Articles

Expanding Your Market With a Little Help From the Competition

by Melanie Speed

Sometimes it's easier to work with the competition than to keep competing with it. That lesson has helped many tech-savvy real estate agents  prosper even as competitors stack up in the online realty world. As new business broaden the industry and offer valuable new services, agents are learning how to carve out their niche and, in some cases, form partnerships that benefit both parties - examples of this evolution in online real estate have ranged from national listings sites to for sale by owner portals.

Successful agents realize that online competition generally doesn't replace the basic functions of a real estate professional:  understanding a client's needs, and handling the sales transaction. Those functions don't include developing technology or offering free software, although many clients are attracted by this. That means agents and brokers can let other interests unveil new widgets while they focus on their areas of expertise. And new widgets are plentiful - from mapping technology to social networking sites, real estate sees more new tools unveiled every day than almost any other industry.

Competition to display online property for sale listings is one of the biggest stories in real estate these days. Many agents instinctively want to protect their right to display listings exclusively, but this isn't always the best strategy. Many national listings sites provide a search tool that displays listings across the nation, and small scale realty operations have a hard time competing here. Buyers and sellers aren't always aware what type of site they're on when searching listings, but they tend to appreciate the ability to search and compare nationwide. Many agents have taken a pro-active approach here, sending their listings to as many national sites as possible, thereby increasing exposure for their clients. It's also possible to be registered as an area broker with many national sites, so that when users click a listing they're re-directed to the broker's personal site for service in that area - for example, if a user clicks a listing in Portland, Oregon, they're redirected to the sponsoring broker for Portland, who might pass the lead to another agent in the area in exchange for a commission. This approach can bring a broker nationwide exposure and significantly increase their market with little or no extra work.

Most agents and brokers also tend to have little patience for independent for sale by owner websites, because they cut realty professionals out of the selling process. But they also generate a lot of traffic for real estate related keywords, and not every owner who decides to sell fsbo follows through. Many sellers quickly find the process frustrating, and turn to a real estate professional for assistance - that's where well-positioned agents and brokers can benefit. By partnering with these sites, tech-savvy professionals can expand their market again with very little work.

Success in real estate often comes from partnerships and deals with other professionals, and many top agents and brokers are learning that competitors are some of the most useful partners out there.

Home Buyer and Seller Leads - Building Connections to Generate Leads

by Lanard Perry

Generating home buyer and seller leads is no small task, especially for a real estate agent who is looking for ways to get some. There are many strategies involved in generating home buyer and seller leads, but their effectiveness is necessarily dependent on current market conditions and current market conditions.

A general approach for struggling real estate agents needing home buyer and seller leads is to employ multiple marketing strategies to leverage leads and prospects. Sure-fire techniques vary, so it is safe to say that trying diverse methods can increase the odds of generating viable leads.

Three Proven Lead Generating Strategies

Below are two successful lead generating strategies that work in most market conditions, Farming Expired Listings and an assortment of Lead Generation Ideas and Referrals.

1. Farming Expired Listings. You know about it, but are you doing it? Farming Expired Listings can be a passive way of generating buyers and sellers. If you get the listings from sellers you'll then have something to attract buyers.

And guess what? When you have lots of listings sellers will call you you wanting to do business with you. I guess you can say that your for sale signs are kind of a status symbol that advertises you as a successful agent. And everybody wants to do business with a winner...right?

2. Lead Generation Ideas. If you think it you can generate leads by doing it; holding open houses, handing out flyer, networking, putting on home buyer and seller seminars, mailing letters, etc. I call this multiple streams of leads.

The point here is to create as many lead streams as you can, so that when one dries up others will continue generating leads for you. For example, some people work exclusively with sellers, but in a sellers market their commissions may dry up to nothing. So, it behooves them to be great listing agents who may also specialize in first time buyers and low to medium priced condos.

3. Referrals. No matter what your lead generating strategy is it's important to connect with them people on a personal level, as people will do business with strangers that they like before they will with acquaintances that they dislike.

The real estate business is a business built on trust and constant contact with past and potential clients can cultivate that type of relationship. If you continue connecting with your past clients, the possibilities of getting referrals, recommendations and new acquaintances are high.

Remember, relationships are built and strengthened over time and the more past clients you have the more positive leads you'll get.

Lead Generation Etiquette

Personally connecting with prospects is of the utmost importance in establishing relationships with buyers and sellers. Unlike what you think, selling isn't just about having the gift of gab - it's also about having the gift of likeability. So, the more you connect with people, the better the odds of you getting the quality and quantity of leads you need to have a successful career in real estate sales .

So, here's the kicker. When you meet old and new acquaintances let them initiate the conversation about your real estate business. It is better if you let them start and open up with the idea to make the conversation casual and less business-focused. It also lets you seem less eager ... maybe even a little desperate?

Some real estate agents fail miserably in this regard because they are overly aggressive and cannot wait for others to open up the topic. However, with human nature being what it is people who are serious about real estate business will open up no matter what; you just have to wait your turn before you pitch in.

Getting help from family, friends and co-workers will also increase the odds of generating home buyer and seller leads. But warn them about the opening up thing because you want them on the same page as you. A unified approach is important. So, let them just talk casually until others ask about you and your real estate connections.

Summarily, home buyer and seller leads can be realized from many different aspects, circumstances and situations. The most important thing to remember is to maximize your commitment to build trust and good rapport with everyone you meet.