The real estate market is as unpredictable as any other market in the world. Agents who find themselves in a slump in sales need to do something to improve their outlooks. Usually, if sales are declining, it’s because a particular sales strategy isn’t working as well as it used to.
Considering current policies and looking at ways to improve is a good start toward increasing sales. However, the actions that a real estate agent should take to shore up their sales numbers go beyond that.
To help, 16 members of Forbes Real Estate Council look at the vital actions an agent can take to adjust and improve sales when their current strategy is proving unsuccessful.
Forbes Real Estate Council member share ways agents can change up their sales strategy.
Photos courtesy of the individual members.
1. Show The Potential Gain In Value
Agents have the responsibility to understand and present views related to future home price appreciation. Buyers want to feel that they are making a sound and responsible investment when buying a home. When an agent demonstrates the potential gain in value and equity growth, they are, in effect, guiding the buyer in making the right decision. – Ed Delgado, Five Star Global, LLC
2. Get On The Phone
Talk with past clients and everyone else in your sphere of influence. These are the people who know, like and trust you and are therefore most likely to do business with you. Ask how they’re doing and then ask if there is anything you can do for them. Before ending the conversation, ask if they anticipate having any real estate needs within the next 12 months or if they know anyone who has current real estate needs you could help with. If you have this conversation 100 times, you’ll be covered up with new business. – Frank Gray, Abby Realty
3. Be Consistent In Your Activity
Consistency in marketing and sales activity is key. Assess your current marketing and sales plan. Block out one hour each day to reach out to new people and another hour to have conversations with your existing customer base. If you do this consistently every day, you will have a significant increase in opportunities! – Arianne Lemire, Glast Heim LLC
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4. Understand Why Sales Are Dropping
If your sales are falling, understand why they are falling! Is it market conditions, ineffective staff or marketing tools? Consider utilizing publicity in addition to advertising. Raise your profile in the community and become active in social groups, chambers of commerce, etc. Seek out opportunities to raise your corporate profile, such as charitable endeavors and newsworthy articles. – Ted Konigsberg, Infinity Commercial Real Estate
5. Take The Time To Understand Each Transaction
Any agent willing to take the time to understand the underlying economics of a transaction will greatly improve the likelihood of closing that transaction. Agents should address the unique complexities of a particular transaction and be creative in their approach. – John Lettera, RealFi
6. Keep The Conversation Going
This is a time when clients are seeking guidance, learning from others, identifying new solutions and refining as each week changes during these times of uncertainty. Clients, agents and companies are sharing insights and creative solutions and this collaboration is more transparent now than in the past. It’s critical to be there for one’s clients and not selling. – Anjee Solanki, Colliers International
7. Take A Close Look At The Problem
Root cause analysis is essential. Spend the time needed with owners to meaningfully look at what problem needs to be solved. Too many agents just assume that throwing more mud at the wall and hoping something will stick solves the problem. It might if you rely on luck and patience, but most sellers want speed and precision. – Jonathan Hopper, Garrington
8. Go Back To The Basics
Your database is everything. Revisit your database and mine for gold. Understand that it’s okay to fail and adjust your sails. Resilience and perseverance are the two greatest strengths a salesperson can have. Be humble and don’t be afraid to do the things that made you successful in the first place. – David Maez, VIVO Realty
9. Find Ways To Stand Out
Differentiate yourself. Look at your competition and add more value than they do. Study the agents that are killing it and seek to understand what they are doing differently. Most importantly, have fun doing it! – Brandon Cobb, TheHouseBuyinGuys
10. Pivot To An Underserved Segment
One key action agents can take to adjust and improve sales is to pivot their strategy. Identify an underserved market segment and discover where you can add value. For example, if you are focusing on a specific market that is saturated, you can expand to a new territory that is less saturated. You will be surprised at how well strategies work when you pivot and expand. – Pamela Bardhi, The Mosche Group
11. Focus On The Performers
The 80/20 rule can be a generalization, but typically 20% of the sales team generates 80% of the sales revenue. The mistake of most sales managers is spending most of their time “training up” the 80%. They leave the 20% alone because they are performing when in reality they are the stars of the company. The key to better sales is spending time on the high performers, teaching and developing them. – Ken McElroy, MC Companies
12. Focus On Growing Relationships
Go back and move forward. It’s all about nurturing relationships and cultivating new ones. Find creative ways to reach out to your current clients, look for recommendation opportunities and find new networking opportunities. – Bill Lyons, Griffin Funding
13. Get Help From A Coach
One key action agents can take to adjust and improve sales when the current strategy isn’t working well is to get a coach. Let’s face it—we don’t always have the answers we need to be great. A good coach can evaluate, condition, train and hold you accountable to push through to your fullest potential. – Cheryl Abrams, Re/Max United Real Estate
14. Leverage Technology
Use the most modern tools to your advantage and learn how to make technology work for you rather than the other way around. Take time for due diligence to use the tools available at your disposal, and carefully select the ones that will increase your conversion rate. As the CEO of a property tech company, I’ve seen firsthand how agents can close more deals by using the right tech tools. – Rodolfo Delgado, Replay Listings
15. Have Multiple Sources Of Leads
Every agent should have four to five sources of leads for growing their business. These leads from various sources should keep the sales funnels active in any market. Some of these sources of leads can be expired listings, “for sale by owner” listings, empty nesters, non-owner-occupied properties and working from your own sphere of influence. Focus on the strategies that lead to more in-person interactions. – Amit Inamdar, Own Sweet Home Realty
16. Lower The Asking Price
If a property isn’t selling, consider lowering the asking price and offer the home as “price-reduced.” In times of dislocation and crisis, buyers have a tendency to look for deals. Showing a house has a reduced asking price can get the home on the radar of buyers and generate more interest, even if the reduction is relatively modest. It plays well into consumer psychology. – Gary Beasley, Roofstock