Maintaining a sufficient level of inventory at all times is one of the most challenging aspects of a Realtor’s job. In markets like Chicago where inventory seems to sell as quickly as it is listed, it can be challenging to keep up with growing demand. Not a bad problem to have, right? But without sufficient inventory growing a real estate career to its fullest potential is more difficult. So if you want to stay on track and reach desired goals, here are the three most important things a real estate agent can do to ensure they have sufficient inventory at all times in any market.
Prospecting for new clients is by far the most important part of a Realtor’s job and most agents would probably agree. While most agents indicated that prospecting was part of their daily routine, only 26 percent indicated they spend several hours per day finding new clients, according to the Life as a Real Agent Survey conducted by Placester in 2013. Prospecting comes in many forms such as cold calling, following up with previous clients and networking, to name a few.
In order to find new clients and maintain sufficient inventory of properties at all times real estate agents may want to consider dedicating at least half of their day towards prospecting. Selling real estate is a numbers game just like any other sales position. The more people you speak with or meet on a daily basis the more opportunities you will have for growing your business and career.
Real estate is a people business so it stands to reason that client referrals are the backbone for building a solid real estate career. In fact, more than one-third of sellers asked a friend, neighbor or relative to recommend a real estate agent based on a National Association of Realtors® (NAR) survey. The best way to increase your referral base is to simply ask for them. Start with people you know and work your way out from there.
In real estate, everyone you come in contact with is a potential prospect and everyone knows someone who needs a real estate agent. Whether you are speaking with a prospect on the phone, showing property to a client or networking, always ask if they know someone who can benefit from your services. If you are able to get three referrals from everyone you speak to you will quickly build a steady source of prospective clients without much additional effort that will help you maintain a sufficient inventory of homes.
Advertising and marketing
Another important factor in maintaining sufficient inventory is effective advertising and marketing for lead generation. The operative word here is “effective”. There are tons of channels to spend advertising dollars on, but not all are going to generate leads. The most effective source of lead generation today is online. That’s not surprising considering the vast majority of buyers and sellers begin their research online.
Email, local newspapers and magazines, newsletters and direct mail can also be very effective in finding buyers and sellers too. Be careful not to underestimate the effectiveness of print advertising though. While more than half of consumers used a website or search engine, it may be surprising to learn that nearly one of out of four used a print newspaper ad as an information source for finding homes, according NAR. Consider these factors when allocating advertising and marketing funds and carefully measure the results to ensure they are working for you.