5 reasons marketing your listings to other agents still wins deals

This May marks Inman’s sixth annual Agent Appreciation Month. Look for profiles of top producers, opinions on the current state of the industry and tangible takeaways you can implement in your career today. Plus, the prestigious Future Leaders of Real Estate return this month, too.

You have just taken a new listing and plan to market it directly to consumers in print, on the web and on social media. Almost no one, however, has a game plan to market to other agents. If you want to stop leaving money on the table and get your listings sold faster, here’s a five-step plan to reach the agents most likely to bring you an offer.   

5 reasons to market your listings to other agents

1. Executive reviews: Bring in the firepower 

Long before video walkthroughs or virtual tours became the norm, Jon Douglas Company pioneered a unique idea that led the company to dominate the market in Brentwood, Beverly Hills, Bel Air and Santa Monica, California, in the 1990s: the “executive review.”

The purpose of the executive review was two-fold — to ace out the competitors for the listing and to increase the probability that the seller would set a realistic asking price. 

In our office, the listing agent typically invited at least three top-producing agents to the executive review, along with a manager or assistant manager. Each member of the team answered several questions about where the property should be priced, selling points and any issues that needed the seller’s attention. 

Especially when we conducted them as part of the pre-listing process, our executive reviews were extremely effective at converting leads into signed listings. Sellers were impressed that a team of agents showed up to help them, and even more so when they were introduced to a member of our management team. 

At the listing appointment, the agent would share the pricing and other feedback from the executive review team. The agent would then present their CMA and ask for the sellers’ feedback about where they wanted to price the property. When I was the agent going for the listing, I didn’t recommend a price — I wanted to see how they responded to the team’s pricing first. 

If any members of the executive review team had a buyer who was a fit, the listing agent could leverage that by telling the seller that one of the agents was excited about showing the property to their buyer. Also, agents on the executive review team often knew other agents who had buyers for the listing. 

Pro tip: Executive reviews help you win more listings, price the property correctly, and get the property sold faster, usually at a better price. 

2. Target the right agents, not the whole MLS

When it comes to marketing to other agents, identify which agents consistently list and sell homes in the area where the property is located. Also, look for agents who have buyers searching in the same price range as your listing lead. 

The next step is to identify which agents represent the buyers (not just the sellers) for properties located close to your listing. These buyer agents are your priority audience. They’re already dialed into local demand and are likely to have buyers who would be a good fit for your listing.

Pro tip: Create your own VIP emailing list of top buyers’ agents. When the listing agreement is signed and your listing is ready to come on the MLS, invite them for an “exclusive first look” at a specific time where they can drop in and preview the property without an appointment. Be sure to invite the agents from your office who have buyers as well. 

3. Leverage listing agents with active buyers

If an agent has a listing in the same neighborhood as yours, they probably have a list of buyers who weren’t a fit for their listing. Review their listing(s) to determine how yours compares. Then, if you have the listing agent’s mobile number, text them using the following script: 

“Hi [Agent Name] — Sally Agent here from ABC Realty. I have a new listing that might be a fit for any buyers who contacted you about your current listing but weren’t a fit for that property. Would you like me to send over some info?”

Before sending this message, be sure you have prepared a detailed package about the property that includes top-quality photos, a short video walkthrough (easily shot on your phone) and a polished digital brochure. Your goal is to make it easy for these agents to get back in touch with previous buyers for their listing without spending time pulling data from the MLS. 

Pro tip: Most agents appreciate having an edge that gives them easy access with their buyers prior to the first public open house. Best of all, this establishes you as an agent they can trust, and one who is willing to work with them.

4. Contact agents in feeder markets

In addition to contacting agents who have listings where your listing is located, also contact agents who have listings in nearby areas that are less expensive. Agents with active listings in these “feeder” neighborhoods often have sellers or buyers looking to upgrade to your location. 

You can use the same preview-and-reach-out approach that you used with listing agents with properties near your listing. It’s a smart way to find additional high-probability buyers for your listing and snag a quick sale.

Pro tip: When reaching out to feeder-area agents, position your listing as a “move-up opportunity” to help them frame it attractively for sellers in their area. 

5. If you feed them, they will come

Broker open houses where you serve food have worked for decades to motivate agents to see your listing in person. Despite all the tech advances, nothing beats having agents walk through the door to view the property in person. A well-attended broker open house means more feedback, more buzz and more buyer leads. As a bonus, it also shows your seller you’re pulling out all the stops to market their property aggressively. 

Pro tip: Create a theme for your open house, such as “Brunch and Browse” or “Taco Tuesday.” Promote it aggressively through your agent network to maximize attendance.

Marketing to other agents requires time and effort, but the payoff can be huge: more offers, happier sellers and fewer days (and dollars) spent while your listing languishes on the market. While other agents may be competitors when it comes to listings or on multiple offers, they are still your best source for locating the right buyer with the right offer for your new listing. Take advantage of it!