It could be said that in many ways real estate sales mirror pugilism. It’s an intense competition to not only land clients and listings, but to decisively defeat competing agents by closing sales and collecting commissions. Boxing is a legitimate comparison, because just as a homebuyer having their offer accepted after a bidding war, there is only one winner following a boxing match. Occasionally there’s a draw, which might be viewed as equivalent to the seller taking their home off the market for whatever reason.
Just as boxers must be in phenomenal condition to win, so too must you be in peak form, especially these days when limited inventory, fluctuating mortgage rates and other aspects of the business combine to a point where only the strong survive.
Boxing matches are scored on the 10-point must system where the winner of each round receives 10 points, while the loser receives a lesser amount, typically nine or less. If a knockdown occurs, the losing fighter may receive even fewer points, down to eight or seven, depending on the severity and number of knockdowns. This system helps judges assess each round independently and provide a structured framework for evaluating the fight.
What follows is a 10-point must system for real estate, consisting of 10 surefire strategies leveraged by successful agents. The more you can master each point, the better you’ll be judged by clients, leading to not just immediate sales and commissions, but future referrals as well.
- Use social media non-stop. “People love to scroll through various platforms: TikTok, Facebook and Instagram just to name a few,” says Leah Williamson, an agent with Better Homes and Gardens Real Estate Metro Brokers in the Atlanta, Georgia, area. “You need to have an active presence on all three with engaging content that can captivate the audience. Create content that is personable and fun, that makes you real and relatable.”
- Don’t be afraid to try new things. “We’re all navigating a different market right now, and in order to truly differentiate yourself from the competition and to help your clients win, you have to innovate and get out of your comfort zone,” says Rachel Gold, a senior account executive with ShowingTime+. “Build a really strong value proposition and be able to articulate what you can accomplish for buyers from start to finish. You’re going to be competing against agents who are willing to discount their services quickly, so come up with ways to have that differentiating factor to stand out. Ask yourself what makes you stand out, and make sure you’re able to articulate that to your buyers.”
- Show clients your work. “You work hard and never let your buyers know what you’re up to, how long it took to get an appointment,” says Joe Rand, chief creative officer for Howard Hanna | Rand Realty. “We don’t document that, but we need to start. Track the things that you do on a daily basis. Who are you working for? How much time you spent, how many people you talked to, all that sort of thing. And then add it up at the end of the week, and add it up at the end of the transaction. Give it to them and say, ‘Look, this is everything I did.’”
- Manage seller expectations. “Many sellers read media headlines but don’t understand how the news impacts their sale until they are on the market,” says Lauren Walz, an agent with the Dawn McKenna Group in Hinsdale, Illinois. “It is important to show them how buyers’ expectations and buying power has changed, through data and statistics. Say a property was sold prior to a mortgage-rate hike. To make a comparable home affordable to the same buyer now, you must reduce the price to account for the additional monthly costs of the higher rate. It is also important to remind sellers of why they are selling. Most often, selling a house is not a 100% financial decision. When sellers keep in mind their ‘why,’ they are likely to sell for market value.”
- Monitor seller emotions. “Generally emotions are a touchy subject, and one I respect greatly when having the opportunity to work with an older client,” says Christine Stucke, a sales associate with Berkshire Hathaway HomeServices Fox & Roach, REALTORS® in Turnersville, New Jersey. “Certain ones will need more of a hands-on approach, and the idea of someone new starting another chapter in a home they have loved offers a tug on their heartstrings. I explain the idea of decreasing the cost of living and maintenance for them, noting it’s a win-win situation. If their objective isn’t to downsize, I will use the same approach on their particular situation: proximity to work, family or even the condition of a home and the work it needs.”
- Be an expert listener. “People want to buy a home, not be sold a home; there is a difference,” explains Jeffrey Decatur, a broker associate with RE/MAX Capital in Latham, New York. “An agent’s role is to listen to potential buyers and sellers, accept personality quirks or attitudes, and provide them with all the information possible to make sound decisions. Things getting testy is normal because emotions can run high with such significant financial transactions. People will quote various sources to support their point of view, positive or otherwise. What they need to understand is their local market, and consult with a trusted expert in that area.”
- Work well with agents. “Not only must agents get along with buyers and sellers, but also with other agents who either have the listing or represent a buyer if it’s her listing,” says Louise McLean, a REALTOR® with RE/MAX Aerospace Realty in Rockledge, Florida. “I’ve learned a thing or two about collaborating with other sales associates, as well as negotiating with buyers and sellers. One major point is that I needed to be neutral. The transaction wasn’t about me, it was about the buyer and seller. You don’t own the buyer or the seller; you communicate with them. You convey information so they can make the decisions. You’re simply the person in the middle of the transaction who is there to convey and negotiate what is best for the buyer and the seller. It’s an emotional decision for both parties, so you must stay calm. You can’t control the other agent, but you can control your reaction to him or her.”
- Bond with clients. “My hope is that the buyer will consider me not just an agent, but a friend,” says Charlie Kerr, an agent with RE/MAX Heritage Properties in Chester, New Jersey. “They have gotten to know me through the process and developed a trust that is consistent with our first visit. It doesn’t end there; it also carries into any future opportunities in which my buyer may recommend me. I want their experience with me to be that no matter what day of the week or time of day it was, I was there for them, and met every challenge of the transaction for a positive outcome.”
- Overwhelm with value prop. “I want any new client to feel shocked at the level of knowledge, guidance and value an agent was able to provide them in such a short amount of time,” says Rylie Schroeder, founder of Schroeder & Co. Real Estate in Austin, Houston and San Antonio, Texas. “I want them to feel immensely confident in their real estate journey with me by their side. I want them to feel relaxed and in good hands, knowing they made the right decision hiring me to advocate for them during the biggest financial purchase in their life. The bar is often set far too low in this industry, and it’s important to me to change the way consumers view real estate agents, starting with our value and the way we communicate it.”
- Showcase your ‘insider’ know-how. “There is an abundance of real estate data that can be obtained by the click of a button when browsing the internet,” says Suzy Minken, a REALTOR® with Compass based in Short Hills, New Jersey. “The buyer’s agent, however, is an ‘insider insights’ provider, with access to not only all of the public information, but to ‘insider’ details as well. This may include, for example, the property’s history, the number of offers on a property, why a house is now suddenly back on the market, the property’s condition, etc. And when you go beyond the numbers, these insights are gold.”
