It’s no secret, previewing property is the most underestimated and underrated task in Real Estate today. The benefits of previewing property are substantial and it’s been proven over and over again to give you an edge. No matter how many times I try to beat this into your head, you keep resisting, so I have decided to reduce to writing why I know that previewing property to essential to your success.
4 Reasons Why Previewing Property is As Important As Prospecting
1. Market Knowledge
As a professional real estate, it’s important for you understand all aspects of the market area you’re working. Imagine if you meet people at the supermarket and they ask you questions about homes available in the neighborhood; if you can’t easily convey information about what’s going in your market area, how can you expect them to be compelled to use you as their agent? Through previewing property you learn what is available, what homes are listed for, what homes are selling for, what homes are worth and what to expect in a particular price range. You will possess all of the information needed to answer questions.
2. Know the Inventory
Market knowledge; if you don’t know the inventory in your market you will waste a lot of your time when working with buyers. As a self-employed person, your time is one of your greatest assets; not clearly understanding the availability of what’s out there will only cause you to lose your precious and VALUABLE time.
3. A Powerful Listing Presentation
Have you ever been on a listing presentation during which the sellers asked you about a home that you didn’t even know was for sale in the area? Or worse, for sale on their street? How about when you compared a home to theirs which you hadn’t physically checked out, but the sellers had? They knew that power lines surround the house, you didn’t. Not knowing information like that severely weakens your presentation. Also, having seen other properties before you make your presentation makes you more confident. The more confident you are, the better your presentation.
4. Meet Potential Buyers and Sellers to Work With
While you are spending time previewing property to gain knowledge of your market, you will receive that added bonus of meeting people. After you preview a property, you can easily knock on 5-10 doors around it. You’d be surprised with how many agents who don’t even bother talking to neighbors about listings. At Century 21 Masters, we’re finding that a lot of our business is coming directly from our agents previewing property and then knocking on doors in the area. We know that when one home sells, usually 2-3 more around the neighborhood sell right away. You are in the business of being in front of people. The more people you’re in front of, the more likely you’ll be a successful real estate agent. Previewing properties allows you to kill two birds with one stone ( learning about the market and getting in front of people).
By now, it should be clear to you that previewing property is an essential task. If you went out and saw 5 properties a day, 5 days a week, you would see 25 homes right? Within a month, you would see 100 homes! Now imagine how much more confident, comfortable, and excited you’d be if you’ve previewed 100 homes? You would definitely understand your market, right?
Are you convinced with the benefits previewing property has for your business? Convinced enough to make a change… today?
So true! I just helped a buyer purchase a $1.75k property that I had previewed the day it came on the market (6 months ago), and so I was able to speak about it when this buyer called me to ask about it. I previewed it because I was holding an open house for a different house in the neighborhood, and wanted to be well prepared for my open house.
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Neil Schwartz Reply:
July 15th, 2010 at 3:00 am
That’s what I like to hear. Previewing not only gives you business now, but it also helps you close more deals in the future. It’s the fastest way for you to get the market knowledge you need to become a top producer.
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Yes, this is true. I earned a friendship and then a listing this way. Then another friendship, a listing, a buyer, and a replacehome sale …three transactions generated from one relationship.
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Neil Schwartz Reply:
July 15th, 2010 at 3:01 am
That’s fantastic! We are in the people-meeting relationship-building business.
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HEY NEIL!!! Now when I start doorknocking, do I need something with me??? I know I at least need my business cards, what else??? Flyers? Notepads or something? I just feel like I need something else with me when I go do this!! What about on caravan? I never thought of knocking on doors around the open house I’m definately about to do that!!! I previewed 7 properties on Tuesday.. What script would I uses for those people?????
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Neil Schwartz Reply:
August 27th, 2010 at 2:39 am
Carry some simple flyers with you and understand your market. You’re already previewing properties which is great. Set a goal to preview 5 homes a day and door knock around them. Use the just listed/sold script.
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mike Reply:
August 30th, 2010 at 2:05 am
THANKS NEIL, I’LL GET TO IT!!!!!
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Neil Schwartz Reply:
August 30th, 2010 at 11:47 pm
Great to hear that Mike!
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In the New Hampshire market it is a great idea to preview properties and attend open houses. With so much current inventory it puts you in the leading edge when your prospective buyers and clients approach you with their wish list. .
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