There’s no magic involved, just a process and hard work
Real estate agents often ask me how do I break into a new market place and how can you help?
And the answer to this is, like anything else in business, it’s not magic, there’s a system to follow and you need to be prepared to do the work.
Is the market place worth your time?
The first step you need to do is identify if that area is worth your time and effort. How many sales happen each year in that market place? What is the average sale price? How many agents are already working in that area?
If you managed to get thirty percent of the sales in that area what would your income look like?
Build a marketing piece
Assuming the new market place has the potential to generate a good income, the next step is to build a marketing item to allow people to opt into your marketing list.
This might be something like a monthly market report, a quarterly investment report or a quarterly postcode book. Whatever you create you need to make sure it provides value and information about what is happening in the market on a real estate level.
Subscribe residents (Have a good script! We’ve got one for you)
Once you have your marketing piece you then need to go about subscribing residents to receive this, wether that is via email or post.
This might be calling all the people who live in the area and saying something like “Hi Mr Smith, it’s Steve here from Identity Real Estate, some of your neighbours have requested to receive a copy of quarterly market report so they can stay up to date with real estate values and I’m just calling to confirm that you would like to receive one too”.
Follow up the marketing with simple questions (the goal is to get face to face)
Once people have received the report then follow them up with a few simple questions like, did you receive the report? What did you think? What does that mean to the value of your home? Did that change what you think your home might be worth? Can I price your home? I’m in your street this week on Tuesday and Friday, which day would suit you better?
Why it works
The more people who opt-in to receive your marketing, means you have more leads to work with. The more leads you have to work with the more chance you have getting face to face with them and turning them into market appraisals. The more market appraisals you do the more opportunities you will have of listing more homes
Who is moving in
A few other things to consider here is that every month people move in and out of your market place and 10% of people who buy a home sell it within two years so you need to be contacting these people and opting them into your marketing.
Consistency is the key
Your marketing needs to be consistent and you always need to be calling people who live in the area, leveraging off your marketing to get a face to face appointment.
Review (The dot point version)
- Do your research on the market place
- Build a marketing piece
- Opt-in people who live in the area to receive your market piece
- Follow it up with questions designed to get you a face to face appointment
- Add new residents to your opt-in list
- Maintain consistency in your marketing