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Coaching Call #10 — June 10, 2024
In this week’s coaching call, we discussed using data from the MLS to find “abandoned” potential listing clients who need our help, how to understand the impact of the 2024 election on the market, and empowering agents to refresh their business by utilizing competitive intelligence. Here’s the recording, session notes and resources. If you have questions, let me know in the comments or by email.
Quick Takes from This Week’s TLC Coaching Call:
What I’m Reading: Why Simple Wins, by Lisa Bodell
Two of my favorite online real estate data sources
Using Data-Driven Decisions to Help Agents Grow
Addressing the 2024 Election Impact on the Real Estate Market
Utilizing Competitive Intelligence to Target Training Needs for Agents
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Two Great Data Resources
1 - Harvard University’s Joint Center for Housing Studies is full of great data, research and reports to help you analyze market trends and identify growth opportunities. It is located at: https://www.jchs.harvard.edu/data-search
2 - Data USA - an amazing site to explore US public data on demographics, civics, employment trends, housing trends, health, education and more for almost any zip code in the U.S., located at: https://datausa.io
Using Data-Driven Decision-Making to Empower Agents (at 9.00 mins)
Kudos to one of our members, Mary Smedley of Michael Saunders & Co., for taking one of our recent suggestions - using MLS data to locate past sellers whose agents have left the business and therefore been “left without” an active REALTOR helping them keep up with the market opportunities - and turning that data into growth leads for her agents. She reported two listings just from her initial assessment of the data, and I’m sure, more to come. Always exciting to hear success stories from participants. (More details on how to do this below.)
Addressing the Impact of the Election on Real Estate Markets (at 22:30 mins)
How do leaders help their agents and staff — and even consumers — stay on track during an election season without ‘getting political’? Here are some simple ideas:
Use previous data/trends to help agents and consumers understand the “hesitation” that occurs before big elections;
Caution and pause is normal with consumers and agents when big changes are visible on the horizon; agents often pause business investment and activity; and the same with consumers.
Our job is to become comfortable to talk about the impact of the impending election on our activities, by modeling the attitude and actions - by talking about the ways to move caution into calculated risks (download the e-book below).
Agents who get over their hesitation can use techniques such as checking in with their goals, taking moonshots, show some attitude, fight confusion and other techniques to help their consumers take action, too.
Pre-election periods can be great periods to be the only consumers in the market - seller or buyer - when others hesitate, which can make it easier to have an offer accepted or be the only inventory available for buyers who are not pausing either.
Use the “Three Decision” process to help people consider their options for taking action during uncertain times.
Utilizing Competitive Intelligence with Sellers as well as Refreshing Skills for Agents
If your agents are seeing properties “sit” on the market a little longer than before, it might be an opportunity to “show” rather than “tell” the seller what’s happening in the market. Do this by taking them to tour competitive properties nearby and observing the similarities and differences for themselves. Then have a discussion of how their own property stacks up, and whether changes to its conditions, price or terms may be in order.
This kind of “competitive intelligence” is using the competition to assess the market position of a home, and as our friend Anna Marie Ellison says, you may need to put “some lipstick on a pig” but you can’t just tell the seller that: but you can show them the work that needs to be done.
Leaders can also use this moment to evaluate which of their agents could use primary training (or a refresher) on key skills like staging, photography, price reduction conversations, price negotiations, and more. A significant number of agents have only practiced in a rising sales environment, and learning to use these kinds of techniques was not a primary concern when listings sold in just a few days, for above asking price. In a normalized market, the need to take the competition into greater consideration also means updating the full range of sales and marketing skills.
Here’s a recent post related to this topic:
More materials from this week’s Coaching Call 👇
Check out these how-to’s and additional resources below:
