What Slowdown….Gain Market Share and Grow!

By
Mortgage and Lending with National Credit Fixers - Matt Listro

Most Realtors I talk to in most parts of the country are reporting slowdowns in sales-some of course are worse then others. Yet despite that there are plenty of Realtors who are growing their business-even though the overall market is slowing. They are gaining market share and that is the best place to be, because the market will turn hot again, and the one who has gained market share now will reap a HUGE reward out of all proportion to their efforts when the market turns.

 

Let’s show this with an example. In the second quarter in Palm Beach County, FL there were 2,733 sales this year. That was down 36% from the 4,293 sales in the second quarter of 2005. Sounds doom and gloom but historically, 2733 sales is pretty high for Palm Beach County-just not compared to last year. Now, someone closing 5 deals a month has a .5% market share this year-that is ½ of 1%. Last year, that same 5 deals a month was a .3% market share. Think about this. Even in this declined sales number, just 1% market share would be almost 10 closings a month. JUST 1%!!!! So although it looks like the market is tough, remember, you don’t have to Own a marketplace to be a player, just 1% will do fine for most agents. If you are closing 10 deals a month you are doing pretty well.

 

And although there are more Realtors chasing less deals you must remember there is a big difference between competitors and competition. If you do the right things right you have VERY little competition. Very few people follow up with all their leads, for example, and none of them take them out to 5 times. Many people will leave a message one time and if the customer does not call them back, they assume that the customer is blowing them off. A horrible assumption. People just want to buy, they don’t want to be sold but most people feel very overwhelmed in this life just trying to live it! Not calling you back one time is indicative of a normal person bogged down in the business of life-not an indicator that they don’t like you. Now if you have left 3 messages and they still have not called you back-that is a different story-3 strikes you are out.

 

In the end, consistent follow up ALWAYS separates the people gaining market share from those that are falling away in the business. The top agents have assistants who do their follow up-that is why they are top agents. But once they were not top agents, they had to start somewhere as well. It started with them making all the calls and then the business became big enough to support the assistant but the assistant comes AFTER the follow up calls, because of them actually. If you want to grow your market share and eliminate your competition just follow up.

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Matt

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