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Employing an exhaustive list of lead generation tools and replicating other successful agents are some ways to rack up 100 sales a year, according to Tom Panos.
The real estate coach and founder of Real Estate Gym provided some methods agents could implement to increase the number of sales per year, including conducting targeted letterbox drop campaigns, marketing “just listed” and “just sold” success stories, making anniversary calls to previous vendors and buyers, and connecting with influencers.
He also suggested growing client referrals, conducting property inspections, connecting with influencers, seeking past internet leads, and appearing in weekly livestream videos.
Alongside this, expired listings could be an effective lead generation source as agents could contact these vendors, according to Mr Panos.
“Expired listings weren’t happening in 2020–21 but they’re beginning to happen because the list to sell ratio is changing, as are the number of days on market,” Mr Panos told REB.
“There are three systems that agents could be using for expired listings. Firstly, track every listing on the market. Second, subscribe to alerts at day 60 of a property being listed. Thirdly, have a very powerful, irresistible, unstoppable approach to vendors whose property listings are about to expire, so you can be on their radar.
“That requires having very impactful scripts and dialogues.”
As mortgage holders and home buyers grapple with mortgage stress amid increased interest rates, recent CoreLogic data revealed properties are taking longer to sell at a national level, with median days on market at 32 in the three months to July and 33 in the three months to August 2022 (up from a low of 20 days over the three months to November 2021).
Across the capital cities, Darwin recorded the greatest number of median days on market in the three months to July 2022 at almost 50 (up from 46 during the same period in 2021).
Meanwhile, Sydney saw the largest increase over the year as median days on market increased from 24 in the three months to July 2021 to 35 in the three months to July 2022.
Mr Panos spoke to REB ahead of its REInnovate conference in Melbourne in October this year, where he will unpack the new rules of real estate and explore how the COVID-19 pandemic has changed the industry’s landscape.
He told REB that the COVID-19 crisis engendered complacency in real estate because of the booming property market.
“Complacency creep came in and agents stopped doing certain activities that they were doing in a normal non-COVID environment,” Mr Panos said.
For example, agents were not producing written reports to vendors because they were being bolstered by the booming property market, according to Mr Panos.
In addition, COVID-19 lockdowns and social-distancing rules prevented agents from doorknocking, he added.
“Circumstances in the environment got agents out of this habit, not necessarily complacency,” Mr Panos noted.
However, rising interest rates and declining housing demand are creating an increasingly challenging environment for agents, as properties are taking longer to sell and vendors are being compelled to offer greater price discounts to close deals.
According to CoreLogic, the median vendor discount at the national level increased from a record low of 2.8 per cent in the three months to April 2021 to 3.8 per cent in the three months to July 2022 and 4 per cent in the three months to August 2022.
“Because we’ve seen the marketplace change in many markets across Australia, we’re seeing that vendors aren’t getting their dream prices anymore,” Mr Panos said.
As such, Mr Panos urged agents to “learn how to be a modern vendor manager by using data from technological tools to educate their customers”.
In his session at REB REInnovate, Mr Panos will argue that the high-tech, high-touch real estate agent will dominate the market, while arming agents with checklists and lead generation tools to increase their annual sales figures.
To hear more from Tom Panos, come along to REB REInnovate at the Pullman in Melbourne on Tuesday, 25 October.
Click here to buy your tickets and make sure you don’t miss out!
For more information about the event, including the agenda and speakers, click here.
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