Connect with us

Business Marketing

How To Get The Listing Every Time!

Published

on


 

With this post, I am introducing the new iRuss.  Here is another email from Raymond:

Hi Russell,

I’m trying to get some realistic perspective on the fall out rate of listings as experienced by successful listing specialists.  It’s not my intention to invade your privacy so I will understand should you ignore my request.  Anyway here is what I’d like to know:

How many listing appointments/presentations did your team make in the past year?

How many listings did your team take in the past year?

Of those how many sold?

And, how many expired or were canceled or withdrawn?

Of those that did cancel or withdrawn, what was the most common reason?

Thanks for your help.  And thanks for answering my previous question to you on AG.

It was extremely helpful

Take care and be well.

There are several ways to be able to say, “I take a listing for almost every appointment I go on”.  They are pretty much all stupid.

In 2006 we took 612 listings.  In 2007 we took 524 listings.  This year, Jan – May we’ve taken 187.  I don’t have stats for the past twelve months handy but believe I can answer your questions.

In 2006 our percentage of appointments to listings taken was about 56%.  We went on just under 1,100 face to face appointments.  We closed 405 escrows in 2006, about 60 of them buyer deals.  In 2007 my number of escrows dropped to 369.  312 of them were seller deals.  The percentage of listings taken to appointments for 2007 was 49.90%.  Just under half.

So far this year (through the end of May) we have gone on 406 appointments, Jan – May we’ve closed 106 escrows.  Our percentage of listings taken to appointments this year is about 46%.  This number has always changed with the market.  At the highest (for the year – not a particular month) it was years back nearly 60%.  Over the years, it has usually been around 55% listings taken to appointments.  Right now we are intentionally going on more appointments (therefore a lower percentage) as our “problem” isn’t the Listers are too busy.  Even though some days lately we physically have (with 3 Listers) 9 face to face, in the home interviews – in a single day.  Why yes, my new TV ad has caused the phone to ring more.  

What is interesting (besides the utterly horrible long term downward trend of my major stats) is how “good and bad” we are doing compared to the market.  For the past twelve months my percentage of of listings taken to those listings sold is 60.9%  That is just awful, in the past 12 months we aren’t selling almost 40% of the listings taken.  It is just awful and at the same time, a hell of lot better than almost everybody else here.  Most agents in my market area are selling about 20% in that same time period.  Not selling 80% of what was listed.  Most of the better agents are running around 41 – 43% sold.

Why did they cancel?  Or why did we cancel?  Oh, there are lots and lots of “reasons” given.  But there is really just one.  We didn’t sell the house.  With the exception of their transfer fell through or they can’t move to the new city after all, all of other “reasons” are crap.  We didn’t sell the house.  My advertised average time to sell is 44 days.  That is going back one year and compares to a market average for the same time of 121 days.  That was true as of May 1st.  As of June 1st, my average dropped (going back 365 days) to 42 days and the market average increased to 126 days.  Because they are calling me for results, if I don’t perform in the time they expect, they fire me.

So…. anyone going on more than a few appointments (their friends, relatives, etc.) is not listing them all.  If they think they are, they are keeping really crappy records.  Some agents only count an appointment if they took the listing – which is a great way to bat 1000 all the time.  Or they only had 1 or 2 listings in a year and sold them both.  Well done.  But if going on lots of appointments and taking lots of listings plan on them not all selling.  That way, your plans will match the reality of the business.

Russell has been an Associate Broker with John Hall & Associates since 1978 and ranks in the top 1% of all agents in the U.S. Most recently The Wall Street Journal recognized the Top 200 Agents in America, awarding Russell # 25 for number of units sold. Russell has been featured in many books such as, "The Billion Dollar Agent" by Steve Kantor and "The Millionaire Real Estate Agent" by Gary Keller and has often been a featured speaker for national conventions and routinely speaks at various state and local association conventions. Visit him also at nohasslelisting.com and number1homeagent.com.

Continue Reading
Advertisement
14 Comments

14 Comments

  1. Matthew Rathbun

    June 11, 2008 at 5:36 am

    “There are several ways to be able to say, “I take a listing for almost every appointment I go on”. They are pretty much all stupid.” LOL – ROFLMAO

    All I can say is that I simply enjoy reading your stuff. Thanks for contributing and giving insight into a winner’s mind!

  2. Charles Woodall

    June 11, 2008 at 6:44 am

    Russell, you take transparency to a whole new level. There certainly aren’t many agents who are willing to share their numbers, good or bad, like you have here. Personal growth in this business is contingent on being able to compare ones own numbers with those of successful agents.

    Thank you laying it all out there! This post is just another of example of why you da man!

  3. Bill Lublin

    June 11, 2008 at 8:30 am

    Russell;
    I love reading your posts because its like hanging out with a great agent with a good work ethic. Oh that’s right its because you ARE a great agent with a good work ethic,

    I remember going to a CRS class long ago. The Instructor surveyed the room asking,” How Many People lose 20 listings a year?” A number of hands went up. I thought ,”Wow, they must be really bad listing agents”. He kept counting down until he asked “How many people in the room didn’t lose any listings?” I held my hand up proudly until he said,”Then you aren’t listing enough”
    Ooops – Pride does goeth before the fall don’t it?

  4. ines

    June 11, 2008 at 8:33 am

    ooooh! ooooh! I want an iRuss!!

    Your numbers are impressive even in a slow market – gives us (the little people), something to look up to – I always have your commercials in the back of my mind…..I’ll have to invite you to Miami to consult and have some Stonecrabs.

  5. Mariana Wagner

    June 11, 2008 at 8:43 am

    I want an iRuss also! A mini iPod crammed full of Russell Shaw podcasts and videos… You know, there could be some $$ that idea…

    I would HATE to take every listing appointment that we go on. We usually do A LOT of foot work ahead of the appointment – which definitely helps us avoid some disasterous non-appointments. But even then, sometimes as we are at the appointment, we learn about things that cause us to NOT take the listing. Honestly, it is more us not TAKING it than us not GETTING it. My business plan does not allow me to take a listing that is overpriced or in a condition (physically/financially/emotionally … ) where I do not think that I can do the BEST by my seller clients.

    I agree. Anyone who says they get EVERY listing is not keeping good records.

  6. BawldGuy Talking

    June 11, 2008 at 9:35 am

    Russell — You’ve strewn the ground with gold nuggets for all, as is your habit.

    I’m wondering how incredibly valuable it would be if you and your team did a postmortem on the listings not selling in the last 12 months.

    1. Did you discover new reasons to turn down a new listing?

    2. Was there an area harboring more than their share of unsold listings?

    3. Was there a pattern showing numbers of bedrooms/bathrooms (or other physical attributes or lack thereof) being shunned by buyers?

    4. Was there a particular (and discernible) seller mindset hindering the sales process?

    5. Was there an area/neighborhood which was, for some reason, consistently listed over market value?

    In other words, I wonder if aside from being overpriced, which isn’t your style, there are factors waiting to be uncovered.

    Would this ‘autopsy’ be worth the time spent, Russell?

    Thanks for the peek behind the curtain.

  7. Eric Blackwell

    June 11, 2008 at 10:24 am

    Russ;

    Thanks for the solid info and insight. I’d also (like Bawld Guy) be curious about what the post mortems might look like. A little data mining might either say to be more stringent in taking listings or otherwise help guide your training efforts.

    Well done!

    Eric

  8. Dru Bloomfield

    June 11, 2008 at 2:32 pm

    Well, Russell, that inspired me to go back and look at my numbers more closely. Thanks for the education and inspiration!

  9. Jay Thompson

    June 11, 2008 at 2:38 pm

    I’m just stopping by, hoping a little of Russ’ mojo rubs off on me. The man is genius.

  10. Erion Shehaj

    June 11, 2008 at 3:43 pm

    “So…. anyone going on more than a few appointments (their friends, relatives, etc.) is not listing them all. If they think they are, they are keeping really crappy records.”

    Speaking of keeping records, what does a Millionaire Real Estate Agent use to do just that?

    (I feel an “It doesn’t matter what you use as long as you do it” type of answer coming… But I had to ask. At least until the iRuss hits the sto’ 🙂

  11. mike simonsen

    June 11, 2008 at 8:22 pm

    Outstanding info Russell! I love learning how people measure their businesses. It takes real cojones to share so openly. gracias

  12. Andy Kaufman

    June 11, 2008 at 10:22 pm

    I’m waiting for the 3G iRuss 2.0 to come out.

    Seriously though… Great advice and really timely info for me personally.

    We do a lot of REO’s and after learning the hard way, we started passing on listings in locations where we felt our safety might be in question. We’ve had a few crazy run-ins over the past year and it’s just not worth risking it over.

    Pricing is a crap shoot and we don’t get the list price until it hits the market and that’s well into the process. Sometimes they’re priced well right off the bat, sometimes they’re not. If they don’t sell, the bank keeps lowering the prices until they do, so that’s not such a big deal.

  13. Holly White

    June 12, 2008 at 12:50 pm

    When I first got into this business I thought if I didn’t sell every listing I took, there was someting wrong with me, no matter what price the seller set the listing at (even if it was against my better judgement). When I finally got wise and realized that it wasn’t me (and that they shoudl have listed closer to my recommendation), I took listings a little more light-heartedly or didn’t take them at all. If a home is priced right for the market conditions, it’s physical condition and geographic location it will sell. But it’s still a numbers game. Now I need to go back and do some research on what my percentages are. Thanks Russ! I’m in for one of those iRuss’s!

Leave a Reply

Your email address will not be published.

Business Marketing

Use nostalgia as a marketing niche for your business today

(MARKETING) A market that is making waves is found in the form of entertainment nostalgia. Everyone has memories and attachments, why not speak to them?

Published

on

nostalgia

Is it just me or does it seem like there is something for everything nowadays? Let me clarify, as that is a rather broad question…

With the way communicating through technology has advanced, it’s become much easier to connect with those who have shared interests. This has become especially evident with interests in the entertainment community.

Entertainment nostalgia

It now seems like there is an event for every bit of nostalgia you can imagine. Autograph shows, meet and greets, and memorabilia collections of all kinds are held in convention halls all around the world. (To give you an idea of how deep this thing goes, there was a “Grease 2” reunion convention sometime within the last five years. Being that I’m the only person I’ve ever met who likes that movie, it’s amazing that it found an audience.)

This idea of marketing by use of nostalgia is something that is becoming smartly tapped and there are a variety of directions it can go in.

For example, the new Domino’s ads feature dead-on tributes to “Ferris Bueller’s Day Off.”

What’s your niche?

If you’re a fan of anything, it’s likely that you can find an event to suit your needs.

And, if you want to take it a step further, you can think outside the box and use nostalgia as a marketing tool.

I recently began dabbling in social media gigs that have brought me to a few different fan conventions. One was a throwback 80s and 90s convention that featured everyone from Alan Thicke to the members of N*SYNC. Another is a recurring convention that brings together fans of sci-fi, horror, and everything under that umbrella.

I was amazed by the number of people that came out to these events and the amount of money that was spent on the day’s activities (autographs, photo ops, etc.). I was energized by the fact that you can take something you have a great appreciation for and bring together others who share that feeling. Watching people meet some of their favorite celebrities is something that is priceless.

Hop onboard the nostalgia train

If you’re a fan of something, you don’t have to look too far to find what you’d enjoy – going back to the aforementioned “Ferris Bueller” example, there is a first-ever John Hughes fan event taking place in Chicago next month that will bring fans to their favorite Brat Pack members.

In the same thought, if you have an idea, now is the time to find others who share that interest and execute your vision.

Continue Reading

Business Marketing

5 tips to help you craft consistently high-converting email marketing

(MARKETING) Email may seem too old to be effective but surprisingly it’s not, so how can you get the most out of your email marketing? Try these tips.

Published

on

Email marketing

Email marketing might seem archaic in comparison to modern mediums like social media, blogging, and podcasting; however, it actually remains one of the highest converting options marketers and small businesses have at their disposal.

But Why Email?

Hopefully, you believe in email as an effective marketing channel, but in case you have doubts, let’s hit the reset button. Here’s why email marketing is worth investing in:

  • Email is one of the few marketing channels that you have total control over. Unlike a social media audience, which can disappear if the platform decides you violate their terms, you own your email list.
  • Email is considered very personal. When someone gives you access to their inbox, they’re telling you that you can send them messages.
  • From a pure analytics perspective, email gives you the ability to track behaviors, study what works, and get familiar with the techniques that don’t.
  • The ROI of email marketing is incredibly high. It can deliver as much as $44 in value for every $1 spent.

5 Tips for High-Converting Emails

If you’ve been using email, but haven’t gotten the results you’d like to, it’s probably because you’re using it ineffectively.

Here are a few very practical tips for high-converting emails that generate results:

  1. Write Better Subject Lines: Think about email marketing from the side of the recipient. (Considering that you probably receive hundreds of emails per week, this isn’t hard to do.) What’s going to make you engage with an email? It’s the subject line, right?If you’re going to focus a large portion of your time and energy on one element of email marketing, subject lines should be it.The best subject lines are the ones that convey a sense of urgency or curiosity, present an offer, personalize to the recipient, are relevant and timely, feature name recognition, or reference cool stories.
  2. Nail the Intro”: Never take for granted the fact that someone will open your email, and read to the second paragraph. Some will – but most will scan the first couple of lines, and then make a decision on how to proceed.It’s critically important that you get the intro right. You have maybe five seconds to hook people in, and get them excited. This is not a time to slowly build up. Give your best stuff away first!
  3. Use Video: Email might be personal, but individual emails aren’t necessarily viewed as special. That’s because people get so many of them on a daily basis.According to Blue Water Marketing, “The average person receives more than 84 emails each day! So how do you separate your emails from everyone else? Embed videos in your emails can increase your conversion rates by over 21 percent!”This speaks to a larger trend of making emails visually stimulating. The more you use compelling visuals, the more engaging and memorable the content will be.
  4. Keep Eyes Moving: The goal is to keep people engaging with your email content throughout. While it’ll inevitably happen with a certain percentage of recipients, you want to prevent people from dropping off as they read.One of the best ways to keep sustained engagement is to keep eyes effortlessly moving down the page with short and succinct copy.One-liners, small paragraphs, and lots of spacing signal a degree of approachability and simplicity. Use this style as much as you can.
  5. Don’t Ask Too Much: It can be difficult to convey everything you want to say in a single email, but it’s important that you stay as focused as possible – particularly when it comes to CTAs and requests.Always stick to one CTA per email. Never ask multiple questions or present different offers. (It’ll just overwhelm and confuse.) You can present the same CTA in multiple places – like at the beginning, middle, and end of the email – but it needs to be the same call. That’s how you keep people focused and on-task.

Give Your Email Marketing Strategy a Makeover

Most businesses have some sort of email lists. Few businesses leverage these lists as well as they should. Hopefully, this article has provided you with some practical and actionable tips that can be used to boost engagement and produce more conversions. Give them a try and see what sticks.

Continue Reading

Business Marketing

Here’s how one employer was able beat an age discrimination lawsuit

(MARKETING) Age discrimination is a rare occurrence but still something to be battled. It’s good practice to keep your house in order to be on the right side.

Published

on

Jewel age discrimination

In January, the EEOC released its annual accounting for reports of discrimination in the previous year. Allegations of retaliation were the most frequently filed charge, which disability coming in second. Age discrimination cases accounted for 21.4% of filed charges. As we’ve reported before, not all age discrimination complaints rise to the level of illegal discrimination. In Cesario v. Jewel Food Stores, Inc., the federal court dismissed the claims of age discrimination, even though seven (7) plaintiffs made similar claims against the grocery store.

What Cesario v. Jewel Food Stores was about

In Cesario, all but one of the seven plaintiffs had spent years with Jewel Food building their careers. When Jewel went through some financial troubles, the plaintiffs allege that they began to “experience significant pressure at work… (and) were eventually forced out or terminated because of their age or disability.” Jewel Food requested summary judgment to dismiss the claims.

The seven plaintiffs made the same type of complaints. Beginning in 2014, store directors were under pressure to improve metrics and customer satisfaction. Cesario alleges that the Jewel district manager asked about his age. Another director alleges that younger store directors were transferred to stores with less difficulties. One plaintiff alleged that Jewel Food managers asked him about his retirement. The EEOC complaints began in late 2015. The plaintiffs retired or were fired and subsequently filed a lawsuit against their company.

Age discrimination is prohibited by the Age Discrimination in Employment Act of 1967, (ADEA). The ADEA prevents disparate treatment based on age for workers over 40 years old. However, plaintiffs who allege disparate treatment must establish that the adverse reactions wouldn’t have occurred but for age. Because none of the plaintiffs could specifically point to age as the only determination of their case, the court dismissed the case.

A word to wise businesses

Jewel Food was able to demonstrate their own actions in the case through careful documentation. Although there was no evidence that age played a factor in any discharge decision, Jewel Food could document their personnel decisions across the board. The plaintiffs also didn’t exhaust all administrative remedies. This led to the case being dropped.

Lesson learned – Make perssonel decisions based on performance and evidence. Don’t use age as a factor. Keep documentation to support your decisions.

Continue Reading
Advertisement

Our Great Partners

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Emerging Stories

Get The American Genius
neatly in your inbox

Subscribe to get business and tech updates, breaking stories, and more!