Different dynamics are at play in the real estate market in cities across the country.
The eastern seaboard has tanked with prices dropping, while Perth is going through a recovery phase.
In South Australia and Tasmania, the market has been more resilient and even growing, while Brisbane has remained reasonably steady.
It’s important to remember no two markets are identical. One thing that is consistent across the board is that professional fees are dropping.
With automation, outsourcing, the increased cost of doing business and digital disruption, the trend is clear that commissions are falling.
The big question agents need to ask themselves is how do you prove your worth to your vendor and keep your fee above industry standards?
How do you show that you offer extra value when representing your vendor and their property in the marketplace?
Many real estate agents have lost the art of negotiation — the art of making a great deal.
Other agents have also lost the ability to demonstrate how hard they work and how skilled they are at negotiation to their vendors.
We defend our client’s properties and protect the integrity and value of those properties in the marketplace. This is where we can show we stand out.
Having exceptional negotiation skills and the ability to use those skills in a listing presentation to prove our worth is how agents can stand out in the crowd.
When I started in real estate 15 years ago, I attended some sales training where we learned clean, crisp, negotiation role-play dialogue.
I quickly learnt my “rules of negotiation” and started presenting this in the lounge rooms of my would-be vendors, asking them to play the role of the buyer.
This allowed me to show them my skills in person and they quickly saw I wasn’t merely a messenger of offers, but a trained, skilled and professional negotiator.
I was different to those who had stood in the same lounge room before me. I demonstrated how I added value.
In the listing presentation, it’s highly likely that a lot of agents all appear similar.
They talk about price, marketing, method of sale and why they are part of the best agency in the area.
No doubt a BDA or farm area specialist will attract more potential vendors and get into more lounge rooms.
However, the point of difference in a standout listing presentation is to go beyond the same mainstream points your counterparts will discuss.
Instead, focus on how you will protect the client’s value of their home, particularly in those markets where prices are in free-fall, dropping or stabilising.
It will help you rise above the competition and put you in a better position to achieve higher professional fees.