3 STRATEGIES IN CREATING A MARKET FOR YOU

• Local Market Selection. There are many factors to consider when choosing a market to focus on. Not having the right criteria to use for selecting markets is one of the common mistakes.  

• Market Real Estate. Connects you with customers “in the market” and demonstrates the advantage sellers will have in working with you.  

• Local Branding. Crafting a local brand and using low-cost marketing tools to promote it is an effective way to give a local market audience a compelling reason to work with you.   

LOCAL MARKET SELECTION

Calculate the turnover rate

 First, you want to pick a market that has the potential to increase your volume. To start calculating the turnover rate (the percentage of homes that will sell from the total number of homes in a specific area). For example, if there are 500 homes in a local market and 50 sold in the last 12 months, the turnover rate is 10%. But looking at the turnover rate isn't enough, you also need to look at the opportunity and how much market share you can capture. If 50 homes are going to sell in a market and we want to capture 10% market share, our target would be to sell 5 homes in this market. Keep your end goal in mind and ask yourself is this goal within reach?

 Consider the opportunity in the market

 Before we get started, let's talk about how not to assess a potential market.  Often agents fall into one of these common pitfalls:

Cheers to you,

Coach Mike Secord