Every real estate agent wants more listings. In this market, the more quality listings that you have, the better results you will achieve. There are two ways to get listings and one works far better than the other.
Location based marketing is the best way to go to achieve the new listings in both property sales and property leasing. The process will give you far better market penetration and market dominance.
Location based marketing is built around a number of basic rules and systems. As the salesperson working your territory, the rules are easy to follow:
- Get to know the properties on a street by street basis. This means walking the streets, photographing the properties, and meeting the businesses located therein.
- Identify the largest and most significant properties in your area. Research the property owners in each case, and get to know them. It does take time to find the owners direct contact details therefore the systematic research process on the property by property basis is essential. Diligence and persistence in the process will pay dividends over time.
- Use a map of the local streets to know just who you have met and record the property detail. Systematic prospecting is essential for market coverage.
- The first area that you concentrate within should have approximately 2000 businesses and or property owners on which to concentrate. Systematic contacting of all the businesses and property owners in the area will give you good results. You simply want to know their property needs and relocation pressures.
- Within the local area, there will be a number of properties available for sale or lease at this time. Identify where those properties are located, and get details of the price or rent as the case may be. As part of this process, you will be monitoring the time on market before these properties sell or lease.
- Know your established market area; there will be variations of property zoning and property usage emanating from the local planning office. Get copies of the local zoning plans and monitor any new developments coming up.
- Look for any properties that may be for sale or for rent through the property owner. They should be an immediate target for potential listing. Approach the owner directly.
- Get a significant number of signs across your market on properties listed with your agency for sale and for lease. The more signs that penetrate your market, the easier it is to achieve market dominance.
- Review the marketing of property on the Internet frequently to see what new listings are coming into your territory with the other property agents and property owners. When you can find a property that is just released on to the market, approach the other property owners in the same street to see if they want to compete with the new listing nearby.
You could look at this list and say that there is a significant amount of work involved to achieve market dominance in location based marketing. The reality is that most real estate agents only doing it randomly. If you are persistent and systematic, you will achieve far better results from the other agents around you.
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