How's the Market - A Prospecting Opportunity for Realtors

By
Real Estate Agent with Coldwell Banker 69190

Columbia, SC Real Estate We both know that you get the question all the time from anyone who finds out you're involved in real estate. Curious people who want to know what's happening around them and what's going on in their local market.

 I must get the question at least once a day by anyone who knows what I do or anyone who finds out. Typically it's just an innocent way to strike up a conversation and in my eyes that's always a welcome thing. The more people you talk to the better and the more opportunities you will get.

 But are you taking full advantage of this little curiosity on the part of the public? More often than not they are asking for some other reason than idle chit chat and you can turn this into a more interesting conversation. You just have to be able and willing to do such a thing and the benefits of such efforts can prove to be fruitful.

 How do you answer the question? Do you go into an in depth analysis, or do you ask questions yourself?

 The first thing I do when someone asks how's the market is ask them why they asked. If they say that they are just curious, then I ask them who they are asking for. Sometimes you will find that they have a relative or friend who is thinking about buying a home or selling their current. At that point you have a lot more to work with and you know much more about how to handle the situation. If they or someone they know is trying to buy, then you explain what the buyer's market is like, the same goes for the seller's market, rental market, and the investment market. Those in the business realize that these are 4 different markets, but most consumers don't think of it that way.

 Once you know the reasoning behind the question, you are far better prepared to not only answer but possibly create a new prospect. You know the name of the game, no prospects, no clients. No clients = no sells and no sells = no money. You have to be ready to make the most of every opportunity. One other piece of advice that I would give is that if you find out the person you are talking to knows someone who is looking to buy, rent, sell, or invest, see if they will give you their friend or relatives number. It's great to give the person your card and you should, but the likely hood that it will actually make it into the hands of the possible prospect and that they will call you is not very high. So if you get the chance, get their number and email if possible so you can contact them.

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Re-Blogged 4 times:

Re-Blogged By Re-Blogged At
  1. Lisa Abrams 01/04/2010 12:32 AM
  2. Sherry Clements 01/04/2010 12:41 AM
  3. Tim and Pam Cash 01/04/2010 12:51 AM
  4. Broker Nick 01/06/2010 05:22 AM
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Real Estate Best Practices
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Rainmaker
334,102
Ty Lacroix
Envelope Real Estate Brokerage Inc - London, ON

JL

Asking questions can turn a questioner into a prospect, make's a lot of sense.

Ty

Jan 04, 2010 07:32 AM #62
Rainer
81,045
Gene perez
Greater Mortgage Solutions & Valley Hills Realty - Santa Maria, CA

thats a good point on finding why they are asking .... ;-).... they might really have a need

Jan 04, 2010 07:51 AM #63
Rainmaker
1,132,801
Claude Cross
Homes By Cross, Inc. - Charlotte, NC
Charlotte NC Homes For Sale

JL - It seems you are a good listener. When you listen carefully enough, smart questions ensue. As you say why not ask for the business? Fine post

Jan 04, 2010 07:56 AM #64
Rainmaker
213,142
Sandy McAlpine
RE/MAX EXECUTIVE - Cornelius, NC
Search Lake Norman Homes For Sale - Lake Norman NC

You are exactly right. I have similar conversations with random people in my day to day and end up signing people up on automatic email listings, information on land/homes for sale in the lake norman area, etc.

Jan 04, 2010 07:58 AM #65
Rainmaker
109,461
Kim Darling
Keller Williams Westland Realty BRE# 01864461 - Fresno, CA
CRS,GRI, "Your Home Team" Fresno/Clovis Homes

Thank you, so simple, but never thought about that.  Knowing why they are asking can definitely direct your answer so much better.  Thanks.  I will use that next time someone asks, which I'm sure will be very soon!!!

 

Happy New Year.

Cheers,

Kim

Jan 04, 2010 08:05 AM #66
Rainer
41,228
Sean Wheelan
Qivana - Warwick, RI

This should work great on the mortgage side as well. We are 100% referral driven. Asking that one extra targetted question can open up more doors of opportunity!

Happy New Year!

Jan 04, 2010 08:22 AM #67
Rainmaker
101,870
Robert T. Boyer
FHA Loan, VA Loan, Jumbo Loan,FHA Loans,VA Loans,Jumbo Loans - La Jolla, CA
San Diego Real Estate & Mortgage Loans, Ph.D. | VA Home Loan

Thanks for the marketing insight.  That is definitely something I need to do.

Jan 04, 2010 10:34 AM #68
Rainer
27,105
Lauren Bianco
Weichert Realtors, Paupack Group - Hawley, PA

Lauren Bianco     You're right! when people know you're an agent the question is immediate and I     usually respond with a general answer......and now  I realize what I've missed!

So simple, but I missed it so thank you and I will change my responses now.

Thank you for a few more potential customer opportunities JL! 

Jan 04, 2010 12:38 PM #69
Rainmaker
242,291
Jenny Durling
L.A. Property Solutions - Los Angeles, CA
For Los Angeles real estate help 213-215-4758

 I'm asked that question all the time. It really Is a good opportunity to potentially pick up another client. 

Jan 04, 2010 01:38 PM #70
Rainer
31,598
Steve Edwards
Strait Realty - Port Angeles, WA

I like how tastefully done this could be ...... now just need to get out and walk the streets...:)

Great advice ...... feel free to keep it coming...:)

Jan 04, 2010 03:05 PM #71
Rainer
1,843
Diane Prince Johnston
Workway - Glendale, CA

 

Thanks, JL.  Probing into what someone's needs are who asks, "How's the market?" sounds like a powerful tool.   

Like Real Estate, the staffing industry serves as an economic barometer and we are asked what is going on in employment all of the time.  From now on, when presented with the opportunity to forecast the future, I will think twice before quoting The New York Times, CNN or Staffing Industry Analysts.  Before I utter a tag line designed to demonstrate economic expertise, I am going to to think about who is standing in front of me and what exactly he/she is asking.  Is this person an employer thinking about how to staff for the first quarter, a recruiter from another agency wondering how his/her company compares to mine, an individual considering a career change, a tall dark and handsome stranger wanting to buy me a drink?  

The scenarios are endless and from now on, thanks to you,  I will seize the opportunity to transform what could be "idle chit chat" to a deeper understanding of who is asking and why.  After all, everyone wants to be heard.  I am relieved already by the idea of trying this out and although statistics are important, can't wait for the next time that someone asks me, "How's the Market?" so that I can practice the technique and find out how I can help and relate to that particular individual making the conversation more authentic and real.    

Jan 04, 2010 11:42 PM #72
Rainmaker
361,988
Jeanne Dufort
Coldwell Banker Lake Country - Madison, GA
Madison and Lake Oconee GA

I usually begin with... it depends.

Real Estate is not just local, its type and price range specific.  So a conversation about the market has to be centered around specifics.

Jan 05, 2010 02:01 AM #73
Anonymous
Anonymous

EXCELLENT ADVICE! I always try to figure out their motive so that I can best answer their question without making their eyes glaze over! :)

Jan 05, 2010 04:10 AM #74
Rainmaker
201,239
KAREN SANCHEZ
Hamilton Landon Real Estate - Apple Valley, CA
...Marketing your home like no one else will.

I like to tell people the market is incredible.

If I know they are a home owner.  I tell them that it's great, young people can buy a home, where they were priced out of the market a few years back.   I follow up with we've had our turn it's theirs now.  I always get a nod of agreement.

Jan 05, 2010 04:45 AM #75
Rainer
117,698
Beverly of Bev & Bob Meaux
Keller Williams Suburban Realty - West Orange, NJ
Where Buying & Selling Works

Good reminder to softly and warmly turn every interaction into a potential prospecting interaction whenever possible.

Jan 05, 2010 12:07 PM #76
Rainmaker
560,308
Martin Kalisker
Greater Boston Association of REALTORS - Boston, MA
Professional Standards & Legal Assistant

I had an instructor once caution us about this question, as it could lead to a case of "implied agency" if you get too involved in your response.  The instructor said that you should respond by saying "why don't you come by the office and we can grab a cup of coffee and I can tell you more about the market."  Of course, you then have them sign a mandatory consumer disclosure form, which takes them from "customer" status to "client".

Jan 05, 2010 01:13 PM #77
Rainer
17,100
Joey Arce
NUllennium Realty/NUllennium Lending - Huntington Beach, CA

Good post and great reminder! The door of opportunity swings wide open when some approaches you with this question! Take advantage of the free marketing and swing for the fences! They or someone they know needs your excellent service!

Jan 05, 2010 02:39 PM #78
Rainer
393,215
Jean-Paul Peron
The Outer Banks Real Estate Copmpany - Corolla, NC
Carova Beach - Living & Working in 4-Wheel Drive

I create a page on my blog showing what has sold so far this year, and she that URL with the person asking.

This way feed their curiosity, and reinforce the belief that I am the source for Real Estate info in my community.

Jan 06, 2010 07:22 AM #79
Rainer
63,274
Doug Patterson
Park Place Real Estate, Broker-In-Charge - Winston-Salem, NC
CRS, ABR, Broker-In-Charge

Good Points!   Thank you for pointing this out.   You are exactly right about the fact that some folks really do have a reason for asking, and finding out that reason will help to bring them into a whole different conversation....rather than "The market is picking up", which I hear all the time from associates and do use it myself when I'm not really thinking about what I need to say.

Thanks for helping me focus!

 

Jan 07, 2010 11:58 AM #80
Rainer
131,211
Valerie Sagheddu
Apostle Art Home Staging & Design - Stroudsburg, PA
~Home Staging Professional, Poconos, PA

Great way to turn a simple question into a great opportunity. I try to think ahead about the words I use when asked questions that everyone seems to ask. The more prepared you are the more professional you sound!

Jan 16, 2010 01:42 AM #81
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Rainmaker
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JL Boney, III

Columbia, SC Real Estate
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