Here’s where to find your next property listing
Your next property listing is in one of three places
- Pipeline contacts
- Previous clients
The neighbour of an existing listing
What to do when you don’t know where your next listing is coming from
It’s been a while since I’ve worked with newly registered realtors or realtors who’ve sold all their listings and have no idea where they’ll find their next listing but lately, I’ve been working with agents who’re getting (very) low on stock.
The reason they’re getting low on stock isn’t because they’re not listing. It’s because other agents are struggling to find listings themselves and are selling my agents’ inventory.
As the market swings further into a buyers’ market in some parts of the country, agents who have no systems or procedures in their businesses will struggle to get listings.
If you’re low on stock right now, here’s where to find your next listings.
How long will it take? I don’t know – but I can confidently say you should have your next listing in a couple of weeks if you do what I tell you to do here.
Or you may find it tomorrow – like one of my agents did last week!
These instructions are simple, but because they’re not necessarily easy, most agents won’t follow them.
If you do, you’ll get listings – I promise!
Having a dirty database (ie, an unclean one) isn’t healthy. Neither is it going to show any positive ROI on the space it’s taking up and/or the time it takes you (or your PA) to trawl through looking for “good” leads.
If your database isn’t segmented into A-listers, B-listers and C-listers then make it a high priority to clean it up.
Most email distributors (eg, Mailchimp) and newsletter building tools (eg, ActivePipe) set their fees according to subscriber threshold numbers. If you’re carrying deadwood in your database it’s only going to end up costing you money. Money that could be better spent on marketing yourself.
Cull your deadwood
I use Mailchimp to send my emails. I regularly cull (delete) all those people on my various lists who don’t open my newsletters. They’re not interested in what I have to say (otherwise they’d open them) so it’s pointless having them on my database costing me money.
Every quarter I go through and delete all my “2-stars”. Mailchimp makes it easy by assigning subscribers stars according to their engagement in my emails. The highest star rating is 5-stars.
Action Step – Clean your database
Get on the phone and clean up your database.
Call every single person on your list and make sure the details you have for them are still current and correct. From the conversation you have with each person, reassign them to another category list: A, B or C.
Keep your list simple – the easier it is to manage the more likely you are to keep it up-to-date and clean.
If you’re into sophistication you could have three top levels
Some people on your list might end up in all three lists.
Firstly, however, determine the purpose of your database – is it to get your more listings or to get you more buyers.
Unless you’re a buyer’s agent, you’ll want your database to be geared towards getting you more listings. Here’s what a simple system looks like for a realtor who wants more listings:
A = ready to list in 90 days
B = ready to list 91-180 days
C = ready to list in 180+ days
You need to keep in touch with all of these contacts on a regular basis. However, with the A-listers you’ll be keeping in contact more frequently than Bs or Cs.
Each time someone moves from one list to the one above it (ie, from B to A) you increase the frequency of contact with that person.
By the time someone has made it to your A-list you’ll be chatting with them every 1-2 weeks. That may sound like a lot, but it’s not really.
If you haven’t got the time yourself to go through and clean up your database then pay someone else to do it.
Your next listing is hidden in your database. If you don’t call them another agent will!
The other place you can find your next listing is in the streets (or adjoining streets) of existing listings.
These are called Listing Hot Spots.
If you’re just starting out, or you’re not sure where your next listing is coming from then start door knocking around existing listings.
Ripe for the picking
Seriously, it’s oh-so-simple to ‘own’ a street and dominate it with your listings, but no one ever does because it takes time and effort.
All you have to do is door knock existing listings and then regularly keep in touch. I can pretty much guarantee that the next listing is only just weeks away. A few months at most.
Action Step – start door knocking existing listings
Existing listings make it easy to start cold conversations.
If you are running low on listings get out there (take your office-branded umbrella with you, just in case) and start introducing yourself to the neighbours of existing listings.
It doesn’t matter if it’s not your listing (provided you’re not implying it is!). Most people won’t remember which realtor has the listing, they’ll only remember one of their neighbours is selling up. Sometimes they won’t even remember the agency that has the listing.
Another place you’ll find your next listing is via former clients.
And if you’re thinking “but they only bought / sold last year”, it doesn’t matter! You’re calling to find out how they are and to ask them to help you find your next listing via their friends, family, neighbours.
One of my clients told me calling his former clients wouldn’t work: “I’ll be wasting my time Julie” was what he said. Within a fortnight he had another 3 listings!
Now it’s part of his regular modus operandi. Every week he spends time reconnecting with former clients. And every month he gets at least one new listing because of this activity.
Action Step – call your former clients
If you’ve never done this, then start with the clients you’ve had the longest.
When you’ve called all your existing clients once, start again. Keep in touch with them and keep notes of the conversations you have so you’ve got something to refresh your memory.
Start the ball rolling with following up with a question about your last conversation “Bby the way, how was the wedding?” (the trip overseas, the spouse who’s got a new job, child who’s started a new school, university, started work, etc).
Related database-management articles
another one about database nurturing
Related – “magic listings” – video