You have to spend money to make money. Especially in real estate..
I came across an interesting discussion on another RE forum. An investor was looking to sell a rental property and called his friend the agent to possibly list it.
The friend/agent said she was not listing properties any more, it was too expensive and she could not afford to do it. She was only working with buyers.
If all agents turn into Buyer Agents, who will list them?
I replied that it was best not to list with someone that cannot afford to market your property. And that I would never turn down listing a property that is priced right.
If you cannot afford the expense of this business, how can you survive?
How much longer will you be in the business if you cannot market properly?
If you know the property is priced right, in other words priced to sell in your market quick-why say no?
If this property has the curb appeal, location, condition and everything going for it that makes it squash any other property in the same price range, why say no?
Maybe the agent just didn’t want to hurt the investors’ feelings and say it is overpriced.
But another agent said he turns down several listings a week. Which goes against what I truly believe: List to Last.
If the property is priced right, why turn down listings?
Are you scared to spend the money to make the phone ring?
If your excuse is you are too busy, either hire some help or drink more coffee, take some vitamins and learn to sleep less!
When I first got in the business, I called an old friend of my parents. He was the Broker in Charge and owner of a successful RE company for many years before selling it to retire. I asked him what I needed to do to get a good start.
He said list to last.
He said it does cost money to have listings. That is part of the business. He said to just be smart about how you spend your money. Track what works and don’t waste money advertising in ways that are ineffective.
I know the market is slow for some. But you owe it to your clients to market their properties. That is in the contract you signed. If you are hurting now, imagine how much you will be hurting when no one calls anymore because they think you are not in the business since you no longer advertise.
Now is the time to buy because of the great opportunities in my area. And now is the time to show your staying power as an agent. Display your confidence in yourself and what you do by continuing to advertise as always. I am not suggesting to spend more money! Be smart and effective!
Shotgun marketing is not smart right now. I am not sure shotgun marketing has ever been effective for anything but trying to influence public perception that you are the “biggest” company in town. Just maintain what works to sell your listings and stop using ineffective money wasters to market. Get lean with your budget!
If you are scared of spending money to make money, maybe it is time to consider getting out. I do not mean to sound rude, but if you cannot afford to be in the business, then get out. You are hurting the clients who have listed with you by not properly marketing their properties. You are hurting the potential buyers by not making them aware of the great properties you have to offer! Yes it costs money to list and properly market. And it is a gamble to spend that money, when there is no guarantee you will get paid.
Go 110% or go home!