We caught up with Edgar Natolo in late June for the latest on his quest to earn $1 million in commission this year. Despite a slowing market, he is not too far off his target.
Edgar, how is it going?
In the last couple of months I have learned that change and flexibility are important. There is not just one way of doing things and I have found that what was working for me at the start of the year has had different results lately. So we have had to modify and update our approach, our prospecting material, and more importantly our language.
Our actions are definitely getting us the better leads. The market has changed on the Gold Coast, with at least a five per cent drop in 2012, with many areas suffering more. Unfortunately this has caused a market where sellers want to sell for more than the value, and other agents are just saying “yes” and taking listings rather than being honest with pricing.
How have stock levels been as a result?
New stock to the market is very low; much of what is available is the leftover stock that has not sold. The buyers are definitely there, as we have 500+ registered with us waiting for the right property and current market price. I know from speaking to active buyers that they have the funds, they are ready to buy, however the lack of confidence in the future market is what is making them hold out and wait for the right property for them.
I am really trying to cut down and focus all our resources, time and energy on what Bob Wolff once said at an AREC conference many years ago. Deal with buyers who want to buy and sellers who want to sell. That is why our list to sell ratio is so high and more successful than other agencies. I choose who I will let work with me. I want them to know I will give them my all and they are constantly on my mind, trying to figure out how I can get them the best buyer out there.
Have you implemented anything new?
We are investing more time, staff, and resources in social media. The response we get from buyers when we have videos on properties is amazing. We have more than 34,000 followers on Facebook, which means we can expose a listing and get over 300 hits in the first few days. We are improving our online magazine to include embedded video. Our social reach has increased our property views by about 300%.
Have you had any other challenges?
One thing I have experienced, which many will understand, is the “burn out”. Real estate can just drain you mentally, because you have to always be going. We deal with so many people who need our help, and I genuinely care about them and want to get the best result for them. I think it’s very important not to focus on the money, but more on the process and getting the result. Getting away from it all is important sometimes, it helps recharge the batteries!
The big question Edgar, how are the numbers going against target?
Best Sales Month:April (14 sales)
Average sale price residential: $435,000
Average sale price prestige homes: $1,500,000
Total value of sales:$15,362,000
Commission Targets per month: $83,000+
Total Commission Target January 1 to May 31:$416,000
Total commission January 1 to May 31: $386,000
Price range of sales:$102,500 to $1,550,000
Types of properties:Units, Residential Homes, Residential Land & Development Land