Not Prioritizing Real Estate Listing Leads is a Huge Mistake

If you’re a real estate agent, chances are high you’re always looking for more leads- especially “good” seller leads. Motivated homeowners that you can convert into sellable listings are extremely valuable and precious. Listing leads are challenging to generate and expensive to buy.

With inventory at record lows across the country, things aren’t getting easier. An ever-expanding Zillow, variations of “iBuyer” and “Guaranteed Offer programs, hedge funds, and corporations are all competing for a potential home seller’s attention.

LISTINGS HELP YOU GET OFF THE REAL ESTATE ROLLER COASTER.

Believe me, I get it. There is never enough time in the day. The days are never-ending, your phone feels like a permanent appendage, and real estate can feel like a nauseating roller coaster sometimes.

But focusing on listings IS the one thing you can do to break the feast or famine cycle of generating the business, then killing yourself trying to keep with all of the leads you generated, not to mention keeping your deals from falling apart.

👉 The reason is because of EFFICIENCY.

LISTINGS = EFFICIENCY

Focusing on listings is the most EFFICIENT way of growing your business. Listings are hands-down, THE most efficient method of getting control of your business, getting your sanity and your time back, and making more money.

Whether your success metric is time, money, or the people impacted, having a listing-centric business is the most efficient way of hitting your goals.

That doesn’t mean you have to use a cookie-cutter approach, build a team or “seventh level” business, expand into other markets, or adopt the old-school listing agent model. What I am saying, though, is that you should

a) have a “business” (generates profit without you)

b) focus on inventory or the “selling” side of the transaction.

“List to Last” is one of the best pieces of advice I got nearly 20 years ago.

I’m going to show you why this old adage still rings true, as well as:

• Why listings are so valuable
• How listings allow you to leverage your precious resources of time, energy, and money
• How listing transactions help you transition from a job to a business
• The endless marketing opportunities well-priced listings present
• The most common myths that may be preventing you from reaching your potential
• The key strategies the best listing agents in your market are using

🤞 And by the time I’m done, I want you to:

• Understand the real power of even just one well-priced listing.
• Make the listing/inventory side of your business more of a focus.
• Make developing the specific skills necessary to be considered "proficient" (an advanced degree of competence) an immediate priority.

LISTINGS ARE THE BAIT ON YOUR HOOK

Why are listings so pivotal?

It’s simple. Buyers and sellers both start their buying and selling process the same- checking out what’s for sale and seeing what things are going for. Buyers want to know how much they’ll have to spend to get what they want, and sellers want to know what the market is like for homes similar to theirs.

The methods they use have certainly changed with technology over the years, but the pattern is the same. Most buyers and sellers don’t care about you and don’t want to talk to an agent yet- they just want to look. So if you’re marketing what they’re actually interested in, specific properties similar to what they’re looking for, you have an opportunity to get their attention and convert them into a client.

Discount brokerages and online marketing companies have known this for years. In fact, aggregating properties for sale on a website, capturing contact info, and selling the leads back to real estate agents has propelled many sites like realtor.com, Zillow, and other tech companies. Sure, you can keep buying leads, or you can start generating more of your own.

LISTINGS = LEVERAGE = EFFICIENCY

Listings are called the “Holy Grail” of real estate for a reason.

Listings are the most leverageable, highest-earning activity you can do in real estate.

Let me explain what I mean by leverage.

Have you ever gotten a flat tire? Using a jack creates a lever, and allows even a weenie like me to lift a heavy car far enough off the ground to change a tire. That’s the power of leverage. A minimal input of energy focused at a specific point (fulcrum) can generate a massive output.

Leverage in real estate is a person, system, or tool.

People, systems, and tools empower you to do more with less and a seller-focused business is unique in that it lets you capitalize on all three. You’re already focused on marketing the shiny object your prospects actually want, and you have the added bonus of being able to get a high return from your efforts.

MARKETING YOUR LISTINGS GENERATES EVEN MORE TRANSACTIONS

The additional business your marketing can generate is limitless. Instead of just selling one property and collecting one commission, you have the potential to turn it into multiple transactions with the potential to:

• Get paid your listing commission
• Find a buyer for the property and get the buyer side commission
• Generate buyer leads that purchase other properties
• Use the listing as validation to get more listings
• Get referrals

Instead of the 1:1 ratio you get when working with buyers, you could have a 1:2 or a 1:3 ratio by focusing on sellers. Make more money doing less.

• You have the best excuse to market and advertise everywhere. It’s very difficult to market yourself as a buyer’s agent (what would that full page ad look like 🤢), but if you have a hot property everyone is interested in, your phone won’t stop ringing.
• Your signs do the heavy lifting of your marketing. People start becoming familiar with your branding and feel like they “see you everywhere.” This visibility gives you credibility and makes your other marketing (direct mail, email, social media, ads) more effective. (I still think the most motivated buyer leads come from sign calls).
• You get all the credit. The entire neighborhood knows you “sold” the house, but probably have no idea who was on the other end of the transaction. Buyer agents do a lot of work with basically no visibility. Don’t be a secret agent.
• The neighborhood circle prospecting calls, social media posts, flyers, mailers, door hangers, and other activities surrounding Open Houses are prime opportunities for generating more listing and buyer leads and building your database. You can make a massive impact in people’s minds with even one listing.
• You’ve probably heard the phrase “The riches are in the niches,” whether that’s a certain price point, product type, location, or demographic. The momentum generated from listings can accelerate the length of time it takes to dominate a particular specialty, especially a neighborhood or geographic farm.
• The more listings you have, the more ubiquitous you become. And since most people only have a few “slots” for different brands (according to the research), the more they see your name, the more likely you are to be the first person they think of when they think of real estate.
• Because you’re on the front line of the market, you will have priceless empirical knowledge about pricing and market conditions. Market yourself as the local real estate expert you’ve become and you have the opportunity to be the go-to person in your area.

LISTINGS HELP YOU TRANSITION FROM A J-O-B TO A BUSINESS

You’ll know you have a “business” when it makes money without you having to show up every day. Instead of spending all day putting out fires, you can focus on designing the processes and systems that bring stability and spur profitability.

• The real power of listings comes from being able to build a process that is systematizable, scalable, and duplicatable. I just can’t say this enough. This means you can experiment, get it down to a science, and then do it again and again and again.
• Seller leads and listings, as a cost of sale, are less expensive to obtain than buyer leads and sales. Make more money by spending less.
• Often it’s either the first or the most communicative agent sellers talk to that ends up getting hired. Be first. You’re frequently competing with the same, smaller group of listing agents that are REALLY proficient at a specific set of skills (that you too can master), but usually have the same ol’ predictable schtick. You can use that knowledge to differentiate yourself from your competitors and create your own competitive advantage.
• You deal with fewer objections or questions during your listing presentations as your visibility, credibility, and reputation grow. It becomes easier and easier to get more listings. Working with buyers never gets easier. 😆 (I kid, I kid).
• Tracking a couple of key metrics (conversations, appointments, accepted contracts, etc) in your lead generation will bring predictability and highlight the areas you can improve. With listings, it’s simple to measure and see the results of your training and marketing.
• Being able to list properties that will sell is a priceless skill in shifting markets. You’ll be one of the first to observe significant shifts or patterns and better positioned to adapt accordingly. There is always someone that needs to sell, it’s just the circumstances surrounding it (especially price) that are subject to change. Having an established database that knows and trusts you can add resilience in uncertain times.

LEVERAGE YOUR TIME AND ENERGY

The “3% of $some sales price” may seem like the same math problem on either side of the transaction, but the time, energy, and resource calculations are very different. You could consistently take 20+ (or more) listings a month, but you’d lose your mind if you tried to work with that many active buyers. It’s not sustainable.

Focusing on sellers helps you work smarter, not harder.

• The majority of tasks related to servicing and marketing listings are ones that can be systematized and delegated, which frees you up to go find more motivated homeowners. There are very few tasks that can be delegated when you’re working with buyers, and your nights and weekends aren’t your own- you’re basically on-call dealing with every little crisis.
• There are opportunities to turn one listing or relationship into many. Working with builders and developers, banks, companies, organizations, and investors can all lead to taking multiple listings at a time.
• It’s easier to garner loyalty from sellers than buyers. It’s certainly not easy to get a listing contract signed, but it’s obvious that not much can happen without it. Not so much with buyers. Even the most diligent agents at getting buyer representation agreements signed still get burned sometimes. Buyers are more reluctant to sign or commit, and fewer agents are requiring them to do so.
• More of your work is proactive rather than reactive when you’re able to start implementing people and processes. This makes you feel more in control of your day and less like everything is on fire. This way of working is significantly less stressful and makes interactions with clients and other agents smoother, not to mention a better quality of life and working environment.
• Then there’s the drama of it all. Working with sellers requires a few but very specific, emotionally charged, high-level conversations that can be trained and prepared for. Working with buyers requires many highly emotional conversations on a wide range of ever-changing variables, usually at any time of day or night.
• Having leverage in your business makes it easier to actually take time off and enjoy your vacation while your business runs without you. If you work with buyers, it’s extremely difficult to disengage or clock out, even if you have another agent covering for you.
  
  👉❗ When you work with buyers, it’s not just the days that you’re gone that cost you. There’s an entire ramp-down period prior to leaving and a ramp-up when you get back, so double the actual number of days you’re leaving and you’ll have a better idea of what the lost productivity actually is.

LISTINGS ARE THE “ROAD LESS TRAVELED”

Ok, so if listings are so great, why aren’t more agents more focused on them?

There are many myths that keep agents from developing the listing side of their business. And here’s a dirty secret... Sometimes top agents and brokers (with a scarcity mentality) will perpetuate these limiting beliefs because they want to keep the competition low and will let you be your own worst enemy. Don’t fall for it! Here are the biggies:

Myth #1 - I don't know what to do or say.

No one does until they learn! There are a plethora of excellent coaching options and scripts available online, and your brokerage probably has training resources available for you. Make it a priority to start learning.

Myth #2- I don't have enough experience to compete with the top listing agents in my market.

Be able to confidently convey your unique value and skillset. Going through an exercise to develop your UVP might be helpful.

Understanding the market and pricing strategies are skills you can learn. Work with an experienced agent. Look at the hotsheet every day. Track local market stats and compare regularly. Preview homes.

Myth #3- Listings are too hard to get right now in this market.

Sure, I'll give you that it’s challenging to get listings consistently, but it’s never been easy, probably isn’t going to get easier, but is incredibly important. Methodical marketing and lead generation create a continuous pipeline that can predictably feed your business, making it more resilient.

Myth #4- I don't have the budget to properly market listings.

Many of the things you can do to market your listings are inexpensive or free and just require time. As your sales increase, you can increase your marketing budget. But obtaining sellable listings IS the key to creating the revenue you need to grow your business.

A LOOK AT THE COMPETITION

Let’s look strategically at your competition so you can bridge the gap between where you are and where you want to be.

What does it REALLY take to regularly generate listing leads and a steady stream of inventory?

10 Things The Best Listing Agents Are Doing That You're Not

1. Making listings their primary source of revenue, making it a priority, and focusing on it. Their family knows it's a priority. Their team knows it's a priority. Everyone in the office knows it’s a priority.
2. Practice often and regularly, always with a warm-up in order to stay sharp and smooth.
3. Feedback is the breakfast of champions. Record and listen to your calls. Practice with different people. Be open to constructive criticism, and remember you’re adding tools to your toolbox.
4. Accountability. Many top agents have coaches that help hold them accountable or have an accountability partner. You can leverage apps to help, too.
5. Constantly trying to improve their skills and are dedicated to mastering the basics- getting the appointment, listing presentation, handling objections, follow up, and negotiation.
6. Make a plan based on their goals. They make assumptions about their conversion rates and then estimate how many calls they need to make a day/week/month. They’re plan who they're going to call and when.
7. They track who they talk to, how many conversations they have each day, and what the results are. Did it lead to an appointment, another call, a referral? What happened and what's the next step?
8. Consistency. Their calls become a habit, their marketing gets put on a schedule, the follow-up gets scheduled and DONE. Hitting singles or doubles consistently will bring better results than sporadically trying to hit a home run.
9. They usually do it in the morning (to make sure they don’t get distracted by lesser priority tasks) and it's on their calendar.
10. Strategic Thinking. They study their competition and know how to sell against them or use what makes them unique to their advantage. They understand the economics in the market and how that will affect the inventory. They know they must adjust accordingly. They're strategic about their relationships- lenders, title, builders, investors, other agents, etc. They understand the right relationship can open many doors.

I know this is A LOT. Let’s recap what we’ve covered:

• Getting more real estate listings is the single most important thing you should focus on.
• Listings give you endless marketing and lead gen opportunities and is the best excuse to have conversations about real estate.
• One listing can turn into multiple transactions, especially when purposefully marketed.
• An agent with lots of listings inherently creates visibility in the public eye, which builds brand awareness and credibility.
• This awareness and credibility make it easier to attract and convert more listings and makes your other marketing campaigns more effective.
• Focusing on listings is the best way to build a business that generates leads and sales without you always having to show up.
• There may be myths or mindset hurdles to overcome in order to get the results you want.
• Understanding the agents you’ll be competing with and implementing your own strategies is imperative.

What one or two things can you start working on?

Focusing on listings and developing the skills to maintain a consistent supply of leads, listings and sales is the key to building a business that will be resilient through shifting markets and gives you the ability to accomplish your goals. More importantly, it gives you the freedom to enjoy the fruits of your labor! What good is the money if you don’t have the time or energy to enjoy them?