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June 9, 2011

Mastermind #6 June 8 2011

by mark mclean

Happy Thursday. once again, sorry for getting this blog out a day late. After conducting another great Mastermind meeting, I had to run uptown to the Bosley Real estate head office for a senior management meeting which ran a little later than usual. So, incase you didn’t show up (shame on you) here is what you missed;

An agent talked about an issue that has plagued realtors for years. You meet a potential new client and you hit it off right away. They have a wonderful house in your farm area of Queen west and would really love to list with you BUT their best friend is a realtor in Mississauga, not that there is anything wrong with that. They feel that they have a responsibility to use their friend. What do you do? We had lots of great feedback from other agents and decided that in these situations it was best to simply offer a referral to the friend. By doing this you are actually doing them a favour since they won’t need to work out of their comfort zone and  need to travel into the city to work the listing. Furthermore, as an agent who works the client’s neighbourhood regularly, you have a better understanding of pricing, area influences, etc, not to mention that as an agent, you work in a closed knit community of other agents who also work the vicinity. One other note that might tip the scale in your favour. Suggest to the client that by using you they would not have to divulge any personal or financial information to their friend as this can often make friendships uncomfortable.

On a similar note, another agent has a great relationship with his neighbour but there is a definite language barrier. As it happens, our office is quiet diverse. There are a lot of languages spoken here so it was recommended to enlist the help of someone to help translate and put the seller at ease.

Lastly, we talked about listing homes in “spicy” neighbourhoods. These areas were described as  being transitional neighbourhoods that still have high crime rates, low property values, and lots of run down homes. We were reminded that most of the neighbourhoods in downtown Toronto were, at one time, also considered run down. When it comes to marketing these homes we discussed ways to accentuate the positive. Mention in your materials the existence of coffee entrepreneurs, artists,  new interesting retail in the neighbourhood, as well as focus on daycare ,libraries, any new developments nearby and of course, transit. The discussion sidetracked a bit on targeting your admail to specific groups of people who might buy in certain neighbourhoods, and it was brought to our attention that Canada Post has a product called Geopost Plus for unaddressed admail. Basically it is described as a service that is crossed referenced with the Census and offers consumers the ability to target routes based on three free filters within a geographical area. These filters could be income, marital status, number of family members, spending habits, language, etc. This is a great scientific targeting tool that more agents should be using. I will endeavour to get someone in from the post office to talk about Geopost Plus.

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