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Whether prices are climbing or falling in your submarket, there are three simple strategies you can follow to maintain (or even increase) your income this summer.
Before I get to the first strategy, I want to address a question that several agents have recently voiced. Agents who have enjoyed two or three very strong years are now wondering if the real estate industry is still the right place for them. Some agents feel the job has gotten notably more difficult this year.
We each have to make our own career choices, but one thing is certain. The Australian real estate industry is full of potential, and it will remain so for the next two decades, at least.
Just think about how much value is embedded in homes in this country. Australia’s residential real estate is worth $9.7 trillion. As CoreLogic points out in their monthly chart pack, that’s about three times more than the $3.3 trillion superannuation industry.
That may seem like a lot of money, but there is every reason to believe that the country’s real estate market will be worth much more in the years to come. The industry will continue to benefit from positive trends such as strong immigration and population growth, the preference for living in land-scarce areas near the coast, economic strength, the green resources boom, insufficient new housing supply, and government policies that protect and encourage home ownership.
Even good long-term trends are cold comfort if you’re having a tough month. So, let’s get to the strategies that will help you thrive this summer.
Make hard conversations easy
Polish up your ability to have hard conversations with both vendors and buyers. Buyers may not understand why it’s in their interest to purchase now, while rates are still rising. On the other hand, vendors may need help setting realistic price expectations.
Agents who can handle these conversations will continue to close sales in tough times. Ask your coach or trainer to help you develop answers to the really hard questions. Then practise, practise, practise. You can use the Voice Recorder app on your phone to record and then listen back to yourself until you get it right.
Stick to your routine
There are basic, time-proven practices for winning new business. Every agent has their own mix, and persisting with your daily routine is more important than ever this summer.
You may like to set daily goals and reflect on yesterday’s progress. Perhaps you get good results from a gratitude journal or script practice.
I know agents who schedule two one-hour lead-gen sessions every morning. They focus the first hour on generating new leads and the second on lead follow-up.
Other agents follow a “10:4” routine, which means 10 contacts, 10 CRM updates or new entries, and 10 handwritten notes every day, plus previewing at least four new listings.
Whatever your routine, focusing daily on adding new leads to your CRM pipeline and then moving them through the process is how you create signed contracts.
Make the most of what you have
Most agents fail to take advantage of all the benefits their software provides them. Before you sign up for yet another piece of software, ask yourself what else you can do with the tools you already have.
To give you ideas, I asked Cody Bice, who is managing director at Raine & Horne in Newcastle, what his team does to generate leads that most other agents don’t.
Mr Bice told me his agency is still listing and selling properties with great results. One of Raine & Horne Newcastle’s secrets is to use its CRM to create automatic checklists for every property so that nothing falls through the cracks.
“Everything is paperless,” he said, “which allows us to action things more quickly and lets team members hand off to each other without missing a beat”.
Mr Bice explained that his team also utilises their CRM’s automated touchpoint SMS and email.
“A good example is if we tag someone as an investor,” he said, “they get an automatic info on the BDM, and then the BDM is set a reminder by the system to call them two days later. This is similarly utilised for sales prospecting.”
Making more of what you have, sticking with your routine, and practising hard conversations are three strategies that can help you thrive this summer. I hope you find them helpful.
Joe Hanna is the co-founder, chief executive, and managing director of PropTech Group Limited.
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