Here is a tip for listing agents to dramatically boost commissions over 5 to 10 years. If you are a West Coast agent, you can make a million dollars in commissions this way, easily.
Market to the buyers who bought your old listings.
There is a tendency to think these buyers are the clients of the buyer agent, and you are unlikely to convert them into listing with you. Not so!
Per the NAR 2020 Report, 91% of the time, the buyer agent does not contact the buyer even once post-closing.
The buyer agent knows this buyer is unlikely to transact soon and therefore moves on to other leads. Their short-sightedness is your opportunity.
Consider the owner is already aware of you. The owner already thinks of you as the listing agent for their home. As I’ve written elsewhere, awareness is most of the battle in getting a listing. With this owner, you’ve already checked the awareness box.
Consider, too, that you already sold the home once. You know how to sell the home. You’ve actually done it. The old buyer agent has not.
What should you do, exactly?
- Stay top of mind with the owner over the years they own the home.
- Keep them updated on sales around their home.
- Inform them of your new listings in their neighborhood.
- Make them think of you as the expert on their home.
Doing so is cheap. And through Celebrity Agent, it is automated.
In terms of expenses, spend $10 per prior listing per year. Amongst homeowners who sold their homes in the third quarter of 2021, the average tenure was 6 years, 3 months and 22 days. So consider a total marketing spend of approximately $70 between the time you sold the buyer their home as the listing agent and the time the buyer is ready to list that house with you. Even if you are a listing agent in a trailer park, you will recoup that cost many times over.
If over the seven years, the owner has been hearing from you in an intimate way every month or two, and hasn’t been hearing at all from their old agent, who are they going to think of when it comes time to list?
The answer is you. Here is an example automated, personalized campaign covering 12-months for owners Michael and Kathyrn in Coronado.