You Just got a listing...what do you do to leverage that listing?

[Chris Bingham]

You just got a new listing. What processes do you go though? What do you do to leverage that listing to a) bring in more listings? b) bring in more buyer leads? c) create the best transaction for your seller? 

[Zach Sikes]

@Chris Bingham

We have pretty in depth process, and our listing coordinator works in conjunction with our listing agent to ensure it all gets done. 

I will tell you, though, the fundamentals are the most important.  

• Take professional photography on every property (with the exception of vacant investment properties that need lots of work).
• Work to ensure you have good relationships with other agents.  In our market, 4 out of 5 sales are cooperative sales.
  
• Be responsive and reachable.  When potential buyers or agents inquire about the property, make it extremely easy to get information and/or to show the property.
• Probably the most important aspect, and the hardest to do, is price.  Make sure you price the property correctly.  A lot of agents, especially newer agents, want to be  "hero" and get more for a property than the market will bear.  You can't trick the market - I've tried. A lot. The market can reject you though, if you price too high.  Once the market has rejected you for 30, 60, or 90 days and you finally adjust the price, there's an * next to your price.  It's finally the "market price", but now its been on the market for a while which is a sign of market rejection. If you would have started at that price, you could have sold it because there wouldn't have been a sign of market rejection. The only way to overcome the flag of market rejection is drop below market price, effectively getting your client below market value for their property.  
  • The moral of the price story - you can't beat the market, but the market can beat you.  Always check your ego.
• There are a ton of other ways to pick up business of off a listing - sign calls, open houses, door knocking the neighborhood, landing pages, ppc, direct mail, etc.  I'd recommend examining what would work best for you, and focus on becoming an expert in one strategy.   It's extremely easy to spread yourself too thin.