In the competitive world of real estate, agents are constantly seeking ways to gain an edge. One strategy that often stirs mixed feelings is targeting listings from other agents. While some view this approach as controversial, it can be a powerful tool for building your business if done ethically and professionally.
Before diving into the strategies, it's important to understand the dynamics of targeting listings that are already on the market. Real estate is a competitive industry, and targeting listings from other agents is a common practice. Just as you expect others to target your listings, they anticipate the same from you. It’s not personal; it’s simply business.
Focusing on properties already "On The Market" can provide several advantages:
Immediate Interest: Sellers with active listings are already motivated to sell. They’ve taken the steps to list their property and are likely eager for a successful sale.
Market Insight: These listings offer a clear picture of current market conditions, including pricing strategies and buyer interest.
Quick Wins: Targeting these listings can lead to quicker results, as the groundwork for selling has already been laid.
However, there are limits, morals, and values that should guide your approach. My recommended best practice is to avoid including other agents in your office, franchise listings, and your close contacts’ listings when targeting properties.
While targeting on the market listings can be effective, it’s crucial to approach it with integrity.
Here are some ethical guidelines to follow:
Respect Existing Agreements: Always respect the listing agreements between sellers and their current agents. Avoid any actions that could be seen as interfering with these contracts.
Offer Genuine Value: When approaching sellers, highlight the unique value and services you can provide that may be different from their current agent.
Transparency: Be honest about your intentions and how you can assist in selling their property more effectively.
Here are my top tips for working the ‘On The Markets’:
Choose Your Target Price Range: Use your online research portal to determine the days on market in your precinct for various styles of residences and their price ranges.
Start Small: Focus on one suburb initially, then expand to others as you grow more comfortable with the process.
Work the Processes Daily and Weekly:
Book dedicated time in your ideal week calendar for this task.
Keep a spreadsheet tracker to monitor your progress.
Place it somewhere visible so that you keep your ‘On The Market’ listings top of mind.
Need assistance? To streamline your efforts, check out my ‘Targeting On The Markets’ Blueprints. This comprehensive guide offers a step-by-step approach to ethically and effectively targeting listings from other agents. It includes professionally crafted letters, notepaper/cards for personal touches, an SMS system, social media strategies, and more. The ‘Blueprint’ is a proven formula designed to help you consistently achieve listing and sales success.
Ready to elevate your listing game? Access my ‘Targeting On The Markets’ Blueprints here: sherriestoror.com/agenttoolkit
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