There is a Knack to Selling Property

How to Thrive in Tough Conditions

Despite the current economic conditions where the property market is particularly sluggish, there are experts who believe that there are still ways to maximize profits. Bill Gibson is a sales specialist who spoke to estate agents at a national conference of the Institute of Estate Agents (IEASA) in Johannesburg recently. He insisted that times like these can often provide the best opportunities to gain market share.

While sellers are in abundance, finding them is still the most important factor, Gibson says. “This is the time that estate agents need to be actively involved in listing properties if they want them sold,” he urges. This means increasing canvassing by between 20% and 40% and Gibson also suggested that estate agents hold show houses with properties where other agents have the mandate. This obviously requires permission from the seller and agent, as well as a follow up on all potential buyers who walk through the show house door.

According to Gibson, investment seminars are an ideal platform to mingle and circulate, while referrals are “a good source of potential buyers and sellers”. This all begins with one’s circle of friends and business associates. Even in tough times, there are still buyers and agents simply have to work that much harder to find them.

Business and coaching specialist, Graham le Sar said that the market right now is just as it should be. Estate agents, on the other hand, need to become more innovative in their response to the market if they are to sell properties successfully. He likened real estate to a contact sport, saying that estate agents constantly have to engage potential buyers, sellers and homeowners to keep the momentum going.

Le Sar went on to say that, “The biggest mistake estate agents make is doing nothing when the property market is down”. He says that estate agents really need to find ways of preparing themselves for a change in the market. While they may work less, they also need to work more thoroughly and ensure that every detail of a transaction is covered fully and clearly explained to clients. “Homeowners will always own houses and these are the first potential buyers when they sell,” le Sar points out.

Graham Gavin, author of Real Estate Power, has said that successful estate agents generate new ideas and fresh leads on a daily basis. He also believes that it is possible to thrive in a downcycle if you have the right attitude, plus a few extra measures thrown in that make the estate agent stand out in a crowd.

Gavin also said that estate agents are not paid for the time that they put into selling houses, but how they sell them. For instance, if you sell successfully to one client then you will no doubt get more referrals for the outstanding service. “To thrive in a down market, think smart and swiftly implement those strategies in every transaction you make,” advises Gavin.

The information in this article is courtesy of Denise Mhlanga (“Making money in a sluggish property market”, Realestateweb, 8 September 2008).

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