How do I get more listings in real estate?

A Reader Asks:
How do I get more listings in real estate?

There are three main strategies you can take to getting more listings. It’s up to you to commit energy and resources to the one you feel is most appropriate for you:

1) Find a Differentiating Factor:
What sets you apart from other Realtors? Whenever I ask prospects and clients this question, I get the same laundry list of responses. They tell me they provide better service or they offer a discount or they are quick to respond. When I look at agents’ marketing materials, I read things like “#1 real estate agent” or that “I’m different from other agents.”

The truth is that none of these are good differentiating factors because every agent says them. And once everyone starts saying the same things and doing the same things, there’s no differentiation. Instead, find a way to differentiate yourself that’s bold and clearly states how you’re different. Don’t tell them. Show them.

2) Outspend Your Competition:
Spend more on advertising and mailings and other promotions so that you do get greater and repeated exposure to your audience. It does work but it takes a long term approach. In the short term, you will burn through a lot of cash breaking into the market and establishing your dominance.

Look at how Microsoft operates. They see a profitable industry they’d like to get into and buy up a few companies. Then they blitz their current customers and everyone else with ads, promotions, and samples. They look for ways to get their message out - through the media and customer evangelists - and they pick up those messages and market some more. It’s the same way with real estate or any other industry. You can outspend your competition to reach more people more frequently.

3) Find a Niche and Fulfill Their Need:
The last strategy is to find a market that has an unmet need and focus your efforts on solving their problems. Niches usually have less competition than the overall market, so if you can create a marketing message tailored specifically to your target audience, you’ll stand out. The benefit of this is that you start small and build a reputation as the agent to go to for this particular niche.

The absolute worst thing you can do is say that you focus on “buyers and sellers.” It’s too general. Marketing works best when you can reach the same people repeatedly. It can take 6-8 times before people even start to recognize your firm. Reaching them once or twice is not enough. You have to have enough resources - time, money, and expertise - to reach these people on a constant basis.

What types of people should you focus on? Consider these: first time buyers, baby boomers, vacation home buyers, second time move ups, Hispanics. I bet if you start brain storming and you can come up with more.

Tags: real estate, marketing