Real Estate Agents looking to make more money
If you don’t have enough hours in the day, but are seeking to increase your income, these tips should help -
Increase the size of each sale
There are two direct ways to boost sales, either increase your number of sales, or increase the value of each sale. Prospecting, qualifying, and listing new customers takes time, and energy. It is far easier to increase the size of your sale, than to expand your customer base.
In Real Estate the common practice is to increase the commission, but in a depressed market that is uncompetitive. Bundling products or marketing programs together, or creating bigger, and more expansive ones is another alternative. There are several home products on the market that an agent/s can suggest, raise alternative income, for instance, for empty properties commissions can be raised by referring a security company to commence patrols, the same can be arranged with gardeners and some trades people. It is important however to remain transparent, and advise your client of any commissions, fee’s, or interests you have in those services or products.
Look at your own Database first.
I’ve been in sales for years, and the largest amount of listings I receive, or are offered are by word of mouth referrals, but when I ask them who referred me I get blank stares.
My advice is to set up a referral marketing campaign. Contact your clients every 30 days outside your normal interactions (either by phone, email, facebook, or handwritten note), and share something of value with them. Every third contact should include a request for a referral.
Leverage your sales results
As I stated above, you can create commissions through partnerships, but you can also use those partnerships, or referral networks as marketing tools. Through joint ventures on marketing, for example Flyers with a complementing business offer on one side, and, your offer on the other side, you can double, or triple your marketing effectiveness, and leverage your sales growth significantly.
I have spent the last 22 years in all aspect of Real Estate from Developer to Principal. If you are seeking advice, don't hesitate to drop me a line.