Competing for Market Share as a Real Estate Agent
By Jessica Maria (an article from the Properties Online blog)
I've been reading a lot lately about competition amongst listing agents. Depends who you ask as to the biggest competing factors, the best tools to have in your arsenal, and the most important points of difference (POD). Many sellers look for a listing agent based on two criteria – lowest commission and highest listing price.
But that is only a tiny part of the big picture, really. If you're competing for market share as a real estate agent, what are some things that can set you apart and get you ahead?
NAR tells us that nearly half of all sellers (45%) said they expect an instant response from their agent and 97% of all sellers expect a response within an hour. Timeliness is a critical factor when it comes to beating your competition and winning listings. Like sellers, buyers also rank immediate response highly. Adopting mobile technology is a great way to enable faster response times and greater availability to your sellers. Make an impact with potential buyers by providing extensive information on your website, QR codes and SMS.
Sellers and buyers alike most commonly choose an agent based on a referral, with trustworthiness and reputation being the most important factors. For all the dissatisfaction (27% of sellers say their agent doesn't respond quickly enough), 89% of buyers are likely to use the same agent again or recommend to others. Winning the first sale is most important, or so it would seem.
Knowing how to put together a solid marketing plan, and being able and willing to share than plan with your client, shows you have the knowledge and the professionalism to handle their sale. In fact, if you know a potential client is comparing you to another agent, offer to provide a track record of your original list price and final sale numbers – this proves you can back up your claims as the best agent for the listing.
Real estate has always been a profession that relies on people skills, networking and communication. But today's Realtor® has to do that and more – being technically savvy is no longer an add-on. It's a must do. Sellers demand single property websites highlighting their homes – complete with video, photos and strategic marketing initiatives that take advantage of today's highly mobile individuals.
This may have been a scary undertaking once, but there are some fantastic offerings available now that make it easy and cost effective for an agent – even a sole trader – to be visible and successful online. After all, 75% of sellers find their agent online, according to the California Association of Realtors®.
Offering high quality service will always set you apart. Ensure you are utilizing today's technology and mobile tools to cement your POD.
Reprinted with permission from Retechnology.com.
Posted on Mon, February 10, 2014
by Mia Katz