Following the mining slowdown, an oversupply of properties for sale resulted in extended days on market with some stock being near impossible to shift.
Now the tides have changed, agents are almost guaranteed a sale in which sellers are satisfied with the price outcome. So, while now the industry is enjoying the thrill of improving values and selling days, property professionals are challenged with increased competition in listing procurement - with 30 per cent less stock* to sell.
In 2020, Realmark agents consolidated their position and sold on average a third more than those at competing agencies*.
Realmark Director, John Percudani commented that the vast market environment calls for success by science, not chance. Having successfully operated Realmark through six WA market cycles, he shares his wisdom to agents looking for hints.
“Three key areas of focus for agents should be improving competency, capacity and self-promotion to maintain or gain market share in 2021,” said John.
“A proportional shift in agent profile marketing is the obvious and most effective strategy to review first. In short, increase your marketing and prospecting efforts by 30 per cent to match the decline in stock levels. Instead of adopting last year’s plan because it worked, I encourage agents to identify key areas of improvement and make a change.
“Finding more time for prospecting will prove challenging for some agents with an increase in buyer engagement levels. Relying on support from staff, smart systems and effective resources will be essential. Review how you can maximise capacity of your team and streamline systems through technology to rescue any unproductive hours in your day.
“There are digital systems such as Docusign and RESO that are available to any agent, regardless of their employer. I strongly encourage agents who are yet to explore the capabilities of these tools to learn fast and effectively integrate them into your own sales process,” said Mr Percudani.
“Asses your communication strategy and make it your goal to improve engagement performance. Our advice is to tailor your message to the times and the consumer. You may have found you’ve fallen into a common trap of ‘spray and pray’, or you’re talking more about you then the needs of the customer. There’s no doubt that in a market where we can expect continued scarcity, that marketing skill and support will be key to designing your success,” said John.
Realmark has tailored its systems and support to contribute to areas that are of high impact to improve the performance capabilities of agents at all levels.
If you’re curious to learn about ‘what’s in the water’ at Realmark, contact Managing Director, John Percudani today on 0418 923 696 for a confidential discussion.
*CoreLogic data. Average sales per agent.
*REIWA listing statistics Year on Year March 2021.