5 Tips for Snagging Higher Listings
Most agents are in real estate for the financial opportunities and freedoms it can provide. And, while any achievement – passing your real estate license exam, bringing in your first lead, closing your first deal – is something to be excited about, agents should be motivated to keep improving in any way that they can, by working to close in on more deals in less time, and make more off of each one of those listings.
You might not be on “Billion-Dollar Listing” but, if you’re interested in snagging any higher listings than you’re currently closing on, there are a few things you can do to cater to your new prospective clients.
1) Consider the Pros and Cons
While taking on higher listings is the direction many agents want to go, there are some things to consider before going forward. Larger listings simply are not for everyone, despite how intriguing the monetary incentive might be. Therefore, it’s important to think about the pros and cons:
- Smaller listings mean handling clients that might be new to the process of buying a home, and will usually be more comfortable with an agent that has a more casual demeanor – one they can relate to.
- Bigger listings mean you’ll have to “keep up with the Joneses” even if that’s not really who you are. Your clients will expect a certain level of professionalism.
- Larger listings might mean that you can stress less between closings because you’ll have made more than enough from your last deal, whereas smaller listings can put on more pressure.
- Clients for smaller listings and bigger listings can be equally picky, but in a different way. Can you handle the million dollar buyer that can’t stand the layout of the kitchen, even though he has the money fix it to his needs? Or, do you prefer the laid-back couple that has no idea what they want in a home?
2) Look the Part
If you’re interested in snagging higher listings, you’ll have to look the part. We could go on for days about the kind of pressures this can put on both men and women in the industry – to wear more makeup, higher heels, have more expensive haircuts, fancier glasses, and accessories, etc. – but, unfortunately, there’s some truth in this.
No agent should have to sacrifice what’s comfortable for them in order to do their job, and material items certainly don’t define how good you are. But, there’s no denying that the clients you’ll be dealing with want to deal with someone that understands their lifestyle. While you can upgrade the haircut or buy a new pair of shades, don’t go into debt to impress your prospective clients.
3) Get on Their Level
In addition to looking the part, agents who want to move up in the game will need to understand their audience. You’re probably not dealing with first-time home buyers, and if you are, they’ve likely been raised in a community where they know a little about the ins and outs of an investment like this. (Of course, don’t make any assumptions or generalizations.)
And, even if your background is a lot more humble, you’ll have to essentially fake it until you make it. If this is difficult for you, try to find common ground with the client, even if it’s liking the same sports team or liking a certain type of food. Use this information to your advantage!
4) Don’t Take On More Than You Can
Now you know that your wealthy buyers like Thai food, you can’t exactly bring in Thai delivery at your next in-office meaning, as generous as that may be. When dealing with clients like this, they may be expecting to meet at the most luxurious Asian fusion restaurant in town. If this isn’t with your means, then don’t do it. There are plenty of other ways to cater to your clients, without breaking the bank.
Make your own rules for yourself, for instance, put a budget aside for each client. Or, decide to do a fancy dinner only do a fancy dinner once during the home-buying process, otherwise, go for coffee or meet at the office. A client won’t normally suggest you use your own money to take them out somewhere, but if they do suggest meeting somewhere where you’re afraid it could get too expensive, it’s okay to respond with something like, “Okay, but just one drink, I have my kid’s soccer game!”
All this considered, you still need to create boundaries for yourself. Even if the end result can reward you with a lot more money in your pocket, there are no guarantees. If a client is getting too pushy, feel free to refer them to another agent.
5) Make a Presence in the Community
Don’t be afraid to put yourself out there. Pursuing clients with more money is a lot like asking your boss for a raise. You have to show that you’re ready to take on this new audience. If you’re ready to move up from 200K listings to 500K listings, be confident. You already know what to do and how to do it, you just need to be ready to face anything new that you may not have experienced up until this point. Use your strengths to your advantage. And, attend events, get involved in the community, and make yourself known among the type of clients you want to bring in.