Three Things Agents Can Do To Dominate the Spokane Real Estate Market
In any given real estate market, there are always a select few agents who dominate. They sell more homes, make more money, and have a larger sphere of influence than their counterparts. So how do they do it? What sets them apart? Read on to learn three things you can do as an agent to become a major player in the Spokane real estate market.
1: Take Steps to Shine in a Low Inventory Market
In a tight market, there are more buyers than sellers. On the one hand, this is good, in that real estate prices will be on the upswing. But it also means that competition is fierce, and you will want to be the agent chosen by sellers to list their properties, as well as the agent whose buyers have their offers accepted by sellers.
One way to attack a low inventory market is to get creative with your approach to listings. You cannot just wait for sellers to come to you. You will need to be proactive, and look for properties that are going to be available soon. You can send out “feelers” to area homeowners, to find out if any are thinking about selling, to see if you can help them get their property on the market. Even if they already plan to use another agent, you have put your name on their radar in case things don’t work out, and you have still gained an advantage: you can give your potential buyers a heads-up.
2: Know Your Market Better Than Other Agents
You can also stay ahead of your competition just by keeping better informed. Whatever spare time you have can be spent getting to know neighborhoods in detail, keeping close tabs on every property that gets put on the market, and finding out what has been taken off the market or recently sold. When you know what is out there, you can more quickly match up your buyers to houses they will want. And when you know what recent homes have sold for, you will know how to gauge your asking prices more accurately, as well as design offers for your buyers that will be accepted. A lot of your success depends on the accuracy of the advice you give to your clients, and when you know the market, your advice is reliable.
When it comes to marketing yourself and your inventory, closely monitor the marketing channels and campaigns you use to determine which provide you the best return. Don’t simply rely on the “routine” routes that every other agent takes. Regularly follow up with all your leads, and create a reliable method for filling up the pipeline of new leads. Real estate is a “people” business, and the more people you know, and the more people you network with, the more information you will glean, and the more likely people will reach out to you when they need an agent.
3: Make Offers That Get Accepted
Find ways to make your purchasing clients succeed. One way is to take steps to ensure that your offers are more enticing than those of the competition, while also making sure your buyers are happy with all the terms. Here are a few strategies you can use to help your buyers get the houses they want – and to become your best resource for word-of-mouth marketing.
Many buyers are looking not only for homes they like but homes that they can afford without causing a financial strain. This is a big concern when you know you may have to be prepared to engage in a bidding war, so the more you can help your buying clients in this area, the better.
Initially, help them find competitive financing that can enable them to readily afford the house that they want. Financing options are pretty varied, from fixed-rate to a variable rate, longer or shorter terms, and so on. Help your buyers understand all the terms, and make sure they are comfortable with the deal.
Other tools can also help your buyers. If down-payment funds are tight, try to find a loan that will incorporate closing costs into the loan amount. If you are making an offer on an older home, consider adding a home warranty or repair policy in the deal, so your buyers feel confident moving forward.
If you get to the offer stage, you can also offer to cover the cost of a home inspection. While this does come out of your pocket (unless you agree to share the cost with the seller or seller’s agent), it demonstrates your commitment to your buyer’s welfare, and it is ultimately insurance for you: if the report is positive, the deal goes through; if negative, you have saved your buyers from a bad deal or helped them negotiate a better deal. Either way, the gesture will not cost you significant funds and will provide a tremendous return in terms of goodwill and reputation.
If you want to be the top agent in your area, these strategies can help. If you want more information or help in making your real estate career take off, contact us today at Prime Real Estate Group. We’re the most innovative real estate team in the Spokane area, and we are always looking for people who want to raise the profession to a new level.