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Lead generation for listings in a down market is on every agent’s mind right now. It still is a seller’s market, but economic conditions are slowing appreciation, and agents are dealing with the high demands of sellers who are unhappy about their current status.
- Spears said that the key to this market is to set and manage expectations for sellers and buyers. Moderator Kendall Bonner of the Kendall Bonner Team at RE/MAX Capital agreed and said agents need to focus on mindset to find success.
- Social media audiences are shifting as well, and Spears recommends focusing on multigenerational marketing in your game plan.
- Rosin says that agents will need to lean into more marketing for their listings. Sellers require a lot of energy, and you will need to make sure that you are working with sellers who are motivated to sell.
- Rosin says the essential marketing strategy for her team right now is cash offers. Sellers are interested in reviewing the cash offers (which are normally 30 percent less than fair market value), and this tool is helpful during listing presentations.
- Spears made sure to emphasize that technology does not always tell the story of the listing and that agents will need to focus on the big picture.
- Rosin says that agents that have been in the business for fewer than 10 years will struggle right now, and they need to focus on basic sales techniques like working a CRM.
- Rosin prospects hours a day with the help of two inside sales agents on her team.
- Both recommended a combination of targeted social media campaigns and direct mail campaigns to reach new customers.
- Rosin said that agents need to focus less on instant gratification and more on the long game of winning listings.
- Rosin has tripled her role-playing practice with her team members so that they have the confident words they need to talk to customers.
- Spears says that agents need to get back to relationship-building practices and build a name for themselves in the community.
Watch the full video above to get even more tips and tricks about how to navigate this tricky seller’s market.
Rachael Hite sold real estate in Virginia and West Virginia for seven years with a specialization in short sales and foreclosures. She has been an office manager, an agent, mortgage marketing consultant and continuing education trainer for agents since 2012. She currently specializes in private business development and digital marketing services for top producing agents and businesses in the housing industry.