What s Your Action Plan?

Transcription

1 Agent s Getting Started Work Sheet What s Your Action Plan? What will you do to jump-start your business in the upper-tier or to take it to the next level? Here are some ideas to spark your own planning process. Step I. Analyze the upper-tier market: Gather the key statistics (If there are other agents in your office who are also targeting the upper-tier, team up for the informationgathering step divide the tasks and share the results.) 1. Define your market area 2. Identify top 10% of sales/listings in last 12 months 3. Break this top 10% into logical price bands 4. Calculate for each price band Number of sales (buyers) Sale to expiration ratio Average days on market List to sales price differential Percent new versus resale Average term of listing the competition is negotiation (this will be a best guess estimate) 5. Make charts to illustrate these statistics As an Institute member, remember you can do this Online with the My Market Graphs software found on our Institute website: You collect the data from MLS, enter it in the online worksheet and the software does the calculations and makes the charts! It s easy. 6. Ask your company to begin geographic tracking (Where do buyers come from? Keep these records by price range.)

2 Step II. Analyze the upper-tier market: Profile prospects 1. Profile the upper-tier buyers & sellers in your market. Are they corporate executives, second-home buyers, young high-techies, sports celebrities? What s the old money, new money mix? What do you think are their buying motivations? Which neighborhoods do they choose? 2. Which categories or profile groups will you target? Why? Rank the groups by opportunity level. Do you already have an entrée to any of these groups? How should you position yourself? 3. How can you begin to interact with your prospect groups? Networking opportunities? Step III. Analyze the upper-tier competition: Who s doing what? 1. Identify players in upper price ranges -- which agents are your strongest competitors? 2. What are their strengths & weaknesses? 3. What affiliations and special upper-end programs do they have? 4. How can you differentiate yourself? 5. How can you network effectively? Step IV. Line up your tools Identify any special tools available from your network and/or company. Decide what other marketing resources you need. Step V. Set some specific goals How will you know you are making progress after 90 days? After six months? After the first year? What is your specific production goal for the first year? Step VI. Develop a plan to market yourself and develop prospects Remember there s no one right way to do this. Build on your strengths How do you want to be positioned? What will differentiate you? Work on a positioning statement that clearly states in writing how you wish to be perceived in the luxury market. Build your self-promotion around that concept.

3 Your plan might start with some or all of these things 1. Volunteer to hold other agents (or builders ) listings open 2. Send we have listed, sold, or participated in the sale of cards to the geographic areas or centers of influence you ve targeted (you don t have to be the lister, but do coordinate with and have permission from the lister/seller. He or she benefits, too! Be prepared to explain how. 3. Create on-going market updates with the statistical info you ve developed and mail them to your prospect groups. Provide information on market trends to the media, too. This is very important. 4. Watch for business success stories and send article plus note and card. 5. Develop networking relationships with country club membership managers, gate guards, architects, decorators, builders, and others who interact with the affluent. Develop a resource list for the affluent. 6. Target move-ups. Work FSBOs and expireds in the price range just below the upper-tier or in the bottom of the upper-tier if your market offers that opportunity. 7. Develop a personal brochure positioning you as an expert in the upper-price market. Remember that even though it s called a personal brochure, it is about how your experience and expertise can help buyers and sellers. 8. Have an Internet strategy for promoting yourself and your luxury properties. Priorities Worksheet for Agents Make a commitment to yourself to get to work now! What are the FOUR most important things you can do now to begin or to expand your upper-tier business? Priority No. 1:

4 Priority No. 2: Priority No. 3: Priority No. 4:

5 In 60 days, I will be on track IF: In 6 months, I will be on track IF: OTHER IDEAS FOR GETTING STARTED: People who want milk shouldn t sit on a stool in the middle of a field in hopes that a cow will back up to them! --Curtis Grant Instead, take action!