Looking for Fresh Ideas on increasing Broker traffic

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Real Estate Agent with Hagood Homes
In a soft market, the competition is obviously fierce.  My builder offers great product in a great neighborhood, however I find myself competing with resales (built just recently by the same great builder).  My model wows them when they get in the door, but what new ideas are out there to get the agents to show my model and available homes.  (besides luncheons, commission incentives, email flyers, etc)  What's worked or hasn't worked for you?
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Rainer
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Tamela Jolly
RE/MAX A One Real Estate - Gastonia, NC

That is the million dollar question.

I am a New Home Sales Agent also.  I think educating agents to understand what we do and the wonderful relationship that we can have.  I am also interested in how we as New Home Sales agents can reach out to Realtors.  Please Agents share with Andrea and I an example or a great idea that you experienced due to the efforts of a New Home Sales agent and their builder.

May 19, 2007 02:49 PM #1
Rainer
6,964
Mike Lyon
Edmond, OK

How about paying the commission up front before they close on the home. Also, some type of rewards program is worth looking into for the loyal agents. 

Anytime they know they can just drop off the client and collect their commission check with little involvement is an incentive to work with you. You can make their job easier.  

Jun 10, 2007 10:19 AM #2
Rainer
6,559
Andrea West
Hagood Homes - Wilmington, NC

Great idea Mike!  We started paying commissions up front with a non-contingent (financing) contract.  We've also come up with a few new ones here - 

For each agent that sells one of our homes (pre-sale or existing) their name goes in a hat for a drawing for a trip voucher for $5,000.  That way they can go anywhere they want to on a much needed vacation!  We are also offering an incentive to the buyers (6 months principal and interest paid by the builder) so not only does it entice the Realtor, but give their clients a great deal as well!  I'll let you know how it goes.

 I also did "mini" luncheons where I invited just 6 agents to my model home for a lunch (they were impressed that we were eating on plates with real flatware and using glasses and linen napkins).  I focused on agents that had sold the most over an 18 month time periord in my price range but had not necessarily shown or sold in my neighborhood.  All together there were about 25 agents.  I try to keep up with them on a regular basis, and many have consistently shown my neighborhood.  One of the agents recently brought me a contract!

 Keep the ideas rolling!

 

 

 

Jun 11, 2007 01:02 PM #3
Rainer
6,964
Mike Lyon
Edmond, OK
Looks like you are ahead of the curve! Way to be proactive...
Jun 11, 2007 01:14 PM #4
Rainer
5,796
Jackie Moye
Bob Parks Realty - Franklin, TN
CSP

We use some similar ideas...A big one was $250.00 gas card for non contingent contracts once the agent delivered the lender approval to our office...

The eating lunch in Office Groups at a table another BIG PLUS...

Agent Bonus $500 for attending all required meetings with the Buyer (4 total meetings during the construction and final walk thru)

These incentives keep the Buyers Agent involved and reward them for doing their job

Jul 28, 2007 09:53 PM #5
Ambassador
564,381
Julie Chapman
Lennar - Saint Augustine, FL
New Homes Sales
When I offered $10,000 bonuses for sales made to the outside Realtors in a community, I think I sold 3 or 4 homes that month in the community but outside Realtors sold none.....nor did my outside Realtor showings increase......maybe the upfront commission idea is a good one.......
Dec 15, 2007 01:54 PM #6
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1,972,263
Steve Hoffacker
Hoffacker Associates LLC - West Palm Beach, FL
New Home Sales Trainer, Aging-In-Place Instructor
Competing against a late model used home is tough, but the chief advantage is that it's new. Everyone courts the agents and there are a limited number of them. Forget the masses and specialize.
Feb 26, 2008 06:54 PM #7
Rainer
6,559
Andrea West
Hagood Homes - Wilmington, NC

Thanks Steve - I hate a used home (along with the used bathtubs, fingernails in the carpet and Lord knows what else! 

These days, agents are my clients, my job recently has been courting them while going out to grab the new business and referrals.  Any free advice on specializing????

Feb 27, 2008 09:06 AM #8
Rainer
10,365
Marc Hargraves
Classic Communities Corporation - Mechanicsburg, PA
CNHS

Cash and incentives have always worked out the best.  I spent the last five years as VP of Sales for a new home builder and getting Realtors to show our new homes is always a challenge. 

 I have found that paying the commission after contingencies are removed has been beneficial.  It an agent can get paid quickly, they are very open to working with you.

Don't skimp on the commissions.  Most builders don't like to pay on options.  Again, once we started paying on the total contract price vs. the base price co-broker sales increased.

We also had success with the "phone in your registration" program.  We let agents register their clients over the phone instead of having to walk them through the front door.

Yes, of course food works to get the agents to view your home, but be different.  Try a twilight open house.  We use to do wine and cheese open houses for agents monthly.  The word got around and the open houses got better each month.

Those are just a few things that worked for us.  Best of luck to you. 

Apr 02, 2008 02:34 PM #9
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Andrea West

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