Buyers’ agents are an integral piece of the real estate puzzle. And given that it’s a buyer’s market, their value in the success of a property transaction is growing rapidly.
According to the latest CoreLogic Hedonic Home Value Index Results (December 2018), Australian dwelling values fell 4.8 per cent across 2018. Sydney was the weakest performing capital city in the three months to December 2018, down 3.9 per cent. This coupled with the upcoming state and federal elections, and the wrap up of the banking royal commission will further impact house prices and clearance rates across the state.
So as a buyers’ agent, how can you capitalise on these favourable market conditions early to attract new clients and build relationships with existing clients.
Two industry experts – Rich Harvey and Jacque Parker – have weighed in, sharing their top tips to generate new business for buyers’ agents in the new year.
If you’re going to do it, do it well
Rich Harvey, CEO of propertybuyer, President of the Real Estate Buyers Association of Australia (REBAA) and Chair of REINSW’s Buyers’ Agents Chapter Committee, says the first tip is the easiest and the most impactful.
“My number one tip for buyers’ agents is to do an awesome job,” he says. “Word of mouth is still the most powerful form of promotion. If a client is happy, always ask for a referral or testimonial and use this feedback to underline your service offering.”
Both Harvey and Parker – Director of House Search Australia, Immediate Past President of REBAA and Deputy Chair of the Buyers’ Agents Chapter Committee – agree that networking is also critical to generating and maintaining new business.
“Building your personal and brand profile is imperative to success in any market, good or challenging,” says Parker. “Let everyone know about your business, from mortgage brokers and selling agents to financial planners, solicitors and accountants.
“Regular face-to-face catch-ups with your network will ensure you stay top-of-mind for referrals and advice.”
Leveraging your experience
Parker also advocates for leveraging your experience as an agent and understanding your point of difference.
“Many buyers’ agents were previously selling agents or in another similar scope of real estate,” she says. “Use the knowledge you’ve gained in those previous roles to better understand the motives of vendors and intricacies of the market. You have experience and unique insights into the workings of ‘the other side’ – so use them!
“You must also understand what makes your services offering unique – what is your point of difference?
“It may be specific knowledge in a particular field of agency practice, a niche market you’re pitching to (for example aged care, first home buyers, specific location that you have experience and knowledge of) or, as I said, harnessing skills that are complementary to buyers’ agency practice.”
Harvey agrees, suggesting your area of expertise is what sets you apart.
“You have to put yourself out there to reap the rewards,” he says. “Hosting an event on an interesting topic is a great way to engage your target market and educate them on the value of your services.”
Investing in your industry is investing in your career
As President and Immediate Past President of REBAA and Chair and Deputy Chair of REINSW’s Buyers’ Agents Chapter Committee, Harvey and Parker believe investing in your industry empowers you to project your business into a higher level of accountability and success.
“In joining industry institutes and associations like REBAA and REINSW, you can form alliances with fellow agents and learn from each other,” says Parker. “It allows you to educate yourself and stay abreast of industry, legislative and market changes.”
- Read CoreLogic's Hedonic Home Value Index report
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