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Sources of Real Estate Listings
As a Real Estate coach, I speak to individuals’ everyday asking where they can find their next listings gold mines.
We have all been taught from our mentors and brokers that the one with the listings is King or Queen.
However, when consulting with top agents they are not using all of the sources that are available to them. This means that they have not mastered the listing skills to reach their full potential.
We hope that pointing out these sources that those who choose will begin their journey to the mastery and change their personal and business lives.
1. Sphere Of Influence (SOI)
Your SOI is made up of people you know and the people they know, but they don’t know you yet. Everyone in your SOI will have at least five friends or family members that will ask and accept their advice.
The Numbers
If you have 100 people in your SOI, then there is a potential of 500 referrals.
2. For Sale By Owners (FSBO)
FSBO stands for more than For Sale By Owners, it truly stands for Fastest Source of Business Opportunity. In today’s market it is imperative that we work with the motivated, guess what this group has done? They stood up and raised their hands, they need Help! 8 out of 10 FSBO’S will eventually list their home or use an associate for the buying source.
The Numbers
The average seller listed their properties 6 to 8 weeks after they begin the process.
3. Expired or Withdrawn Listings
This is another excellent source because the home owners have shown that they are motivated to sell their homes. Listings expire or are withdrawn due to issues with the listing. Your job is find out what those issues were and assist the homeowner in correcting them.
The Numbers
In today’s Market less than 20% of all listings will sell.
4. Your Local Business Community
Your local business community is an excellent source of listings because they are small business owners too. They have empathy for you, they are in a position to influence others and they might be interested in building a business relationship with you.
The Numbers
The Small Business world is built on referrals. The local business owner has a strong and growing business if they have a referral base of 35% to 50% for closed business.
5. The Internet
The internet is fast becoming a great source for listings, especially in cities with high-tech companies. Currently, most associates are using the internet as an excellent buyer source. Your listings site should be information based and allowing potential sellers to ask for additional information.
The Numbers
Associates who currently capture listing leads for the buyer sites have a conversion rate above 75%.
6. Your Yard Signs
The signs that you place in yards and with the proper riders definitely attract other sellers to you. The more signs you can post, the more yours will be identified with a particular area.
The Numbers
Signs that go up and come down within 90 days will insure you more listings where you are the Real Estate expert.
7. The Listing Farm
Your farm is an area of listing concentration where you become the area expert and you build relationships with the residents. Building your farm requires commitment and planning and may take up to 18months to produce results in today’s market.
The Numbers
Remember there are a percentage of sellers that will use the associate who sold them the property. This percentage is somewhere around 25% or 35% depending on your local market.
8. Bank Owned Real Estate
REO’S have been around since Real Estate was sold. They occur even in the best markets. Your ability to get REO listings will be directly proportionate to relationship you have with asset management companies and banks.
The Numbers
This listing source can be an expensive endeavor to begin. Usually the REO associate will be asked to pay for services and then be reimbursed. Some top REO associates have as much as 6 figures out of pocket monies at any giving time.
9. Short Sales
This listing source is an intensive burden on associates who do not have systems and models to maintain the proper communication with bank negotiators. Having a great Pre-listing package for short sales is vital to your success.
The Numbers
Short sales are one of the 9 avenues to relieve property owners of the ownership burdens of their current home.
Summary
These listings sources can all drive your business. The key is the foundation you lay out in your listing plan.
There is no one plan fits all out there, you need to look at your available revenue, what your listing goals are and what percentage of your business will come from listings.
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Contact us today (850) 276-4365 for additional information on taking your business to the next level.
Your success is our success.
Charlie Brown
Real Estate Coaching
2110 W. 23rd Street, Suite A
Panama City, Fl 32405
850-276-4365
Tags: Real Estate Business Coach, Real Estate Coach, Real Estate Sales Coaching, Real Estate Trainers, Real Estate Training