Real Estate Blog - Do you have a Hot List?

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Do you have a Hot List?

Do you have a Hot List? Recently in my office an initiative started to create an internal "HOT LIST" of properties. A property to be worthy of the hot list has to meet a couple of criteria:

Priced to Sell compared to Relative Properties
Something Unique, Special, Remarkable that Sets this property Apart from the Crowd
A property that "YOU" would buy if you were in the market for this type of apartment

The hot list would be circulated between agents and we would see some potential deals for our customers. I think this idea was great. I recently heard the quote, "You Sell what you See." We all have customers that pass on properties for certain reasons, but throughout the process of showing a property or during a negotiation you see what a property could trade for. You see that somebody could get a really terrific deal.

One of the iron clad rules of the hot list was that the property cant be one of your own listings that you've been trying to sell for the past 10 months with no avail. You can't exchange in a "I'll rub your back you rub mine" exercise of agreeing to recommend the listing of the person you sit next to in the office and vice versa. We all know when we see an overpriced listing!

I look forward to seeing this week's hot list. There are a lot of super creative, very smart, productive agents in my office and I'm sure they come across some interesting apartments in their daily routines. I am hoping some of these properties fit the bill for what my customers are looking for.

If you would like to receive the Hot List just to see what properties are being recommended contact me today (917)837-8869 and I will put you on the list.

Posted by Morgan Evans-New York City Real Estate Expert on 07/24/2009 11:51 PM

Comments (34)

Hot List in the Sales Strategies / Tactics Channel

hot list

Post is included in group: "Whacked"!!!
Post is included in group: Prudential New York
Post is included in group: New York Real Estate Agents and Associate Brokers
Post is included in group: I Love NY

34 Comments on Do you have a Hot List?

JUL

Morgan: I can see this as being a real good deal. I can also see some agents thinking every property they get should be on the hot list.

This sounds like a winner for all involved. You mind if I mention this to my broker?

JUL

Morgan: My hot list is my own listings. After that, of course I always have in mind some excellent homes that would be great values for my buyers. But as far as sharing them, I do not know many agents who would do that. They would feel the market is too tight to "give away product." At least that is the way some of them come across. But... not in MY office... of course... LOL.

I have a personal hot list, but I would LOVE to share one with associates in the office. What a great idea!

Excellent idea! Sounds like all of the properties on the hot list are all "shiny pennies".

Interesting concept. Anything that

a. Gets your hot properties moving the way they should, and

b. Gets your buyers a great deal.

Sounds like a win-win!

Great idea. . .and maybe create a brokerage operated website for people to subscribe to this hot list. .

I like that! We need to start something like that here. It is sometimes hard to pick out the jewels with so many properties on the market!

I email out a top 10 list every week of hot property's that are new on the market and priced well or investors property's.

Morgan,

Congratulations on your feature! I imagine there's some competition for placement on that "hot list."

Mike in Tucson

Great idea - only in our area properties are still moving so fast that by the time you get them sent out they may not be available any more!

Morgan, this is a good idea. Good criteria you have put together. Criteria between agents may be different on what is considered hot. Our office does a hot sheet which is all new listings. But your idea is much more refined.

Morgan, the idea certainly has merit. However, I only go to the office to take files for listing, contracting, and closing. The modern office often times is so diffused in it's activity that it is hard to share this way. We don;t have office sales meetings, we don't have tours. [pricing a home right will certainly make everyone's hot list. I admire your willingness to help others closest to you.

I recently heard about this idea and I think it is really cool! I am going to start doing this in my offices! Thanks for the reminder and for the post!

Jeani Thomas Richie, REALTOR

This would be your "Best Buy in ........." list ?

Sounds like a good idea.

Patricia Aulson/portsmouth nh real estate

Great idea. It's hard to sift through all the possibilities, nice to be able to prioritize what should be seen first.

We have a "hot list" that we send out every week to 10 days. These are properties that we have recently staged and send out to our base. It has been the best tool yet. The homes are HOT and have been getting offers within the first week. This list helps all the agents, buyers, and investors that we send out to, a chance to see and view some unique homes that end up selling very quickly.

Great idea.

It is so much nicer to help out the agents in your own office by helping to sell their properties.

OK, the secret here is I ask clients if they would like a Hot List of homes and then I make a List based on what they want. Some how the term "Hot List" is a turn on.

I used to do a top 10 list also, and haven't done it in a while. It's makes for a great blog post!

Morgan - this would also be great info for a Facebook business page! Great post, congrats on the feature!

Hey Morgan -- Interesting topic and it would make for some good blog posts, etc. Some buyers you never know what is really going to interest them, so I have learned not to say a whole lot that isn't objective.

Very interesting idea there! I like it and am trying to figure out a way to make that work in my own office. Thanks.

Morgan, The hot list sounds like a wonderful idea! Working together and putting the best listings together would help those properties sell even faster.

This sounds like a great way to market as well as to maybe find that extra special property for a client.

Morgan,

Our MLS has no mechanism for searching just for short sales or REOs - very hot in my area. I keep my own list and update it regularly; preview those listings too. Would I share this list with another agent? Not in a million years!

I realize it isn't quite what you mean but distressed properties are what buyers are asking for - whether or not they buy them.

JUL

Good idea. i wonder, do you also add listings from other companies. That really validates that they are hot and not just promoting a company's properties.

Thanks for everyone that stopped by. To clarify, the HOT LIST is not just our own listings, it is a list that compile with OTHER company's listings and well priced. This way it is fair and objective, the price MUST be right in order to be on this list. If any agent in the office sold a property on that hot list, the agent who recommened the property to be on the hot list gets a gift certificate!

Thats a great idea. I usually put them on my blog with the 'Deal Alert' notice by the price or on the header. We don't circulate them though like you mentioned. But you are correct that sometimes what's seen or shown has a way of sticking in your mind. Don't know what that concept is called but I know it works with me!

Irene's comment: Our MLS let's us search for 'keywords' like REO, below market, etc. to make that easier. I just follow a couple of towns everyday and when I see the address and then the price, I know it's a deal. See if that works for you in your MLS.

What a great idea! Now to get the people in my office to get together to compile our Top Ten! I'm off and running.

JUL

Morgan: Interesting concept. I have not seen anything like it to date, but this would work well in our environment as well.

JUL

I really like this idea. I think this is what marketing and re-packaging is all about. I can also see the benefit to the consumer in that they don't have to wade through all of the muck out there.

AUG

This is a great idea Morgan. I will try to do this in my Office.

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