The real estate industry seems a little bipolar around the issue of market territories and organizational politics. In this Coaching Tip I’ll tell you about choosing your market, supporting all of your agents, and serving your customer so you can scale enough to fulfill your dreams and aspirations.
There are actually two markets you need to choose. Your primary market is the one where the majority of your normal transactions at average sale prices happen all the time. Your secondary market is made up of higher priced homes where you make fewer transactions and sales are less consistent, but it can be juicy when the market is good.
A great business has trade-ins, and your secondary market also offers you an opportunity to find sellers for your primary market. These are customers who are upgrading to a more expensive home and therefore need to sell theirs.
Now, the industry has a problem with allocating farm areas to new agents and then limiting what those agents are able to do there. Basically the agent with the lowest skill set gets sent into the toughest market, against the toughest competitors, to build new market share.
I’ll give you a detailed scenario in the video around what it’s like for that agent to try to work this new territory. Essentially it’s about finding customers, increasing customer spend, establishing new relationships and winning the deal. The problems come with the politics of working around existing agents and their own territories, their past clients, their landlords, and their old ideas.
In today’s real estate world you have to clear the way for new agents to really work those territories they’re given, whilst respecting existing relationships and building new ones forward to get us a result. Together we’ll get another signboard up and gain more market share more often. Choosing your market then becomes more effective through cooperation and coordination between all agents inside of your organization.
I hope you’ve enjoyed today’s Coaching Tip, and I look forward to seeing you here again next week.