Trapped in the throes of a tight residential real estate market, it’s not only buyers who are starting to sweat. Local Realtors are also facing difficulties as they try to make sure they keep enough business coming in to stay afloat, but experienced agents say that falling back on basic skills should help their colleagues keep their heads above water.
In May, the number of condominiums on the market dropped for the 55th month in a row, while the same month saw the 40th consecutive month of declines in single-family home inventory, according to data from the Massachusetts Association of Realtors. To experienced agents, though, these market conditions are nothing to be afraid of if you have the right attitude.
“Get motivated and get out there,” Bradford Realty agent Alysa O’Hara of Braintree urged her struggling colleagues.
Spread The Word
O’Hara told Banker & Tradesman that word of mouth and a strong reputation in the Quincy-Braintree area has helped her ride the waves of the market – this year, she’s averaged five to six closings per month.
“I get a lot of listings from referrals,” she said. “I do online marketing, too, but I don’t neglect what some people might think of as ‘old-school’ advertising – postcards and for-sale signs.”
Sending out postcards to residents of your market, going door-to-door with flyers advertising your business and networking with fellow agents will help beat the tough market, she said.
“A lot of networking happens at open houses and broker tours,” she said. “That goes a long way – if people have two equal offers, they’re sometimes willing to go with the one represented by the agent they like.”
Multiple offers on a residential property are incredibly common in the Boston area today. Many Realtors have stories of bidding wars on seemingly unremarkable properties. That makes it important to get your client’s ducks in a row before they submit an offer on a house, or even before they start looking, said Bowes Real Estate agent Steve McKenna of Arlington.
“Get it so there are fewer hurdles ahead to make an offer,” he said. “Make sure they have their banker already in place, and make sure they have their letter of approval (for a home loan) in place, too.”
McKenna said that having potential buyers line up a qualified and trusted home inspector before they put in an offer can give their offer an inside track.
“If you as a buyer are willing to get your home inspection before bids are due, you can tell the seller you’re committed, and you know everything that’s wrong with their house, but you’re still giving them a great price,” he said
Value In Online Reviews, Marketing
Word of mouth and name recognition only go so far when there are fewer and fewer single-family homes and condos on the market. ReMax agent Deb Agliano of Medford urged her fellow Realtors not to forget the importance of online reviews and marketing when trying to attract listings.
“When I first started my career, I knocked on doors. The culture has changed a little bit – now it’s ‘online’ knocking on doors,” she said.
Clients’ reviews on sites like Yelp or Trulia can help first-time sellers pick the right agent out of a crowd.
“Those reviews can be really valuable,” Agliano said. “Now (customer review websites) are so diverse, so choose one or two where people you’re trying to attract are going to go and make sure your clients post their reviews there.”
Agliano said maintaining a robust website and social media presence filled with a mix of your own accomplishments and tips for buyers or sellers doesn’t hurt, either. Perhaps most important for listing agents, though, is putting in the extra investment to make sure your listings impress not only potential buyers but potential sellers looking for an agent.
“Be willing to spend money on the best real estate photographers, even if it’s hard if you’re brand-new,” she said. “The barrier for entry (into real estate) is so low not everyone really understands you’re running your own business, and you have to look at it that way.”
