Over the last few months, many real estate agents have been forced to reinvent their businesses. Many real estate agents understand the need to change, but don’t know where to start or how to do it. In this article, I’ll show you how to quickly reinvent your business around the best home sale opportunities in your marketplace.
To make money in today’s market, you must study demand. You must invest some time researching your market. Many small businesses make a critical mistake when looking to make a change. They spend time and money pursuing a new opportunity without knowing if the new opportunity will generate income. This is actually backwards. Find out what is selling today in your market. Then build your business around this opportunity.
Right now there are a few agents in your market who are experiencing an increase in sales. This means some homes are selling and some agents are doing very well. You must find these pockets of activity in your market.
This agent would spend a lot of money trying to get clients in this higher price range. They would probably list a few homes and spend time advertising these homes. They would host open houses to appease the sellers. All of this effort for nothing, because the homes won’t sell. This agent ultimately become very disgruntled throughout this entire process. To sell homes in this market, you should analyze the following:
1. For homes that are selling today, what styles are they?
1. Which homes are selling TODAY?
2. What price points are the majority of sales?
3. What specific areas are these homes being sold in?
5. Who is buying these homes?
6. Which agents are doing well in this market?
6. What agents are listing or selling these homes?
7. What marketing strategies are agents using to get new clients today?
Use your MLS to study recent sales. Don’t waste time looking at active listings. Focus on home sales that have closed recently. Study these homes to find demand in your market. Use the MLS information to direct where you focus your marketing and sales efforts. Prepare new advertisements targeting the prospects who are actually buying and selling homes today. Use the recent home sale activity from your MLS to pinpoint where the demand is for your business.
