Writer's note: This is a transition between my last article and the upcoming series which was requested by one of my readers. I admit that i cheated and cut and paste from an article I wrote last year, but the concepts are still valubale. Pretty simple....enjoy!
How Strong Is Your Magnet?
While having the opportunity to provide agents with insight about what running a business is all about, I've found that sometimes the biggest challenge is changing the agent’s angle on how they gain clientele.
First, some basics. As most of you reading this know, you have no control over the number of buyers that are out there. You can work your sphere, knock doors, sit open houses, but all of that activity cannot change the fact that there are fewer buyers out there than there were a few years ago. All of this activity amounts to CHASING deals. Once a consumer has decided that they are “in the market”, they begin a process that will result in the purchase of a home. As Realtors®, many of you know what it feels like to run out and try to grab a buyer….and knowing that there are FAR more Realtors® than there are buyers, this can be quite a challenge. Once these buyers have entered the market, they are moving toward the final goal of purchasing a home.
Now let’s shift gears. Where are they headed? Is there an agent in your market that seems to be blowing away your sales volume? Year after year? What makes that agent different from you? All things being equal…the same market, the same average home price, etc. How can there be such a dramatic difference?
Enter the magnet. Of the hundreds or thousands of agents that you compete against there is only a small handful of agents who are on the other side of the chase. They stand and watch the buyers APPROACH them, rather than running behind chasing them. From these agents’ perspectives, it doesn’t really matter how many buyers are out there, as long as the ones that are in the market are gravitating toward them.
So, for example, while 500 agents are running behind 20 buyers, these same 20 buyers are moving toward 10 agents who are “holding a magnet”. Where are the odds better? Would it not make more sense to compete with 9 agents instead of 499? The obvious answer is to ATTRACT rather than to CHASE. Sure, a few of those buyers will get caught by the chasers, but the overwhelming majority will end up hiring an agent who has attracted them through their marketing efforts.
Across most of the nation, the real estate industry is going through some challenges. During this time (as has been proven in the past), the agents that thrive will be the ones who position themselves to attract the business and be the agent of choice for the consumer. The rest have already begun to fizzle away after riding a hot market, either by leaving the business or by experiencing a slow and painful exit by trying to survive.
As we quickly approach 2009, take a look at where you’re positioned. Are you wearing your running shoes, or a baseball glove? If you prefer the latter, then take a look at your magnet. It could be your greatest year ever. Are you ready? Stay tuned for the marketing series….
Jignesh Patel is a professional speaker and trainer and works with agents across the US and Canada. To provide feedback or to schedule a private, in-office training, feel free to comment here or email him.
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