real estate

Perth property market report

May 13, 2020 by Peter Fletcher

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Perth property market infographic from REIWA Despite the economic doom and gloom reported by mainstream media lately, REIWA figures point to the Perth property market being in better shape now than it was this time last year.

For the week ending 10th May just gone there were 527 sales across the Perth metro area. Compare that with the 505 for the same week last year.

That’s an improvement of over 4%.

Clearly buyers have formed the view that neither COVID nor the predicted economic damage caused by the non-lockdown lockdown is reason enough to put their lives on hold.

Buyers are back and they’re buying!

But buyer activity is only half the story.

Since late 2019 listing stock levels have been trending downwards.

Today there are just 11,611 properties on the market. Twelve months ago that number was 16,593 last year.

Over the past 12 months stock levels have fallen by 30%!

And they’ve continued to trend down despite the so-called Corona crisis, falling 5% in the past month alone.

That decline is a clear indicator that, despite the swirling chatter about unemployment and recession, property owners believe that real estate in Perth is worth holding.

And that bodes well for the future of property prices in WA.

I’m keen to hear your thoughts on the direction of the Perth property market in the comments below.

How to build instant credibility – even when you’re a rooky

June 2, 2014 by Peter Fletcher

Are you new to real estate? Are you already tired of being beaten by older pros who’ve been in the business for years? If so, you’re not alone.

As a new real estate sales person I copped the same as you’re experiencing now. I’d do all the ‘right’ things, tried my hardest but still I’d get beaten by people who had more experience than me, which was just about everyone in town.

There had to be a better way!

Desperate, I turned to the sales gurus. People like Tom Hopkins and Zig Ziglar who taught people like me that the answer was to know the scripts and dialogues for every conceivable objection.

I practiced until I knew my stuff. If someone asked me if the swing set stayed I’d asked them if they wanted it included. If someone told me they thought the home was too dear I’d restate their feedback as a question and ask them how much they thought they the property was worth. Then I’d ask if they wanted to put that feedback to the owners in writing.

The only thing that separated me and Tom Hopkins was he wore a crushed velvet suit!

And while Tom’s scripts and dialogues worked they never really ‘worked’. There was something missing and something about them that placed a barrier between me and the client.

Then I came across the idea of being present – really present – to my prospective clients. Rather than treating them as a prospect to be converted or a sale to be closed I now looked at them as person with needs and wants and dreams. Instead of manipulating the conversation to get them to list with me I asked them what they wanted to do. Then I listened. I listened to what they said and what they didn’t say and asked them how they wanted me to help.

Quickly, sales calls turned into human conversations, market appraisals turned into discussions about, travel and football and the Celestine Prophecy. Selling was no longer selling, it was serving. And the results followed. I listed more, had more fun and enjoyed my real estate more.

And from there the stories stared to flow. I had stories of success to tell prospective sellers. These were stories about the pointed to the wisdom of pricing a home well, presenting it smartly and of getting the timing right. Every time I told a story it was no longer me telling people what to do – they were choosing to act based on their interpretation of what they heard.

So, if you’re struggling to get up and running in real estate do these four things:

Listen as though your life depended on it. Listen with the intention of understanding the other person’s needs, wants and motivations. Ask lots of questions and then shut up. Listen.
Throw out the scripts and dialogues. They’re great but in the end they’ll stop you from creating a deep connection with your client. They make you present to your own needs and not to the needs of your client. Ditch them and start listening.
Be needs focussed. If you listen well you’ll pick up on the real needs of the customer. They might want to sell but really they need another bedroom. An extension may be a better option. Listen to their needs then help them create options and solutions. If one of those options is using your services that’s great, if not they’ll appreciate your support.
Create stories. People love stories because they help them make sense of their present. Sharing relevant stories is the fastest way to explain complex ideas about pricing and moving in the same market. And don’t be afraid to use other people’s stories – they don’t all have to be yours. Simply state where you got them from and why their relevant and you’re good to go.

So, if you’re new to real estate, don’t be put off by the guns of the industry. Start listening and creating stories and you’ll soon be writing all the business you deserve.

Your car – the best CRM you’ll ever own

May 21, 2014 by Peter Fletcher

Most real estate agents have at least some form of CRM (customer relationship management) system. It might be as simple as their contacts in their mobile phone address or as sophisticated as Salesforce or Infusionsoft but most CRMs have a built in problem – they encourage agents to stay in their office and hide behind action plans and emails and segmentation.

And that’s why it’s often better to get your fingers off the keyboard and onto your steering wheel. Get out and go for a drive. And as you drive be aware of who you know in a street. If you see a home that you’ve sold, stop. Get out of the car, knock on the door and say hi. Don’t try to sell anything, just say hi. Then drive some more. See that house with the skip bin on the front lawn? It’s probably being prepared for sale. Get out of your car, knock on the door and ask if there’s anything you can do to help. If they’re adding an extension or renovating tell them congratulations and wish them all the best. But chances are the house is being prepared for sale. You’re now in the front door.

Do that for a couple of hours and I guarantee you’ll produce something. Even if you don’t come home with a listing you’ll know your area better. You’ll know who’s got what listings and you’ll be able to talk with far greater authority about what’s happening in your patch.

This kind of prospecting is exactly what I did today. While someone was working on my computer I grabbed one of my colleagues and hit the road. We stopped in at one office thinking we were there to meet someone I knew but soon found out that they were in another office. No matter, we were invited in where we got to chat to the licensee and some of the reps and had a guided tour of the office. It was well worth the hour out of the office.

But if you’re going to do this sort of marketing have a stock of brochures and business cards. Make sure you’ve got marketing collateral you can hand out so that people remember your visit.

So, just for a moment, forget the CRM and use your car instead.

Six tips that will get you called in to do more market appraisals

April 3, 2014 by Peter Fletcher

For agents to be successful they need to turn up the volume on their marketing. Image: Tavis Ford https://www.flickr.com/photos/itzafineday/121392395/

Each month I host a meetup for agents who are comfortable sharing what they’re doing to help create more leads and convert more business. Tonight’s meeting generated some great ideas including these 6 tips that will help you get called in on more market appraisals.

#1 – Work your database of buyers and sellers

This may seem obvious but it’s not to the hundreds of agents who ignore buyer leads. Often, these leads aren’t ready to buy just yet. Smart agents stay in touch so that they’re the first person that’s called when they are ready to buy – or sell. The key to a consistent follow-up programme is CRM software that allows you to automate a mix of communication and follow-up reminders.

#2 – Network with your supporters and suppliers

The best, most profitable business you’ll ever do is with people who are in your network. Successful agents invest a lot of time cultivating relationships and do that with a combination of online, print, and face-to-face communication. All high-performing agents can recount stories of earning tens of thousands in commissions through repeat and referral business from people they know. Make networking a high priority but do it with intention.

#3 – Give to get (without expectation)

Every farmer knows they must plant a crop before it can be harvested, and that’s the attitude of the best agents. They invest time and resources into projects they’re passionate about knowing that they’ll be reap a future reward. Often, community and sporting groups need someone who has some marketing savvy on their team. And that’s where real estate agents can help. By helping the club generate membership leads they make themselves an essential part of the club. Often, the club’s appreciation comes in the form of referral business.

#4 – Have your own website

A great listing presentation should start well before you walk through the front door. The best way to do that is a website that’s updated regularly, contains lots of stats and how-tos and communicates the agent’s knowledge and experience. Websites with lots of content that’s specific to a local area attract search engine traffic and help agents build a database fast. If you don’t have one, get one!

#5 – Think big

When I started in real estate, agents did tell-20s on their new listings and sales. Today agents are doing tell-1500s. That’s 1500 neighbours who are being informed about an agent’s latest listing. The same people are informed when the property is sold. That’s a massive difference. But the top agents don’t stop there. Most are letterbox dropping their area weekly or fortnightly plus sending out email blasts to thousands of people on their database.

#6 – Don’t wait to get it right

I’ve been guilty of waiting on pressing the go button until I get something perfect. But that strategy has it’s costs. In most cases I’ve been proud of the marketing I’ve published but while I’ve been finessing fonts my competitors have published 5 bursts of not-so-perfect marketing. As one of the attendees said, “I don’t care so much what my marketing looks like. What I do care about is that I’ve got the volume and frequency.”

If you’re interested in attending one of our real estate agent meetups please send me a message and I’ll add you to the invite list.

How a conversation about a car led me into real estate

February 16, 2014 by Peter Fletcher

A conversation about a BMW changed the arc of my life. Image: FreddyHi http://www.flickr.com/photos/50917563@N08/

I was in year 11. As a boarder at the Esperance High School Hostel I’d make the long trip back home to the farm every couple of weeks.

On Monday morning, after a weekend at home, Mum and Dad would drive me the 160 kms back to Esperance so I could start another school week.

On one of those trips there was a newspaper in the car. It contained a full page ad for the then-new BMW 3-series.

I couldn’t stop reading and re-reading it. The car was a technological masterpiece.

It’s big claim to fame was an electronic engine management system that meant it would use little or no fuel when going downhill.

Whether or not it was true, I was hooked. I wanted one.

I said as much to Dad.

“One day I’ll have one of these,” I blurted out.

“No you won’t,” he retorted.

I said nothing.

That exchange stuck with me. It gnawed away inside me. I wanted to prove him wrong.

From that point forward I went looking for any opportunity to leverage my time. As a wool presser I busted my gut to get on contract where I was paid for every bail rather than on a day rate. Then, as an office worker in an engineering firm, I grabbed the chance to supplement my income working as a trades assistant at night and on the weekends.

But even these jobs didn’t give me what I was chasing. I was still working for someone.

One day I was kidding around in the workshop with one of the project managers when the big boss came past.

“You’re paid to work, not talk,” he snapped.

Right there and then I thought to myself that I needed to get a job where I was paid to talk, not work.

So I redoubled my search efforts. Soon I came across a motivational tape by Paul J. Myer from the Success Motivation Institute. Myer’s message was simple: “Whatever you vividly imagine, ardently desire and enthusiastically act upon must inevitably come to pass.”

The message struck a powerful chord. It spurred me to start applying for jobs where I was in charge of how much I would earn.

I wanted to be run my own show, to be the captain of my ship.

I applied for just three jobs.

The first would-be boss said I was too young, the next said I wouldn’t stick around but the third took a punt that I’d be able to sell real estate, despite that I was only 21 and all the other reps were 41.

A couple of weeks after I started, dad rang. He asked me why I thought I’d be able to sell real estate even though I’d never sold anything in my life before.

I said simply: “I will because I’ll make it happen.”

I did and I never looked back.

And yes, I did buy a BMW – a 325i Executive.

How real estate agents are using social media to achieve outstanding results

June 29, 2010 by Peter Fletcher

According to a recent article on Mashable Real estate professionals are using social media to achieve real results. How are those results being achieved?

Matthew Shadbolt, Director of Internet Marketing at the Corcoran Group says that it’s all about developing relationships. His company’s goal? To “foster a kind of openness and a dialogue where people can feel they can talk to us about the things they are worried about.” It’s a long, long way from Tom Hopkins style trial closes!

On Corcoran’s YouTube channel CEO Pam Liebman answers questions posed to her via Twitter. When asked about her feelings between Facebook and Google her response was: “People find us on Google and we talk to people on Facebook…it’s a real deep way of getting to know our clients and interacting with them.” For Liebman the two platforms are complimentary. Google is where the relationship begins and it’s extended on Facebook.

But Corcoran’s efforts don’t finish with Facebook. Shadbolt proactively leaves local neighbourhood tips on Foursquare and Gowalla for users to find and maintains a highly conversational presence on Twitter.

He avoids pimping company listings though.

While an occasional listing may be appreciated by your social media community, many experts advocate engaging your audience with industry knowledge and an expert perspective, rather than alienating users with useless information. Because there are so many factors that must align to make a listing pertinent to a single customer, such as pricing, location and size, there is a high probability that most listings do not pertain to most people in a given social media audience.

That’s a sentiment shared by James Kimmons who believes that promoting listings on social media is old-thinking:

Just like that would be a stupid thing to do, it’s also not smart to take a budding new marketing medium and permanently damage its ability to promote your business because you keep placing your listings there. Visitors to your Twitter page, Facebook and LinkedIn accounts really don’t want to see every new listing you take…really. Continuing to push them there will only alienate visitors, causing them to leave at some point.

Promote you, your business, and your expertise in your local area real estate market. Do it with market commentary, education and statistics…The “old ways” are causing destructive marketing by real estate professionals in the new Internet world.

The place to promote listings according to Kimmons is on aggregation sites. Here in Australia that includes all the major portals. But equally it means promoting them on the agency web site.

But that’s not all an agency website should do. The Corcoran site includes a variety of Neighborhood Guides that help people new to an area pick where they’d prefer to live. Much of the content comes from external sites.

So how are you building your brand with social media? Do you have a strategy?