What is the process to get a listing and close it?
Listings are one of the most powerful ways to grow your real estate business in any market. But if you want to become a mega lister, you need to master the listing process.
Join today's episode of Ask the Instructor to learn more about the listing process and how to legally earn commissions for helping people sell their home.
In this blog post, we are going to focus on the listing process. If you can list a property on sale, that will be your inventory of your quality leads that will eventually turn out your closing deals. Which means, commission or income for you as a real estate sales agent.
An average real estate professional can go through the listing process within 8 hours from the getting the potential seller however, this is an average real estate professional which is only driven by numbers—it means, it can be less than 8 hours for those whose an expert or maybe going to be more than 8 hours for beginners or amateurs. Regardless of the number of hours you can go through the process, you need to be enlightened about what are these processes inside the Listing Process, which we are going to discuss today!
Leads what drives this process, from cold leads to hot leads to quality leads that means can be converted to closing deals! So let’s understand first hand how to generate these leads which will be the first part of the Listing Process.
- Gathering Potential Seller — Yes, you are not reading this wrong, potential or not yet sure about selling their property. There are different ways of getting potential sellers. Let me give you those ways so you can check whether this method of getting potential sellers is already part of your marketing strategy or business plan on generating leads.
- Internet - since we are on the modern age now, internet is one of the way you can get leads. May it be via ads (facebook, google, etc) or via social media which you need to scale to get more reach and impression.
- Sphere Influence - nothing beats a no-cost lead source other than your friends, relatives or friends of friends.
- Past Clients - Ever gone to a restaurant and enjoyed their food so much that you want to eat again at the same establishment or eat there again with someone that is special to you? The same thing will happen as well if you provide stellar Real Estate service to your previous clients and didn’t give them a bad taste in their mouth working with you. I’m sure they’re keep coming back for your service.
- Face-to-Face - if we do have a modern age, we do have an old method but a golden way of generating leads. Activities like, door knocking, conducting open-houses and community events to widen your branding appearance toward your farm area.
- Phone - cold calling expired listing, and For Sale Buyer Owner (FSBO) Listing
- Mail - sending postcards, mailing letters about you and your business so that your neighborhood will know what your plans are and how you can be a help for them!
- Office / Team - Why not get leads from your office or team, we might get a nugget of their list of leads right?
- Referral Networks - there are agents or non-agents that specialize with giving you surging leads that can be converted to closing deals, you just need to find the right network for you within the neighborhood that you are farming.
- Nurture Stage — After getting those list of leads. You need to ask yourself, does these leads know what their interest or needs are with the property? That’s when your expertise will come in. More often than not, you want to know, where they want to relocate? Why did they want to possibly sell their property? Are they looking forward to get a bigger property for their growing family? These are the questions that you might consider to nurture these potential seller. Plus, use your expertise to give tips on how to plan their expected or unexpected property sale.
- Considering Stage — There are leads that don't need nurturing or if you nurture these leads, then they will consider doing business with you now. This is when you will validate the question that you have before and address those. Not to mention, you might want to pull up the ace upon your sleeves “Understand their equity”. This will give them a better position to sell the property if they know what they will get after doing business with you. Will there be enough equity to sell the property that they can take profit from there or they can be at an advantage when doing it? After they consider it. This will be the stage when they will do the repair and renovation of the property if needed to have it ready for sale.
- Moving Forward Stage — This stage is when your listing agreement is being called upon, may it be a verbal or written agreement (contract).
- Listing Stage — All hands on deck to possibly close the deal in the nearest or most desirable time. This is when you will utilize your marketing skills to advertise your property listing, having it listed within MLS system, or conducting open-house to let yourself be known about your business and also marketing the property that you are trying to close.
- Contract Stage — This is different from the moving forward stage wherein you’ll get the listing agreement, but this is where you will have the contract signed up to be ready for a possible closing deal with a potential buyer!
- Closing Stage — This is the stage where you will be closing the deal with your seller and the buyer. Means, commission or money for you, and the buyer listing agent.
- Follow Up Stage — Closing stage doesn’t mean the end part of your Listing Process. You might want to consider this stage. Remember one of the lead generating potential buyer that we have listed earlier? Yeah, you are correct, that’s PAST CLIENTS. This stage is when you are going to follow up with your client. As studies show, property owners do another property transaction after 5-7 years from the purchase date. If you leave a good taste in their mouth, you'll definitely be the first one that they’ll have in mind, whether they will do another transaction or a person within their sphere of influence will do so.
