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.
However, this agent should stop and make sure there is money in this segment of the market, before moving forward. My research shows that this price point is probably the worst segment of the market to specialize right now. Homes in this price range are not selling. The demand for these homes has all but disappeared.
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:
1. Which homes are selling TODAY?
2. What price ranges are most homes sold in?
3. What specific geographic areas are most homes being sold in?
4. What is the average square footage of the majority of homes sold?
6. Which agents are doing well in this market?
7. How are the successful agents getting clients?
You can learn a lot from your MLS. Simply study the recent closed home sales. You'll quickly be able to see what homes are selling. Study each and every sale and make a list of each finding. You'll probably find many commonalities.
Reinvent your business around the homes that are selling today. Create new advertisements. Adjust your presentations. In other words, use recent home sale activity to show you were to focus your sales efforts. - 15433
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.
However, this agent should stop and make sure there is money in this segment of the market, before moving forward. My research shows that this price point is probably the worst segment of the market to specialize right now. Homes in this price range are not selling. The demand for these homes has all but disappeared.
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:
1. Which homes are selling TODAY?
2. What price ranges are most homes sold in?
3. What specific geographic areas are most homes being sold in?
4. What is the average square footage of the majority of homes sold?
6. Which agents are doing well in this market?
7. How are the successful agents getting clients?
You can learn a lot from your MLS. Simply study the recent closed home sales. You'll quickly be able to see what homes are selling. Study each and every sale and make a list of each finding. You'll probably find many commonalities.
Reinvent your business around the homes that are selling today. Create new advertisements. Adjust your presentations. In other words, use recent home sale activity to show you were to focus your sales efforts. - 15433
About the Author:
Rob Minton, who reinvented his real estate sales business to sell 269 homes to a limited number 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
