One of the toughest challenges a real estate agent faces is getting new listings. Once you have canvassed family and friends, you need to find ways to attract people who are selling.
In the GTA, condos are a key component of the housing market. With single family homes priced out of reach for many people, condo sales are booming, accounting for 27 percent of sales in the region. For a real estate agent, it makes sense to grow your listings of condos.
Here are three ideas to boost condo listings:
No, this is not taking advantage of people who are in a tough situation. It’s about helping people move on to the next stage in their life by freeing up cash through a home sale. The statistics are clear: About 31% of people who are divorcing will list their condo/house within 6 months. This represents a huge opportunity. You can find these people by browsing through Facebook or by placing Google Ad Words that use key words around divorce and condo sales. People who are divorcing are not just testing the market – they need to sell and do so quickly. This represents an outstanding opportunity for enterprising real estate agents.
You can distribute flyers, perhaps offering a free market evaluation to get people to contact you. Of course, it’s too expensive to mail everyone across the GTA, so you will need to target a specific neighborhood. You can promote yourself as an expert with a thorough knowledge of the local market. Flyers work well for single-family homes, since you can hire a service to hang your flyer on door knobs or drop it into mailboxes. However, condos are a tougher nut to crack since you can’t go door to door. You have to rely on Canada Post to deliver the flyer into the prospect’s mailbox. That means it gets stuck together with all of the other junk mail, from pizza discount coupons to oil change specials. The typical direct mail campaign gets a response rate of 3.7 percent so you need to send a lot of flyers to generate a few leads. Repeat mailings are essential to build name recognition and hit people when they are prepared to list their condo. As well, real estate agents face another challenge with direct mail – while many businesses can create a sense of urgency (“Hurry, our 50 percent off sale ends Saturday”) this is not an option in selling condos.
Elevator advertising is an often overlooked option for real estate agents. Think about it: If a condo resident is considering selling, they will see your ad every day. Best of all, you can target buildings in neighborhoods where you have expert knowledge of the market and pricing. Elevator ad technology is rapidly evolving to meet the needs of a diverse audience and sophisticated advertisers. Services such as www.maxtvmedia.com provide interactive displays that offer the latest updates in news, weather or sports. Using interactive technology, passengers can choose what they want to watch during their 60-second ride. As well, the screens draw attention by carrying important condo messages, such as upcoming board meetings or fire alarm testing. As a result, you have a captive audience that is paying attention. For real estate agents, the medium is affordable and effective. With every resident using an elevator several times a day, it won’t be long before you are a household name in the building. When a condo owner is ready to list, you will be top of mind.