Increasing Market Share

In this episode, Todd & Craig talk about the current state of the Real Estate Market for a majority of the country, and what we can do to continue on with our business, and gain market share.  Use this time to build your business relationships!

Show Summary:

0:00-0:47 Sneak Peek

0:48-4:08 Intro

• Spiro has new integrations coming out for Vimeo and MergeFleet (an auto-editor)

4:11-10:05 The state of the real estate industry

• Wow covers markets as large as Columbus and North Carolina to as small as rural areas in Ohio, such as Lima and Van Wert
• People are used to low interest rates and there is some uncertainty; Wow has seen numbers trending down 15%
• Todd projects Wow will catch up in the second half of the year
• Wow has worked hard at building relationships and they are beginning to see some of that hard work come through
• A Realtor may love you but not have any listings
• Listings are down; inventory is extremely low, even for experienced Realtors
• Let us know what you are seeing!

10:06-16:19 So what can I do?

• Look for reports on your local MLS website
• Wow focuses on market share
• Market share: the percent of the market you shoot for
• If the market is down, are you still shooting the same percentage of jobs out of the number of jobs in existence?
• This shows whether you are growing
• We gained new clients; how many clients are we not shooting for now?
• Calculate your market share: number of new listings last month for your city/ies divided by number of jobs you show that month
• That number will stay consistent when the number of listings fluctuates
• Interest rates aren’t actually that high
• People still want to move; the number one factor driving the economy is the housing market

16:20-33:05 How to increase market share

• 1: Get new clients
• Build good relationships; get to know them and show them that you care
• Celebrate their listings with them
• Don’t take it lightly that they chose you to be part of their marketing team
• Show gratitude; don’t take them for granted
• Care about them as human beings; they are trying to put food on the table just like you are
• Send out handwritten notes; try doing one per day every morning to start your day by succeeding at a task
• 2: Innovate and launch new products
• Wow launched Zillow 3D (it is cheap and easy to shoot) and floorplans (Wow uses Cubicasa) 
• Every agent will respond differently
• Try automatic scheduling; Wow just switched and clients love it
• Wow offers marketing assets and toolkits with fliers and social media
• 3: Ask for referrals
• It’s easy- “Can you put me in contact with…?”
• Know who you want an introduction to
• Craig tries to keep it within a brokerage; some brokers might not want to introduce you to their competition
• Feel out the client and see what seems possible; the worst that can happen is them telling you no
• You can also institute a referral program; people will do whatever they can to save money
• Remember, you are selling salespeople; they will recognize a good deal
• Tell them, “I know I can’t sell you, but I can find out what your goals are and see what we can do to help you achieve them; I’m not going to try to pressure you” and mean it

33:06-37:31 The market will bounce back; keep working hard

• Feel free to share the podcast with those who might find it helpful, including Facebook groups

 

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