Top Listing Agent Traits For The New Market Part 2: New Formula For Increasing Business In The New Market

In today’s episode, we’re continuing our deep dive into what it takes to succeed as a listing agent in the new market we find ourselves in. The truth is, the new market conditions call for a completely different level of skill and effort to what got results before. If relying on what we’ve been doing all along isn’t cutting it, what is working?

Deals aren’t just going to fall into our laps now, but that doesn’t mean we can’t succeed - in fact for certain agents, this is a huge opportunity to take on more market share than ever before. 

Jeff will share how to shift your activities so you can still meet and exceed your goals in this new market, and why leaning into listings right now is key. 

 

We also discussed:

• Why contacts per day (CPD) is such a critical metric right now 
• The benefits of being a listing agent especially in this market 
• How market conditions affect the stickiness of a transaction 

 

Quotes 

 

Don’t be surprised if a buyer you have secured backs out. One of the downsides of being in a softer market is the stickiness of a transaction. -Jeff Glover 

 

This is the perfect storm for an agent with great skills to shine while everyone else flounders. -Jeff Glover 

 

Key Points 

1. In a hot market 90-95% of listings sell, in a normal market, 60-65% of listings sell, and in a down market, listings can go as low as 40-50%. That means, in this market, we can expect to see a 25% decline in our listings taken/listings sold ratio. If we want to increase our production, that means we have to increase our appointments, leads, prospects and daily contacts to compensate for the decline. 
   
   
2. The best database agents make one mistake - they fail to put new people into their database on a consistent basis. If we stop putting people in the funnel, we’re going to run out of new people to work with. Instead of just focusing on taking care of the people already in the database, you also have to work on getting in front of new people to keep feeding it. 
   
   
3. When the market softens, sellers become more critical of who they hire. In the last market, it didn’t matter who they hired, but now they want to hire someone who will make sure their home doesn’t just sit on the market. The agents with the best skills, resources, and marketing are going to take more market share while everyone else struggles.