already chat with your network about market trends and DIY home tips, so why not email them this useful information as well? Establish yourself as a trusted source of industry knowledge. That way, when it is time for them to buy or sell a home, they’ll think of you then, too. Consistant communication on secondary real estate topics will create an opportunity to build trust with your network professionally.
2. Neighborly Dismissal
You have resided in your quaint neighborhood for over 15 years. You’re the expert on selling homes in the area because you know it like the back of your hand.
Example: You pull into your driveway one day and see that your long time neighbor has a ‘For Sale’ sign up in their yard… and it doesn’t have your name on it. HOW could this even happen?
Solution: Direct Mail. When you share relevant and valuable content with the people in your neighborhood, it places you as the expert in your neighborhood, which is good… because you ARE the expert. Everyone wants to list or sell with the expert. Direct mail can come in the form of postcards, branded magazines, or letters. If you really want to provide relevant content and stick around on coffee tables, consider mailing out a branded magazine each month. Branded magazines are an elegant way to help realtors stay top of mind and stand out from their competition. Not to mention, they offer a lot more ‘real estate’ for helpful home tips, neighborhood events, and puzzles to engage readers.
3. Family And Friend Brush-Offs
Your brother in law invites you over for dinner. As you pull into the driveway you see it. There it is – a huge ‘For Sale by Owner’ sign again. This is your brother in law—someone who consider family! How could he possibly decide to sell their home on his own rather than allow you to list the home for sale?
Solution: Social Media. You are connected to your friend and family on facebook and instagram. By sharing industry updates, helpful home tips and other information that indirectly links to real estate, you are opening a consistant path of communication with them. Since most people are constantly on social media, your followers will receive consistent updates from you—enough to gently remind them to call you when they are ready to buy or sell their home.
Ultimately… it’s a trust thing.
You work hard to build and maintain personal and professional relationships. It can really hurt when someone you know hires another agent to sell their home. The problem is that many of those people are likely not in the market to sell their home when you connect with them. You’ve build a relationship and you may have even gained their trust, but it’s extremely important to remind them when they’re ready to list.
Consistant communication, especially via social media, email and direct mail can give you a huge advantage over your competition and help you win over a prospect when they’re finally ready to sell.
If you need help with staying top of mind with your prospects and past clients,
The Neighborhood Connection can help you automate this process too.