18 Jan The Reasons Local Agents No Longer Have Access to Buyers
In this video real estate agent Henry Wong from The Henry Wong Team® explains why local agents just aren’t able to reach buyers anymore. Here’s a hint…. They rely on the main property portals too much and don’t actually source buyers themselves.
Read more below.
“Let me tell you a quick story. It was March, 2020. There I was, a real estate agent who’s just been thrown a curve ball that no one saw coming. The thing is, at the time I was finding ways on reaching more buyers, because if I did, I could show homeowners that there are still buyers out there if they knew just where to look. The big problem was the coronavirus hit, and that changed everything. That meant that if I could not show homeowners that I was able to reach more buyers in a marketplace where the number of buyers were quickly diminishing, they were much less likely to sell. As a result, there will be less sellers, which also for me would significantly affect my livelihood.
So what did I do? I ended up surveying dozens of homeowners, literally asking them if you were looking to sell, how would you find buyers? Funny enough, they all said they would go on realestate.com.au, or domain.com.au, scroll through, look for the leading agents, and interview them, because they had access to buyers for their home. I paused, thought about it for a second, and asked them a more profound question. If you were to put your house on the market now and the agent says they are not going to advertise realestate.com.au and domain.com.au, would you do lists your home with them? All of them answered with a resounding “No, definitely not.” So I asked them, “Why is that?” And they said, “That’s where all the buyers come from.” So I replied, so really all the active buyers don’t come from the agent, they actually come from the main property portals, realestate.com.au and domain.com.au.
And that’s when the pin dropped. This means if access to buyers is really important to you, you should base your decision on appointing an agent that can reach buyers outside of the main property portals. Then, as if by chance something amazing happened. I went on a mission reading every single material I could get my hands on, spending tens of thousands of dollars, quite literally, studying courses and paying for advisors, testing what I’ve learned about how we can reach more buyers via social media, creating a process in the meantime, to provide price transparency to buyers and a strategy to significantly reduce the stress on my seller. Instantly it became crystal clear to me. How to get more buyers to compete in a safe environment? Because I saw my sellers can secure the very best buyer in the marketplace without the increased stress of selling in this challenging environment.
My plan was to start creating a strategy on how we can reach more buyers. So I started researching on how to connect and engage with people via social media. I kept testing my ideas over and over again and figured if I can get lots of engagement and significantly increase my following, it would mean I knew how to find and connect with more buyers. After spending thousands of dollars on ads with my own money, I quickly figured out what works and what didn’t work. If my following engagement grew, it was working. If it didn’t, it didn’t work. But we didn’t stop there. We then crafted a process on how we can take buyers on a journey, thereby creating an environment where the buyers are saying, “I want the house. Give it to me.” Rather than, “Why don’t you sell me the house?” It’s kind of like in The Bachelor and Bachelorette, where contestants compete and have to prove themselves to you, and it’s up to you as to who you want to give the rose to.
After that, we combined everything we’ve learned into a framework. Building on that success, we decided to test the framework in the marketplace. We call this framework, Your Next Chapter. With Your Next Chapter, I can now read more buyers in addition to the main property portals, achieve an 85% clearance rate in 20 days on market. That’s at this time of recording. And equally as important, significantly reduce if not removing any stress of selling a home on my seller. And that’s why I’m so excited to share this with you so you can get these types of results too. Our big picture strategy for selling your home in 20 days. Phase one, research. Phase two, pre-market. Phase three, get it sold.
Phase one, research. This is absolutely necessary because we want to physically inspect the property, assess the current state of play. What is the current environment like in the marketplace? What is the supply and demand like out there? This is kind of like planning for a war. You need to see what the current situation is like. Phase two, pre-market. This is crucial because you need to plan out all the strategies you need to execute and prepare the tools you need in order to enter the marketplace. Like our analogy before about going to war, this is the planning stage and getting our tools and weapons ready. Phase three, get it sold. This is absolutely critical, because these are the specific tactics we execute in accordance to our planning strategies to help get it sold. AKA win the war.
We have used this framework in this environment on 13 listings in various suburbs in Brisbane’s Southside, having sold 11 out of the 13 in 20 days. That’s an 85% clearance rate in 20 days, with the remaining two out of the 13 sold shortly after. Having such a high clearance rate compared to the average means we attract a lot more buyers, plus we are providing more certainty to our sellers that the house will be sold. An 85% clearance rate in 20 days on market means it’s unconditionally sold in 20 days. There is no finance, no building and pest, no cooling off, no subject to sell on my home, no other conditions. It’s a done deal in 20 days. Settlement’s usually 30 days from then, meaning our sellers have more than enough time to look for another place and make decisions on moving on to the next chapter of their life.
Our high success rate with our Your Next Chapter framework is only possible due to our significant and highly engaged social following, our social credibility, and a track record of high clearance rates. This is kind of like Nike shoes. Even if you know the exact recipe on how to make Nike shoes, most likely you won’t be able to sell a pair for over $200. Why? Because they have a significant and highly engaged following and a track record of delivering good quality shoes, which is why people are more than happy to pay for that. The Henry Wong Team, well, we’ve got over 8,000 followers on Facebook, over 5,000 on Instagram. At this point in time, we’ve got 97 five star Google reviews, 65 five star realestate.com.au reviews. What are your next steps? Get in touch with us by booking a free strategy session.
Paul Siaw: Hi, I’m Paul Siaw. I’m the business owner of Harcourts Beyond. I’m so confident with the Henry Wong Team. What I’m going to do, I will pay for four to seven nights holiday accommodation, valued up to $1,500, if the Henry Wong Team don’t sell your property within 30 days. That is how confident I am.”
There you have it. A lot of reasons to put your trust in The Henry Wong Team® when you’re selling your property. Any questions? Get in touch with us now!