Any tips on preparing for the New Year in a changing market? Michael Pastrikos, Ray White Southbank-Melbourne
Go back to basics.
Write down a business plan with what you would like to achieve over the next 12 months in sales, listings, presentations and market appraisals. Draft a marketing plan – prospecting and canvassing – to create new and future business for 2018. No goals equals no change, and another year coasting by at the same level.
A slower market means buyers will be fussier and less compromising with their expectations. They will also increase their perception of value. You will need to control your listings, set to sell meetings, marketing and negotiation skills.
Vendor management will be crucial to delivering results. Managing their expectations to meet the market by having a process will ensure you lead the market rather than chase it. For buyers and sellers, the process brings emotions to the surface that, when misunderstood by their agent, can lead to feelings of frustration and anger for all involved.
Agents with high emotional maturity are able to manage their emotions as well as those of their clients.
Your skills will play a major part this year and this can separate you from the rest. Some agents will take listings on at any price in a changing market. This doesn’t mean you have to overprice to list; on the contrary, you need to be an expert at showing how your process and how the company will optimise the result. Agents without real benefits and resources only have overpricing and low fees in their tool bag. Practise fee strategies – you’ll need them! Don’t wing it.
Points of difference between you and the competition will be key.
You will need to provide substantial evidence to set yourself apart (‘Why you?’) and massive success will come your way. Learn, practice and rehearse your listing presentation, commission objections, marketing objections and negotiation dialogues. I recommend spending 15 to 30 minutes on this daily.
Due to some vendors’ price expectations being way too high still, stock is everything. Want to double your business?
Then hold double the conversations, double your profile marketing. There’s no way to make more money without more stock, so start listing like a maniac in 2018. Also, expired listings will be a great resource of new and future business in the real estate market this year; identify and target them in your area.
Finally, hold yourself accountable for your weekly, monthly and yearly goals.
You cannot grow with what you can’t measure; data is everything. If your mindset is still switched onto ‘but the market is tough’ you need to lose it today. The ‘market’ is no longer an excuse. Ask yourself, ‘Which mindset will I opt for?’ Choose the winning mindset for 2018!
Do you have a pressing question you’d like to ask Claudio? To have your question answered, email email@example.com