Every industry has its idiosyncrasies we also have quiet a few. I would like to focus on one, so that you understand right now… how important it is to go with the market leader in today’s market, so that you benefit with a greater return for your property.
The 80/20 rule applies extremely well in Real Estate. 20% of the Agents get 80% of the listings and 80% of the real estate agents get 20% of the listings. As the listing agent we get paid regardless of who sells it. Over 90% of the time the listing agent (if they are any good) will have the buyer also.
When you list with Barfoot and Thompson in the bays you are not only hiring the Real Estate agent that you have invited into your lounge room you are also hiring a vast network of real estate agents who have access to your property. In the Bays there are 4-5 branches who actively bring or regularly have purchasers wanting to move into this area. Then you have the rest of the network of branches whom also have access to your property. Therefore you have a team of 1000+ salespeople all who have the ability to show your property.
This creates competition and this results in a better result for your home. Barfoot and Thompson currently sells better than 1 in 2 properties in ……………. That means that the other companies (consider another 9) are sharing the remaining 46%. We also have the greatest foot traffic through all of our open homes. We maybe marketing 15 homes in your price range and specifications. If the potential purchasers needs are not met at the other open homes the agent will certainly talk about your property as being another option. Your home is being marketed by the strongest marketing tool…word of mouth!
Small agencies with limited listings cannot match this foot traffic as they simply do not have the potential purchasers to be able to send to other listings as they simply do not have them.
As real estate agents we work on commission only and keeping in mind the 80/20 rule, if as a salesperson you have limited listings, you are going to be actively working potential purchasers and showing them other salespeople’s listings. Again, as the vendor you benefit.
I believe in today’s market simply due to our internal systems, we are achieving greater results for our vendors than what could be achieved by smaller agencies. This is an opinion as it would be difficult to quantify, however through our internal competition, you as a vendor benefit, and this results in a greater return for you.
If you would like to discuss further and would like me to pop over, please give me a call.