Over the last few months, many real estate agents have been forced to reinvent their businesses. Many real estate agents understand the need to change, but don't know where to start or how to do it. In this article, I'll show you how to quickly reinvent your business around the best home sale opportunities in your marketplace.
To start, you must stop and try and find the money in your market. This means you need to study demand. Most small businesses don't study demand. They have an idea for a product or service and then run out and create it. Then when the product is created, they attempt to sell it. This process is completely backwards and is one of the reasons why many new businesses fail. You should try and sell the product or service first. If it sells, then work you tail off to build or create what you've sold. Don't spend months creating something that may or may not sell. Short cut the process by selling it first.
For example, don't pick a segment of the market without knowing recent home sale numbers. One agent decided to advertise for listings in a higher price range. This seemed like a good idea because they would earn higher commissions on each sale.
This agent would spend a lot of money trying to get clients in this higher price range. They would probably list a few homes and spend time advertising these homes. They would host open houses to appease the sellers. All of this effort for nothing, because the homes won't sell. This agent ultimately become very disgruntled throughout this entire process. To sell homes in this market, you should analyze the following:
This agent is actually setting themselves up for failure because these they will invest countless hours and thousands of dollars trying to build a business into a market segment with limited demand. Instead, this agent should research the following in their market:
2. In what price range are most homes sales occurring?
3. What cities have the most home sales?
3. What specific areas are these homes being sold in?
4. What types of homes are actually selling?
5. Who is buying these homes?
6. What agents seem to be successful closing deals?
7. What marketing strategies are agents using to get new clients today?
Your MLS is a fantastic tool that you can use to research your market and study demand. Within an hour, you should be able to see what is selling and what isn't. Don't pay attention to homes listed for sale. Focus on sold properties. Study each one. See if you can spot any commonalities. I'll bet you will. Once you find the commonalities, quickly engineer your business around this opportunity. This type of property or market segment might not be where you want to focus. Unfortunately, if you want to be successful, you don't have a choice. You must follow the money. Otherwise, you'll be fighting a losing battle. - 15465
To start, you must stop and try and find the money in your market. This means you need to study demand. Most small businesses don't study demand. They have an idea for a product or service and then run out and create it. Then when the product is created, they attempt to sell it. This process is completely backwards and is one of the reasons why many new businesses fail. You should try and sell the product or service first. If it sells, then work you tail off to build or create what you've sold. Don't spend months creating something that may or may not sell. Short cut the process by selling it first.
For example, don't pick a segment of the market without knowing recent home sale numbers. One agent decided to advertise for listings in a higher price range. This seemed like a good idea because they would earn higher commissions on each sale.
This agent would spend a lot of money trying to get clients in this higher price range. They would probably list a few homes and spend time advertising these homes. They would host open houses to appease the sellers. All of this effort for nothing, because the homes won't sell. This agent ultimately become very disgruntled throughout this entire process. To sell homes in this market, you should analyze the following:
This agent is actually setting themselves up for failure because these they will invest countless hours and thousands of dollars trying to build a business into a market segment with limited demand. Instead, this agent should research the following in their market:
2. In what price range are most homes sales occurring?
3. What cities have the most home sales?
3. What specific areas are these homes being sold in?
4. What types of homes are actually selling?
5. Who is buying these homes?
6. What agents seem to be successful closing deals?
7. What marketing strategies are agents using to get new clients today?
Your MLS is a fantastic tool that you can use to research your market and study demand. Within an hour, you should be able to see what is selling and what isn't. Don't pay attention to homes listed for sale. Focus on sold properties. Study each one. See if you can spot any commonalities. I'll bet you will. Once you find the commonalities, quickly engineer your business around this opportunity. This type of property or market segment might not be where you want to focus. Unfortunately, if you want to be successful, you don't have a choice. You must follow the money. Otherwise, you'll be fighting a losing battle. - 15465
About the Author:
Rob Minton, who reinvented his real estate sales business to sell multiple homes to a handful of clients has written a very practical book on how real estate agents can sell more homes For a limited time, you can download his entire book for free by visiting Renegade Millionaire Strategies for Real Estate Agents
