Know your market or suffer the consequences

A surprising number of agents don’t know basic information about their communities, one of the industry’s top coaches has revealed.

Michael Sheargold from Real Estate Results Network told Real Estate Business in a video interview that consumers expect agents to have hyper-local knowledge.

“A lot of the time, people walk out of an open and say, ‘If I was selling, would I feel comfortable with this particular agent selling my property?’" he said.

“I ask some very basic questions, and I’m shocked in some of the public programs we have [at] the ability for agents to answer them.”

Mr Sheargold said those questions include things like average sale prices in the local area, the average time on market, and the number of sales during the past year.

“These are pretty basic questions, and when an agent has that base of knowledge they clearly become a superior choice for the client, and a superior choice makes it easy,” he said.

Mr Sheargold said another mistake agents make is to spend too much time talking at a listing appointment and not enough time listening to the client’s unique circumstances.

“Effectively, once you know that, then no longer is it about broadcasting your message, it’s actually tuning your message into this particular client as to what they need and they want,” he said.

[Related: Coach reveals how to master productivity]

Click here to watch the full interview with Mr Sheargold.

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