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October 8, 2014

Mission Possible. The Ultimate 12 Week RE Sales Contest. Task 5. Know Your Competition.

by mark mclean

When all is said and done, there are only a few simple truths about real estate….First, it’s a numbers game. The more people you know and the more often you contact them, the likelier you are to get their business and make some money along the way. We like to call it prospecting. The second truth is that in order to prove your worth, you need to know everything about real estate, and you have to be able to answer questions quickly and accurately. That knowledge starts with big picture information about interest rate trends and market conditions, and filters down to new neighbourhood statistics, then to the most minuscule information about home improvements and how to maximize your return on a bathroom renovation.
But there is another truth about real estate that applies particularly to our market. If you are going to win an offer presentation, you need to gain any advantage you can find. One of the best and easiest ways to do that is to have a solid relationship with the agents in your market. In many ways this is a hard concept to wrap our heads around but hear me out on this one. Many years ago, before MLS, there were only a few hundred people practicing real estate. Agents survived on relationships. They would trade “pocket listings” like baseball cards. If an agent didn’t like you, he kept his cards close to his chest and didn’t share. If his relationship with you was great, you’d be the first person he called when he got a new listing. Sure this may not translate as well when you have 40,000+ agents in our city and an active MLS system but the reality is that, for the most part, our trading areas are relatively small. After a few months in the business you start to recognize the same players over and over again. It is important to nurture these relationships as best you can because you will be doing business with them at some point and if you are good to them, they will be good to you. I’m not suggesting they would break their fiduciary responsibilities, but being on good terms with your opponent will go along way.
So this week’s task is to go out and build relationships with agents in your farm area and it is especially important to agents who are new to the business. Why? Because, they will put you in the loop. Consider that the work you do over the next 7 weeks will help you gain access to an exclusive club. I equate it to the crossing paths with another runner and getting that quick little wave or a simple nod of the head that says “Hey good to see you out. Isn’t this awesome?” That, in itself, will help you more than you will know.

mark mclean is the Broker/Manager at the Bosley Real Estate Queen St W office and President-Elect for the Toronto Real Estate Board. The opinions expressed here do not reflect the opinions of TREB or Bosley RE.

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