Tips and tools to get a jump-start on a busy selling season
Business has been booming in the Illinois housing market, and it is not unusual for Sheena Baker to see multiple offers on almost every deal.
“Most homes are gone in the first 48 hours,” says Baker, a residential and commercial broker at CarMarc Realty in Aurora. “There are just so many people bidding on the same properties while we have 50 percent less inventory than last year.”
Whether you work in real estate in a small town, big city, with a team or all by yourself, some aspects of real estate have changed because of the pandemic, low inventories and even lower interest rates.
As we head into what is expected to be a busy spring selling season, now is a good time to rethink, retool and refresh some of your tactics so you hit the ground running.
Show Your Value
“There’s a lot of pressure on the consumers to say, ‘I don’t need you (a REALTOR®),’ ” says Chris Read, designated managing broker/owner of CR REALTOR® in Woodridge. She also is a trainer, consultant and instructor at her business, CR Strategies LLC. “They tell us buyer agents don’t do a lot to earn their money anyways.”
REALTORS® need to show clients the value they offer by helping them make the best decision for their particular needs in this market, she adds.
Read emphasizes the importance of going to closings. She’s worried agents are taking shortcuts because of the pandemic and attendance at closings has been limited. That trend began happening before COVID-19 entered the picture.
“Never before has there been more reason to make sure our value is real, sincere and communicated,” she explains. “Every time we shorten our services, we are cutting into our value proposition.”
Baker shows her value by being consistent and staying in constant communication.
“Follow-up, giving speedy responses and becoming very educated in this business all play important parts,” she explains. “You also need a good CRM (customer relationship management) system.”
She switched her system last year to make sure she was being more inclusive, and everyone she came into contact with was put in the system.
“It was tedious, but so needed,” she said.
She improved her business, too, by hiring an office manager in early 2020, and has seen a 67 percent increase in closings.
4 tips for writing killer listing descriptions
After writing hundreds of property descriptions, it’s tough to make another three-bedroom, two-bath house stand out. But, painting pictures that entice action, evoke emotion and hopefully generate interest are worth it.
1. Be creative. Get away from the stale, expected MLS narratives and choose the best adjectives and verbs.
2. Avoid redundancy. Don’t repeat information already noted in the statistics. Let the features soar with descriptions, such as: “newly laid engineered hardwood floors can withstand clogs, dogs and anything else you throw at them.”
3. Flaunt finishes, upgrades and remodels. If the master bedroom sparkles and shines like an expensive spa resort, say it.
4. Tell a story about the property. Describe what life will be like if this property becomes a home. Paint a picture.
Get a Coach and Get Efficient on Social Media
“Every coach has a coach,” says Jen Conrad, founder/president of the Conrad Company in the Peoria area. She helps small businesses and entrepreneurs with branding, social media, consulting and web design.
“The world is a very different place now. It has forced people to grow their business online and to provide more online,” she adds.
But social media isn’t a replacement for building relationships, she says. It’s a good place to connect, but you need to take time to get to know people. The goal is to be able to take it into a private message or private phone call.
“Service people whether they are going to be a client or not,” she explains.
Conrad had been in real estate for a few years when the downturn occurred in the late 2000s. Now she teaches REALTORS® and other entrepreneurs to show who they are when building an online presence. People want to see behind the scenes, your interactions with family and friends, doing workouts and balancing work with life, she says.
Concentrate on Existing Relationships
“I tell my agents not to churn and burn,” says Nick Libert, CEO & Owner of EXIT Strategy Realty in Chicago. “You won’t need 1,000 contacts if you go deeper with the contacts you already have.”
Build better relationships and offer more interaction and touches to those already in your sphere. He says it doesn’t cost a lot of money.
“You help their dreams happen, and they help you with yours. You build a business on personal relationships. You aren’t chasing strangers and putting yourself in danger,” he adds.
It takes between five and seven total touches to build a relationship. A monthly touch with an item of value can foster that relationship. If you are new and don’t have a lot of contacts, you have to take the time to follow up your circle of trust. You already have them on your phone, in your CRM, or on social media, Libert explains.
Make sure to categorize your relationships according to what they need, starting from the bare minimum, such as one touch a month. Others looking for homes or investments may need to be reached every other day.
Here are more tips on making your business better:
- Lead generation is huge. “There needs to be a rainmaker on your team, focusing on lead generation to bring leads in and hand them out to the buyer agents in this marketplace,” Read says. “It’s a fast moving target.” Public portals where agents have been buying leads, are now becoming their own brokerages with agents. Lead generation sources are changing.
- Give neighborhood statistics. People want to know what sold in their area and other data, Libert says. Consumers want overall market trends, and it helps that you know what you are talking about.
- Get a good CRM program. For many years, surveys have shown people choose REALTORS® by referrals from neighbors, friends and family, Read explains. “It’s a relationship business.” Keep in touch with people even if they aren’t buying or selling for a while. They know people who know people.
- Stay in tune with what’s happening in the world and locally. “What problems can you solve for others?” Conrad adds. “Things are continually changing, and you can address certain issues and use your social media space to be a light and inspiration.”
Take advantage of REALTORS Property Resource®
A comprehensive database awaits you through the REALTORS Property Resource® (RPR®).
As a member of the National Association of REALTORS®, you have free access to the analytics and client-friendly reports for all aspects of real estate including commercial, residential, appraisals, brokers, associations and MLSs.
You can research zoning, permits, mortgage and lien data, schools and foreclosures.